On the heels of Alphabet-owned Waymo raising $2.25 billion for its autonomous vehicles, another player in the space - United Kingdom-based Five - has announced a $41 million funding round.
The Series B round, led by new investors Trustbridge Partners, Direct Line Group and Sistema VC and existing investors Lakestar, Amadeus Capital Partners, Kindred Capital and Notion Capital, brings Five’s total funding to $77 million; the company says it’s one of Europe’s best-funded startups in the space.
With the funds, Five will productize offline cloud-based platforms to complement its in-vehicle software.
Founded in 2015, Five’s science- and engineering-backed technology is designed to help partners solve challenges around and bring certainty to their self-driving programs ahead of the mass commercialization of self-driving technology.
Subscribe to our newsletter below
In 2017, it received from support of the U.K. government as part of an initiative called StreetWise intended to develop and test a self-driving system in London. In the fourth quarter of 2019, Five’s autonomous test vehicles carried passengers on hundreds of rides over a 19-kilometer route in London.
“This funding round is validation of the work we are doing and the role our technology is set to contribute to developing and assuring self-driving. We’re excited to be able to accelerate development and engagements with partners,” says Five CEO Stan Boland.
Adds David Lin of Trustbridge Partners: “We invest in category-leading companies that are delivering transformational change wherever they’re located. As Europe’s leading self-driving startup, Five is the furthest ahead in developing a clear understanding of the scientific challenges and novel solutions that move the needle for the whole industry.
“Five has successfully applied Europe’s outstanding science and engineering base to create a world-class team with the energy and ambition to deliver safe self-driving. We are delighted to join them for this next phase of growth.”