DeepMap raises millions in funding round

DeepMap has reportedly raised a further $60m from several investors in its latest funding round.

The US-based company provides high-definition (HD) mapping technology for self-driving vehicles.

Although the amount raised through the funding round was not officially disclosed, Techcrunch.com has reported it to be around $60m.

According to PitchBook, the latest funding round puts the company’s valuation at $450m.

The series B funding round saw Generation Investment Management join existing DeepMap investors including Nvidia, Accel Partners, Andreessen Horowitz, GSR Ventures and Robert Bosch Venture Capital.

Investment firm Generation Investment Management has offices in London and San Francisco.

DeepMap CEO and co-founder James Wu said: “DeepMap and Generation share the deeply-held belief that autonomous vehicles will lead to environmental and social benefits.

“We are delighted to work with the talented team at Generation. We consider Generation to be a value-added investor, whose insights and mission-aligned network will be of great advantage as we scale, especially in Europe.”

Established in 2016 by James Wu and Mark Wheeler, DeepMap is developing maps for level four and five autonomous vehicles.

The company is focussing on solving some key challenges to support driverless vehicles worldwide, including accurate HD mapping and exact real-time localisation.

Generation growth equity team co-head Lilly Wollman said: “DeepMap is perfectly placed to address the imminent needs of autonomous vehicles. These vehicles will require HD maps and localisation modules which are real-time, scalable, economically viable, and machine-readable, something which DeepMap can deliver through its unique approach.”

If accurate, the latest funding figures mean DeepMap has raised a total of $92m so far.