Money Briefs: NuTonomy start-up seeks new funding

NuTonomy start-up seeks new funding

NuTonomy, a self-driving car start-up backed by Ford Motor chairman Bill Ford and the Singapore Government, is in discussions with potential investors for a new round of funding as it works towards a full commercial launch in 2018.

"We've had interest from every corner of the globe because it is really a global opportunity," nuTonomy chief executive Karl Iagnemma said.

The new round, which is expected to close in the first half of next year, will be "multiples" of the US$16 million (S$21.8 million) the firm raised in May, he added.

NuTonomy, spun out of the Singapore-MIT Alliance for Research and Technology, is based in Singapore and Cambridge, Massachusetts. The start-up unveiled an autonomous taxi pilot programme in Singapore in August, and has tied up with ride-hailing service Grab to expand it. So far, nuTonomy has raised about US$20 million. Its backers include Highland Capital Partners and EDBI, the investment arm of the Economic Development Board.

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Credit Suisse mulling further cost reductions

ZURICH • Credit Suisse Group chief executive Tidjane Thiam yesterday said the bank is mulling further cost reductions at the global markets unit that blindsided him with losses earlier this year. Mr Thiam sped up cuts to the trading unit in March after volatile markets prompted the company to write off US$1 billion (S$1.36 billion) on risky securities and announce plans to eliminate 6,000 jobs this year.

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A version of this article appeared in the print edition of The Straits Times on September 28, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe