Apple Acquires Autonomous Driving Startup Drive.ai
Apple announced the acquisition of Drive.ai, a developer of autonomous vehicle systems.
The Bay Area based company was reportedly days away from shutting down due to a lack of funding.
Drive.ai had already laid off 90 workers and notified the state of California it intended to shut down operations prior to the transaction. Apple has since hired a number of Drive.ai employees, according to reports in local media.
Known for its bright-orange vans that operate autonomously, Drive.ai had been valued at $200 million only two years ago. It raised a total of $77 million in venture capital since it was founded in 2015.
(Photo: Accura Media Group)