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Drive.ai raises $50 million

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]

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