SFTBY - Mapbox raises $280M from SoftBank to use funds to connect cars & apps with AI maps

2023-09-19 17:49:33 ET

Mapbox, an artificial intelligence (AI)-powered location data and mapping services provider, on Tuesday said it had got a new $280M investment from SoftBank Group ( OTCPK:SFTBY ) ( OTCPK:SFTBF ).

Mapbox creates application programming interface and software development kits along with ready-made map styles, and live updating data that allows one to build customizable maps for web, mobile, automotive and augmented reality.

According to the company, its customers include Toyota ( TM ), General Motors ( GM ), and BMW ( OTCPK:BMWYY ). It said some of its services include rendering animated radar maps for The Weather Company to helping Instacart ( CART ) deliver groceries on-time

"This new funding accelerates Mapbox efforts to bring AI into the car, with new ADAS features for automated driving and safety that work across a wider range of roads and more geographic locations," the company said in a statement .

"This investment will allow Mapbox to bring its AI technology closer to the sophisticated camera and LiDAR sensors inside the vehicle, so split-second decisions can be made with the best data possible," the company's top boss Peter Sirota said.

SoftBank scored a recent big win after shares of its British chip designer Arm Holdings ( ARM ) soared last week in a strong market debut.

Mapbox's latest funding round is another showcase of the frenzied interest in the AI space, which has helped the overall technology sector scale massive gains. Chip giant Nvidia ( NVDA ) alone has participated in funding rounds for data analytics startup Databricks , chatbot startup Inflection AI and large language models-developer Cohere earlier this year.

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