Mapbox, a location platform, has secured a $280 million investment in a Series E funding round to support the expansion of its platform in the automotive industry and the integration of artificial intelligence (AI) into vehicles.
Having established itself as a location platform for mobile apps and logistics, Mapbox is making strides in the automotive sector by collaborating with Toyota, General Motors and BMW, the company said in a Tuesday (Sept. 19) press release.
With the new funding, Mapbox plans to develop Advanced Driver Assistance Systems (ADAS) features for automated driving and safety that can work across a wider range of roads and geographic locations, according to the release. The company’s combination of data and AI processing allows it to meet the needs of its customers in various industries.
Mapbox’s real-time map will provide automakers with the data and AI capabilities to comply with new safety standards, the release said. The AI map will also play a role in automotive electrification by integrating with in-vehicle battery systems to monitor energy consumption, forecast range, suggest charging stations based on real-time availability and facilitate secure payment processing.
Apart from the automotive industry, Mapbox’s technology will benefit delivery companies by providing local details that efficiently guide drivers to their destinations, per the release. App developers will have access to richer 3D map content, enabling them to create immersive virtual environments in sectors like travel, fitness and weather. Additionally, businesses of all kinds can leverage Mapbox’s live map to analyze their performance through the lens of location intelligence.
The company’s latest funding round was led by SoftBank Group and an affiliate, according to the press release.
Vikas Parekh, managing partner for SoftBank Investment Advisors, said in the release, “We believe Mapbox is unlocking entirely new applications for AI in the car. As AI-driven location features become increasingly sophisticated and computationally demanding, I’m thrilled to see SoftBank’s broad portfolio of companies help Mapbox bring those to market faster.”
Maps can provide a deep sense about how people operate and where they want to go. With the proper mapping technology, maps can do much more than direct people from one point to another.