Tag Archives: $200
(Reuters) – Japanese map platform developer Dynamic Map Platform announced on Wednesday it plans to acquire Detroit-based map startup Ushr for up to $ 200 million in a bid to widen its geographical footprint in the burgeoning self driving cars market.
Dynamic Map Platform counts Japan’s Toyota Motor, Nissan and Honda among its investors, while Ushr provides 3D mapping data to General Motors.
The move comes as the Japanese car makers seek to challenge Alphabet Inc’s Google and Chinese rivals in the mapping business.
For the acquisition, Dynamic Map Platform said it would raise a combined 22 billion yen ($ 198.9 million) from investors including two existing shareholders – the Japanese state-backed INCJ fund and Mitsubishi Electric.
“Through the combination, we will be able to offer automotive OEMs a comprehensive high-definition mapping solution for the North American and Japanese markets, with the ability to expand globally in the future,” Tsutomu Nakajima, the head of Dynamic Map Platform, said in a statement.
Reporting by Rashmi Ashok in Bengaluru and Makiko Yamazaki in Tokyo; Editing by Stephen Coates and Muralikumar Anantharaman