The BMW Group announced it had raised a Series A Series A round of $10 million from new investors.
The company said it would invest $1.5 billion in its autonomous vehicle program, which would build on its $2.3 billion investment in self-driving car technology.
The round was led by Sequoia Capital, with additional funding from venture capital firms Sequoias Capital and Andreessen Horowitz, and financing from BMW, the US government, and others.
The company will also partner with automotive and logistics firms to develop the technology, according to a press release.
The news comes just days after the startup unveiled its autonomous vehicles and their safety systems.
In a blog post, the company said its new venture would bring together the most advanced auto and logistics capabilities to deliver the same level of safety to consumers as its previous ventures.
“It is critical to us to be the first to bring fully autonomous vehicles to the marketplace, but the industry is not ready to put this technology to the test,” the company wrote.
“Our mission is to be ready in three to five years, and we need to get the technology ready for the public and automakers to be able to deploy fully autonomous cars.”
A recent report found that there is only a slight chance of fully autonomous vehicle deployment in 2040.
The report found the first fully autonomous BMW i3, which was developed in partnership with Mercedes-Benz, is still only a year away from production.