Drive.ai, a self-driving startup that was once valued at $200 million, was supposedly closing its doors and laying off all its staff — but Apple has confirmedthat it’s acquired the struggling startup instead.
The iPhone manufacturer recently acquired Drive.ai, a startup focused on self-driving technology, which confirms the rumors circulating in early June about Apple’s intention to elevate its in-house development of self-driving vehicles by making an acquisition.
While consumer electronics, especially PCs and smartphones, have always been its forte, Apple has its sights set on something potentially revolutionary. Its plans to work on autonomous self-driving vehicles have been vague at best, but the company has recently taken a step that all but confirms its intention to enter this domain.
Drive.ai is a relatively new name in the field of AI-focused startups, having been launched back in 2015 by a group of Stanford University students.
The company’s goal was to launch a self-driving shuttle service, starting with specific cities in Texas. However, the fledgling startup soon ran into various financial roadblocks and found itself seeking a willing buyer.
Little did they know that this role would be fulfilled by one of the most valuable companies in the world.