Apple confirms acquisition of Drive.ai
Technology company, Apple, has confirmed that it has acquired the self-driving vehicle start-up, Drive.ai. Neither of the companies disclosed any financial details pertaining to the transaction.
Apple has been working on autonomous vehicles under the codename ‘Project Titan' since years. Drive.ai had been operatinh an autonomous fleet of Nissan NV200s in Arlington, Texas.
Drive.ai had shut its operations within the last two weeks. It was being speculated that the start-up would be laying off 90 employees in California. The fate of these employees post acquisition is still unknown.
Apple is said to have hired people mostly from Drive.ai's engineering and product development teams. Drive.ai had been in talks with potential acquirers since February.
Drive.ai had been valued at $200 million two years ago after its Series B round. It is believed that Apple paid less than $77 million, the amount that the start-up raised in Venture Capital.