TIER IV secures additional $54 Million in Series B funding: Deploying Level 4 autonomous driving systems across Japan

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Jun 16, 2024, 21:00 ET

TOKYO, June 16, 2024 /PRNewswire/ -- TIER IV, a pioneer in open-source software for autonomous driving systems, proudly announces the successful extension of its Series B funding round, securing an additional US$54 million (¥8.5 billion). This brings the total Series B funding to US$132 million (¥20.7 billion) and the company's overall funding to US$243 million (¥38.1 billion).

Background

During the Series A round, TIER IV expanded beyond developing the open-source software Autoware* to commercialize comprehensive software platforms that encompass communication, insurance, and risk management features for autonomous driving systems. The Series B round has further enhanced our software development capabilities, particularly in advocating the concept of reference designs. TIER IV was also selected for the New Energy and Industrial Technology Development Organization's (NEDO) Green Innovation Fund Project, participating in a substantial US$162 million (¥25.4 billion) R&D initiative aimed at introducing scalability to autonomous driving systems.

Purpose of the funding

The latest funds are earmarked for launching the production of Level 4 autonomous driving systems, leveraging TIER IV's advanced software platforms and reference designs. The funds will also boost our efforts to develop safety assessment methods that tightly integrate processes and tools.

TIER IV has been selected for a NEDO program to support tech startups, with a focus on advancing electrification modules applicable to various vehicle models, which tackles grand challenges for hardware disparity, software quality, and system dependability from fiscal 2023 to 2025. Furthermore, we have been selected for the Ministry of Land, Infrastructure, Transport and Tourism's SBIR (Small Business Innovation Research) Phase 3 funding, underscoring our commitment to establishing a robust Level 4 certification framework from fiscal 2024 to 2027.

These strategic initiatives align with the Japanese government's objective to deploy Level 4 autonomous driving systems in 50 locations by 2025 and over 100 by 2027, which aims to improve mobility services nationwide.

Key business areas

From Series A to Series B, TIER IV has significantly advanced its software platforms, with an emphasis on vehicle models and safety assessment methods for Level 4 autonomous driving systems. In collaboration with global partners, we are ready for full-scale commercialization, both in Japan and worldwide. Our main applications include mobility services such as route buses and urban taxis, as well as logistics services encompassing intra-factory transportation and highway trucks, all within a Level 4 regulatory framework.

Future outlook

TIER IV is set to further develop new vehicle models and open safety assessment methods, spearheading the deployment of enhanced mobility and logistics services powered by Level 4 autonomous driving systems. Building on our current reference designs for route buses and urban taxis, we plan to create a new reference design for privately-owned passenger vehicles, which introduces state-of-the-art technologies to the automotive industry. Going forward, TIER IV will focus on developing electric and electronic architectures (EEA) optimized for software-defined vehicles (SDV), along with a new generative world model tailored for end-to-end autonomy.

TIER IV remains committed to harnessing its expertise in software development, vehicle manufacturing, and safety assessment to foster the deployment of Level 4 autonomous driving systems across various environments.

*Autoware is a registered trademark of The Autoware Foundation.

About TIER IV

TIER IV stands at the forefront of deep tech innovation, pioneering Autoware, the world's first open-source software for autonomous driving, to empower intelligent vehicles worldwide. Harnessing Autoware, we build scalable platforms and deliver comprehensive solutions across software development, vehicle manufacturing, and service operations. As a founding member of the Autoware Foundation, our commitment to open-source software enables individuals and organizations to thrive within the evolving technology for autonomous driving, reshaping the future of intelligent vehicles.

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SOURCE Tier IV, Inc.