Panasonic, Mitsui Sumitomo and NEC all booked exits after Honda's R&D unit acquired connected driving assistant technology developer Drivemode.
Drivemode, a US-based connected driving assistant technology developer backed by corporates Panasonic, Mitsui Sumitomo Insurance and NEC, has been acquired by the R&D division of carmaker Honda, The Bridge reported yesterday.
Honda paid an undisclosed sum and is Drivemode’s sole shareholder following the transaction.
Founded in 2014, Drivemode develops products which give motorists the ability to send text messages, find directions and select music through voice commands or swiping in order to help the user focus on driving.
Drivemode also offers bespoke functionality for select car models through agreements with partner automotive manufacturers.
Following the acquisition, Honda’s R&D team and Drivemode will collaborate on connected mobility technologies, working from the corporate’s newly-opened Digital Solution Center. Their relationship dates to Drivemode’s participation in the Honda Xcelerator open innovation program in 2015.
Electronics maker Panasonic led Drivemode’s $6.5m series A round in early 2017 with contributions from insurance firm Mitsui Sumitomo Insurance’s Venture Fund Investment vehicle and Innovative Venture Fund Investment, part of IT equipment leasing company NEC’s Capital Solutions division.
Venture capital firm Miyako Capital also put up series A capital, adding to about $2.7m supplied by investors including VC firm Incubate Fund previously.
