Series A funding, first production contracts expected in 2021
CHICAGO–(BUSINESS WIRE)–RoadDB’s crowdsourced 3D maps and its localization software for automated driving in consumer vehicles have passed field trials with BMW, GM, Honda, Toyota, and Volkswagen. The company is pursuing $40 million in Series A funding and expects to win two production contracts in the first half of 2021.
“RoadDB has developed its software from the ground up by working with major automakers to meet their requirements for functionality, cost, and ease of implementation.”
Automated driving in consumer vehicles requires a 3D roadmap with more detail and accuracy than for navigation or advanced driver assistance systems. Also required is software that “localizes,” or tracks vehicle position, within 10 cm in all drivable conditions and all normally traveled locations. For automated driving to function safely and reliably, the map must receive frequent updates across the entire road network. In addition, the entire solution must be affordable for consumer vehicles.
Founded by Navteq (now HERE) founder and former CEO T. Russell Shields, RoadDB spent six years developing AI software that processes data crowdsourced from cameras and other sensors already available in consumer vehicles to create a precise map that is updated wirelessly with little data usage. RoadDB’s approach generates and updates the map more quickly and affordably than survey vehicles. In addition, RoadDB’s localization software holds up even in rain and snow, on desert roads, and in tunnels and urban canyons.
“RoadDB is the next step in roadmaps, designed specifically for automated driving,” Shields said. “RoadDB has developed its software from the ground up by working with major automakers to meet their requirements for functionality, cost, and ease of implementation.”
Shields founded RoadDB in 2014 with proceeds from the 2008 sale of Navteq to Nokia for $8.1 billion. RoadDB received $95 million in private funding through December 2020. Shields says that, based on conservative business models, RoadDB is well positioned to achieve over $100 million in annual revenue by 2025 and a valuation of over $10 billion by 2028.
RoadDB provides a disruptive software solution for road data and localization for automated driving products (SAE Level 2+ to Level 4) in consumer vehicles. RoadDB also supports SAE Level 1/2 products such as lane centering, extended versions of automatic emergency braking (AEB), and stop-and-go adaptive cruise control. For more information visit www.roaddb.com.