SAN FRANCISCO, CA — Google Inc., the world’s largest technology company, today announced an initial $20 billion investment to create and maintain an “autonomous, self-driving fleet of vehicles” and invest in a new company, Google Autonomous Vehicles, Inc. (GAVE).
The funding will support the development of a fleet of “automated, self driving vehicles” that will be available for use in areas where Google Autonomy Inc. is authorized to operate.
The investment is a significant milestone for Google, which is one of the worlds leading carmakers in the auto industry, and a strong indicator of the company’s continued commitment to self-reliant, autonomous vehicles.
The funding also includes $10 million in equity for GAVE and an additional $10.4 million for other Google-related initiatives.
Google Autotecks chief executive officer, John Krafcik, said, “This funding will allow us to bring our AI, robotics, and software capabilities to new markets and to help make autonomous vehicles more accessible to the public.
We believe this investment is critical for us to meet the future needs of our customers and drive the adoption of this disruptive technology.”
Google Autocks founder and chairman, Eric Schmidt, said in a statement, “We have the capability to build an even more powerful AI, and that is what GAVE will enable.
We are thrilled to be investing in this company and to create jobs for thousands of people around the world.
We look forward to collaborating with GAVE to help create jobs, strengthen our brand, and create new technologies for our customers.”
GAVE, which was created by Google, will create a team of 20 to 40 people, including engineers, business analysts, and other technical talent.
GAVE’s CEO, Matt Stover, said GAVE is the first company in the automotive industry to be self-funded, and the company is looking forward to working with Google to develop and bring this technology to the masses.
GAIVE will develop and operate a fleet that will include autonomous vehicles, self driven trucks and buses, and commercial cargo vehicles, Stover said.
GAV, based in Santa Clara, California, was founded in 2017 by former Google executive, Peter Diamandis.
The company has been focused on the commercialization of its advanced autonomous vehicles technology and is currently working on an autonomous truck and bus, along with an autonomous bus, that will soon be in production.
The project is part of the GAVE team’s effort to bring Google Autoticons capabilities to markets in regions where Google has a limited amount of funding.
GAVR, headquartered in Palo Alto, California was founded by Google’s former chief operating officer, Eric Schmid.
The team is working on a fleet with a range of autonomous and semi-autonomous capabilities.
GAVA’s team is focused on bringing Google Autos capabilities to areas where the company has limited funding, including the automotive, transportation, and logistics industries.
Google will continue to invest in its Autonomous Vehicle research and development efforts.
Google has invested more than $100 billion in autonomous vehicles over the past decade.
GAVID has built a fleet to date that includes autonomous vehicles and trucks, with a fleet scheduled to begin shipping in 2020.
The GAVE investment is the third major funding round announced by Google.
Alphabet’s other investment into the company in 2017 was a $100 million round, led by Qualcomm Ventures, led in part by Google Chief Executive Officer Sundar Pichai.
Google is also an investor in several other companies, including Uber Technologies Inc., which is based in Menlo Park, California; Tesla Motors Inc., based in Palo Francisco, California and Volvo Cars North America, based out of the Netherlands.
Google recently announced plans to invest $2 billion in self-drive technology, including a self-driven car that will eventually be on sale in 2020 in the United States.