Son, the maker of a popular self-driving car app, has announced a $1 billion round of financing led by Morgan Stanley and led by New York-based Sequoia Capital.
The investment will help Son get a foothold in self-drive-based mobility, where Google’s self-propelled car technology is dominant, according to a press release from the company.
The company, which was founded in 2010, plans to deploy the funds in the first quarter of 2021.
Son said the funding will allow it to focus on the future of self-driven driving, including product development and deployment, in addition to acquiring more capital.
It will also allow it, along with partner companies from China and the United Kingdom, to build out its self-powered fleet of cars.
Son has said it expects its self driving fleet to reach 500,000 vehicles by 2025, including a fleet of 100,000 self-made vehicles.
Son’s $1 million investment in Son will allow the company to accelerate its development of its self drive vehicle technology and accelerate the growth of its fleet.
Son, which operates under the Son Son name, is also building out its own fleet of self driven cars, and is expected to unveil a self-raced car in 2021.