Optimus Ride, a MIT spinoff company developing self-driving technology (earlier post), closed an $18-million Series A funding led by Greycroft Partners with participation from Emerson Collective, Fraser McCombs Capital and renowned venture capitalist and current director of MIT Media Lab, Joi Ito. Optimus Ride has raised a total of $23.25 million through two rounds of financing.
The company will immediately use the capital to scale its current vehicle fleet and make strategic hires as well as continue its efforts to educate the market of the potential of fully autonomous driving technology.
Earlier this year, Optimus Ride received approval from MassDOT to test highly automated vehicles in the Commonwealth of Massachusetts. In addition, the company signed a Memorandum of Understanding (MOU) with MassDOT along with the City of Boston to enable testing of self-driving vehicles on roads and public property in the City of Boston and the Commonwealth of Massachusetts, beginning in Raymond L. Flynn Marine Park.