Toyota’s subsidiary Woven Planet Holdings acquires autonomous vehicle software developing firm Renovo Motors in a recent acquisition deal. No information has been provided by company officials regarding the valuation of this acquisition contract.
This is Woven Planet’s third acquisition in under twelve months. Woven Planet wants to use Renovo’s expertise in automobility software development to further enhance its open vehicle development platform named Arene.
Renovo’s elite team of expert engineers will now work with Woven Planet to build a complete software-defined vehicle infrastructure stack. Renovo’s office will still remain in California, but it will be integrated with Woven Planet’s operations.
Senior Vice President of Software Platform at Woven Planet Holdings, Nikos Michalakis, said, “A key part in delivering our ‘Mobility to Love, Safety to Live’ vision is to enable the most programmable vehicles on the planet – opening vehicle programming to everyone by simplifying vehicle software development and increasing deployment frequency without compromising safety and security.”
He further added that the technological and cultural fir could not have been any better, and he is extremely excited to work with Renovo to develop solutions to power a new era of automobiles. He firmly believes that this acquisition will have a major impact in transforming worldwide mobility.
San Francisco- based Automated Mobility on Demand systems developing company Renovo was founded by Jason Stinson and Christopher Heiser in the year 2010. The firm specializes in developing operating systems and safety software for autonomous driving vehicles. Renovo had raised over $14.5 million in funding from investors like True Ventures, Verizon, Intact Ventures, and Synapse Partners.
“We are united around a singular goal to connect the most ubiquitous software and automotive technology in the industry,” said Co-founder and CEO of Renovo, Christopher Heiser. He also mentioned that this acquisition will allow them to do what they had always wanted to but at a global level.