Delphi Automotive acquired nuTonomy for $450 million

Delphi Automotive acquired NuTonomy for more than US$400 million to produce autonomous vehicles to market. An automotive parts manufacturing company headquartered in Gillingham announced it has purchased a MIT spinoff startup company to realize a self-driving car business.

Tinuku Delphi Automotive acquired nuTonomy for $450 million

Delphi Automotive said the acquisition was to drive into a leader in autonomous vehicles and became the first opportunity in commercial vehicles. NuTonomy was founded in 2013 by Karl Iagnemma and Emilio Frazzoli in Boston as one of the first startup develop autonomous vehicle technology.

Delphi CTO, Glen De Vos, said the purchase goal is to accelerate the pace of autonomous vehicle development where technology will rapidly evolve in the commercial sector and then over time will flow into the consumer vehicle sector as an end user.

Delphi hopes to gain significant profits in intellectual property and technical talent. NuTonomy will add more than 100 employees to the Delphi team of which over 100 people have been working on autonomous vehicles to dramatically improve safety, efficiency and access to transportation around the world.

"Joining Delphi brings us closer to reaching goals. Together we will set global standards for excellence in autonomous vehicle technology," said Iagnemma.

Delphi paid US$400 million in cash and paid an additional US$50 million for performance-based contracts. NuTonmony has raised US$19.6 million from Highland Capital Partners, Samsung Ventures and Detroit Frontinalis Partners.

NuTonomy's partnership with Lyft, Groupe PSA and others will continue in Boston. Delphi will have autonomous driving operations in Boston, Pittsburgh, Singapore, Santa Monica, and Silicon Valley to have 60 fleets on the road by the end of the year.

Comments