TOKYO, June 16,
2024 /PRNewswire/ -- TIER IV, a pioneer in
open-source software for autonomous driving systems, proudly
announces the successful extension of its Series B funding round,
securing an additional US$54 million
(¥8.5 billion). This brings the total Series B funding to
US$132 million (¥20.7 billion) and
the company's overall funding to US$243
million (¥38.1 billion).
Background
During the Series A round, TIER IV expanded beyond developing
the open-source software Autoware* to commercialize comprehensive
software platforms that encompass communication, insurance, and
risk management features for autonomous driving systems. The Series
B round has further enhanced our software development capabilities,
particularly in advocating the concept of reference designs. TIER
IV was also selected for the New Energy and Industrial Technology
Development Organization's (NEDO) Green Innovation Fund Project,
participating in a substantial US$162
million (¥25.4 billion) R&D initiative aimed at
introducing scalability to autonomous driving systems.
Purpose of the funding
The latest funds are earmarked for launching the production of
Level 4 autonomous driving systems, leveraging TIER IV's advanced
software platforms and reference designs. The funds will also boost
our efforts to develop safety assessment methods that tightly
integrate processes and tools.
TIER IV has been selected for a NEDO program to support tech
startups, with a focus on advancing electrification modules
applicable to various vehicle models, which tackles grand
challenges for hardware disparity, software quality, and system
dependability from fiscal 2023 to 2025. Furthermore, we have been
selected for the Ministry of Land, Infrastructure, Transport and
Tourism's SBIR (Small Business Innovation Research) Phase 3
funding, underscoring our commitment to establishing a robust Level
4 certification framework from fiscal 2024 to 2027.
These strategic initiatives align with the Japanese government's
objective to deploy Level 4 autonomous driving systems in 50
locations by 2025 and over 100 by 2027, which aims to improve
mobility services nationwide.
Key business areas
From Series A to Series B, TIER IV has significantly advanced
its software platforms, with an emphasis on vehicle models and
safety assessment methods for Level 4 autonomous driving systems.
In collaboration with global partners, we are ready for full-scale
commercialization, both in Japan
and worldwide. Our main applications include mobility services such
as route buses and urban taxis, as well as logistics services
encompassing intra-factory transportation and highway trucks, all
within a Level 4 regulatory framework.
Future outlook
TIER IV is set to further develop new vehicle models and open
safety assessment methods, spearheading the deployment of enhanced
mobility and logistics services powered by Level 4 autonomous
driving systems. Building on our current reference designs for
route buses and urban taxis, we plan to create a new reference
design for privately-owned passenger vehicles, which introduces
state-of-the-art technologies to the automotive industry. Going
forward, TIER IV will focus on developing electric and electronic
architectures (EEA) optimized for software-defined vehicles (SDV),
along with a new generative world model tailored for end-to-end
autonomy.
TIER IV remains committed to harnessing its expertise in
software development, vehicle manufacturing, and safety assessment
to foster the deployment of Level 4 autonomous driving systems
across various environments.
*Autoware is a registered trademark of The Autoware
Foundation.
About TIER IV
TIER IV stands at the forefront of deep tech innovation,
pioneering Autoware, the world's first open-source software for
autonomous driving, to empower intelligent vehicles worldwide.
Harnessing Autoware, we build scalable platforms and deliver
comprehensive solutions across software development, vehicle
manufacturing, and service operations. As a founding member of the
Autoware Foundation, our commitment to open-source software enables
individuals and organizations to thrive within the evolving
technology for autonomous driving, reshaping the future of
intelligent vehicles.
Media Contact
pr@tier4.jp
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SOURCE Tier IV, Inc.