Delphi Automotive has agreed to acquire Cambridge, Massachusetts-based NuTonomy, a maker of software for self-driving vehicles, for an upfront price of $400 million and more than $50 million in earnout. NuTonomy is backed by Highland Capital Partners.
nuTonomy, developer of software for fully autonomous vehicles and the first to launch self-driving taxis to the public, has announced an agreement to be acquired by Delphi Automotive for an up-front price of $400M and more than $50M in earnout.
Highland discovered nuTonomy just a few floors down in its Kendall Square office building in 2016. Former MIT faculty and researchers, Karl Iagnemma and Emilio Frazzoli, had founded the software company in 2013 with the mission to “radically improve the safety, efficiency, and accessibility of transportation worldwide” and were looking for a strong early stage partner.
In May 2016, Highland led nuTonomy’s Series A with an investment of $9.7M to become its largest institutional shareholder. Highland’s Bob Davis, who spearheaded the deal, served as a nuTonomy board member and has played an integral role in the company’s rapid growth in Boston and abroad. As CEO Karl Iagnemma recalls, “When we met Highland and Bob, it was clear Bob was one of those guys that would get into the trenches right next to us. Their partnership on our journey has been invaluable.”
In a short time, nuTonomy’s software technology has come to provide a patent-pending approach to motion planning, decision making, localization, and fleet management for fully autonomous vehicles. The company quickly became a global leader, leapfrogging automotive manufacturers, and successfully launching fully autonomous pilots in Singapore and Boston.
As a Cambridge-based firm with a 30-year history of backing globally-minded Boston innovators, Highland looks forward to seeing nuTonomy join forces with global leader Delphi Automotive while remaining part of Boston’s growing innovation community.