London startup Five, which creates technology for self-driving cars, has closed a $41m funding round.
The Series B round saw investment from existing backers Lakestar, Amadeus Capital Partners, Kindred Capital and Notion Capital, as well as a raft of new investors including Direct Line, Trustbridge Partners and Sistema VC.
It takes the tech startup’s total funding to $77m so far. Gus Park, Direct Line’s managing director of motor insurance, is joining its board as part of the deal.
He said: “Autonomous and assisted driving technology is going to play a huge role in the future of cars.
“Insurers will need to build the capability to measure and underwrite new types of risk. We will be collaborating with Five’s world-class team of scientists, mathematicians and engineers to gain the insight needed to build safe, insurable solutions and bring the motoring revolution ever closer.”
Five – previously known as FiveAI – is currently conducting night and day trials in London using Ford Mondeos converted to self-driving cars. Each has a trained safety driver monitoring performance and taking over control if a crash looks imminent.
The startup, which will use the new capital to create new products, is hoping its autonomous car service will help reduce congestion, emissions, incidents and the cost and time of journeys in London.