Uber buy tech company Otto for nearly SEK 5.7 billion. The reason is that Uber want the technology and the people behind Otto’s system for self-driving trucks.
Di Digital able on Thursday to tell about Uber and Volvo’s joint investment in driverless vehicles. The cooperation means that Volvo will supply a hundred cars of model XC90 Uber in Pittsburgh, where the first will hit the road in a few weeks.
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this is not the week’s only business related to one of the sharing economy’s biggest players.
in addition to the investment in Volvo, worth 2.5 billion, Uber has also acquired the truck company Otto for SEK 5.7 billion.
Startup company Otto, launched by Google veterans, develops technologies to enable self-driving trucks. The company has already had the opportunity to test their technology on the road in San Francisco.
Read also: The expert on übers record valuation: “Should be half as high”
the reason that Uber has an interest in Otto, is not that Uber is supposed to start offering its services to a new industry, but it is rather about Otto technology.
Uber will not only be able to take advantage of Otto’s technology to build driverless systems, but also to use the people who built up the company. One of the founders of Otto namely Anthony Levandowski, who is also the person behind Google’s first project for self-driving cars.
With the acquisition of Otto, he will come to be the leading all the work for driverless vehicles Uber, including Otto, reports Recode.
This need not be a bad deal for Otto. The company will continue to work to get the self-driving trucks on the road, but will also be able to use übers logistics.
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