Developing fully autonomous vehicles (AVs) that can go everywhere has proven harder and more expensive than expected, but investors are continuing to fund startups that target simpler self-driving vehicle solutions far removed from pedestrians and other vehicles operated by unpredictable humans.
burned through nearly $2 billion last year at its robotaxi unit Cruise and said it anticipates spending even more in 2023.. This is because AV systems still lack humans' ability to predict and assess risk quickly, especially when encountering unexpected incidents.
When it became clear that the era of robotaxis was still distant, investors in 2021 shifted instead to self-driving truck companies that promised a faster route to market by hauling freight autonomously - arguing it would be easier to develop AVs to operate on highways at high speed without pedestrians.
But those startups have also struggled to deliver because a robot driving fast still cannot match the human brain., for instance, has a market value of $2 billion, a fraction of the $12.5 billion when it went public in 2021 via a special-purpose acquisition company .
BMW iVentures has also invested in AV truck technology firm Kodiak Robotics, which managing partner Sage said has adopted a simpler approach to areas like mapping."It helps that we're not spending a ton of money, like some folks have," said Kodiak CEO Don Burnette. Overall venture investment in AV companies in the fourth quarter plunged 47% to $1.4 billion from a year earlier, according to PitchBook senior analyst Jonathan Geurkink.
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