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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A version of this article appeared in the print edition of The Straits Times on September 28, 2016, with the headline Money Briefs: NuTonomy start-up seeks new funding. Subscribe