Japan's Tier IV nabs $100 mln Series A funding led by Nipponkoa Insurance

Tokyo-based Tier IV, Inc., an open-source software platform for self-driving technology, has secured more than $100 million in Series A funding round.

Sompo Japan Nipponkoa Insurance Inc., a Japanese insurance company, conducted the financing round.

Existing backers, Yamaha Motor Co., Ltd., KDDI Corp., JAFCO Co., Ltd., and Aisan Technology Co., Ltd., also joined the round.

Tier IV will use the money raised from the funding to scale out its self-driving business and facilitate commercialization of self-driving technology in private areas, sparsely populated, and urban areas.