Drive.ai, the tech vehicle startup once valued at $200 million, is shutting down after four years, according to a state regulatory filing.
The San Francisco Chronicle first reported the closure. The corporate isn’t responding to media inquiries.
The corporate’s Mountain View headquarters will shut down on Friday, according to WARN paperwork filed with the Employment Development Division of California. An organization should file a WARN document ahead of a mass layoff or plant closure.
Rumors have been swirling for weeks that Apple was trying to snap up the startup. Earlier this month, The Information reported that Apple was pursuing an acqui-hire, a term that typically means a smaller, focused acquisition aimed at bringing on specific talent.
The corporate, which initially centered on self-driving software systems and intelligent communications systems, received quite a lot of attention and funding in these first years. It later raised more money because it tweaked its business model with a plan to combine deep learning software with hardware to make self-driving retrofitted kits designed for business and commercial fleets. In all, the company has raised about $77 million, according to Pitchbook data. It was last valued at $200 million in 2017.
The startup ramped up operations in 2017 and 2018. Last year it launched a pilot program in Frisco, Texas to test an on-demand service utilizing self-driving. However, even as it expanded, the executive team seemed to be always in flux with several folks holding the CEO spot.