Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Self-Driving Car Company FiveAI Secures £36.8M in Funding

FiveAI, a British company working on self-driving cars, has raised £14 million in a Series A round led by Lakestar Capital and backed by Amadeus Capital Partners, Notion Capital and Kindred.

The Cambridge-based startup—which also has offices in Oxford, Bristol, and Edinburgh —was founded in 2015 by Ben Peters, Stan Boland, Steve Allpress,  and John Redford. It focuses on developing software for autonomous vehicles, with the eventual aim of deploying a fleet of self-driving cabs on the UK’s streets.

The company is also involved in  StreetWise—a government-sponsored project seeking to leverage autonomous driving systems to reduce traffic jams  in London, which is scheduled to kick-off in late 2019.  For its participation in StreetWise, FiveAI has also just raked in £12.8 million in government funding.

In a statement, FiveAI CEO and cofounder Boland explained that the company’s initial objective would be”increase public transport usage, reduce congestion and emissions, and make our urban areas more liveable for all.”

Lakestar Capital General Partner Dharmash Mistry, commenting on the new investment, said: “FiveAI is a fantastic example where the UK has the talent, ambition and market to build a truly successful technology-led company.”

“By assembling its talented team in the UK and seeking to support London’s transport objectives in partnership with the city itself, FiveAI can play a vital role in reducing congestion, emissions, costs, accidents and journey times, boosting the city economy at the same time.”

Image via FiveAI


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