All Silicon Valley start-ups with a focus on self-driving cars think they will get a $1bn valuation
Detroit/San Francisco — Lei Xu and Justin Song once worked at electric car maker Tesla, one of the hottest companies in Silicon Valley. But with interest and investments in autonomous vehicles mounting, they left to pursue what they saw as the next big thing. Their company, Nullmax, is one of more than 240 start-ups worldwide, including 75 in Silicon Valley, attempting to design software, hardware components and systems for future self-driving cars, according to a Reuters analysis. Xu and Song are bankrolled by corporate money, but unlike many of their fellow entrepreneurs, they skipped funding from Silicon Valley venture capitalists. Founded in August 2016, Nullmax got $10m from a Chinese firm, Xinmao Science and Technology. By seeking corporate backing in China, the Nullmax founders managed to sidestep an issue facing other start-ups in the sector: while big automotive and technology companies are pouring billions into the autonomous vehicle space, Silicon Valley investors so far ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.