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GM joins other carmakers investing in self-driving startup Nauto

GM joins other carmakers investing in self-driving startup Nauto

By Paul Lienert Undated, Jul 19 (Reuters) General Motors Co and Japan's Softbank Group Corp are among the latest investors in Nauto, a Silicon Valley startup developing software for self-driving vehicles. Nauto, based in Palo Alto, said on Tuesday it closed a
159 million Series B funding round, led by Softbank and venture capital firm Greylock Partners. Previous investors included German automaker BMW AG and Japanese automaker Toyota Motor Corp, as well as German insurance firm Allianz . Nauto is unusual in attracting money from big-name automakers, and also in its focus on software and data, which cost less to develop than hardware or entire vehicles. "Any (vehicle) manufacturer is better than any startup at building cars," said Stefan Heck, founder and chief executive officer of two-year-old Nauto. "Our aim is to provide the data, intelligence and a cloud platform" to automakers that plan to begin putting self-driving cars on the road from 2020. The amount of GM's investment in Nauto was not disclosed. The Detroit automaker bought Silicon Valley startup Cruise Automation in early 2016 for more than
500 million. Heck declined to specify the company's post-funding valuation. He did say it was shy of

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