Apple Inc. is that tech giant company which is known for having a large number of cash reserves and diversification of investments. A recent report shows that Apple has bought a self-driving startup Drive.ai, which is now making lots of buzz. Drive.ai was founded in 2015 by former members of Stanford University who are specialised in Artificial Technology. The company, since its foundation, has received more than $77 million of funding from angel investors and at one time it was worth more than $200 million. The news about acquisition got lots of media attention when Drive.ai laid off its 90 employees with permanent disclosure, and Apple spokesperson confirmed this news.
There was speculation that Apple is trying to get into the self-driving vehicle industry, but there were no clear reports on it. However, this new acquisition is the indication that Apple is quite interested in making autonomous vehicles. A few months ago, a report came which stated that Apple had cut 190 employees from its self-driving project called Titan and they replaced those employees with the dozens of Drive.ai engineers.
Drive.ai is that startup which has got a reasonable valuation from venture capitalists for its high autonomous vehicle technology. Apple is that tech giant company which is trying to enter into new sectors, and that’s why they have entered into autonomous vehicle industry very smartly. Self-driving technology is still in its early stage, which means companies will have to burn lots of money for producing a significant amount of vehicles and Apple has got that much money. Apple is trying to shift its focus from producing small consumable items like smartphones to cloud computing, autonomous cars, movie streaming businesses. However, it’s still unclear whether Apple is going to use the technology or workforce of Drive.ai, but since they have bought the company with a majority, they can use both of these things.
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