Altman-Backed Startup Raises $170 Million for Robocar Networks

Altman-Backed Startup Raises $170 Million for Robocar Networks

Glydways Inc., the robocar startup backed by Sam Altman, is in talks to raise an additional $250 million on the heels of a roughly $170 million Series C round, underlining the high hopes and daunting hurdles of developing closed-loop self-driving car systems.

The company, backed also by Khosla Ventures, is seeking a valuation of more than $1 billion for its next round, founder and co-Chief Executive Officer Mark Seeger said in an interview. Glydways’ capital-intensive development plans span more than 20 potential projects under negotiation globally, and it’s drawn particular interest in Japan, with new backer Obayashi Corp. joining Suzuki Motor Corp. and Mitsui Chemicals Inc. in seeking to tap a hot autonomous-driving arena.