TechTaffy

tech:

taffy

Drive.ai raises $50 million

By TechTaffy Desk

Drive.ai, a company founded by former lab mates out of Stanford University’s Artificial Intelligence Lab, and working on creating AI software for autonomous vehicles, has raised a $50 million series B funding round. The investment was led by New Enterprise Associates (NEA) with participation from GGV Capital. Existing investors, including Northern Light Venture Capital, who led Drive.ai’s series A, also participated in the round.

Drive.ai has added Carmen Chang and Andrew Ng to its board of directors. Ms. Chang is chairman and head of Asia at NEA. Mr. Ng is a deep learning expert who led artificial intelligence projects at Baidu and Google. He also co-founded Coursera, where he currently serves as co-chairman. Jenny Lee, managing partner of GGV Capital, is joining as a board observer.

[Image courtesy: Drive.ai]

Just in

Series E

Vercel raises $250M

San Francisco-based Vercel, a frontend cloud platform provider, has secured $250 million in Series E funding, bringing the company's valuation to $3.25 billion.
Series A

Worky raises $6M (Mexico)

Mexico City-based Worky, a provider of HR and payroll software solutions for Mexican companies, has closed a $6 million Series A financing round.
Industry

Amazon announces $1.31B investment in France

Amazon has announced a new investment of about $1.31 billion (€1.2 billion) in France, which the company says will lead to the creation of over 3,000 permanent jobs in the country.
Around the web

Amazon Web Services CEO Adam Selipsky to step down — CNBC

Adam Selipsky, CEO of Amazon’s cloud computing business, will step down from his role next month. Matt Garman, senior vice president of sales and marketing at Amazon Web Services, will succeed Mr. Selipsky after he exits the company June 3, writes Annie Palmer. 
AI

Palo Alto Networks, Accenture expand alliance to offer generative AI services

Palo Alto Networks and Accenture have announced the expansion of their strategic alliance to provide new offerings that combine Palo Alto Networks' Precision AI technology with Accenture's secure generative AI services.