EnerTech’s Vision and Support Recognized as ‘Fundamental’ to Outcome
PHILADELPHIA & TORONTO — (BUSINESS WIRE) — February 12, 2019 — EnerTech Capital (“EnerTech”) today announced the signing of a definitive agreement under which Dynamic Map Platform Co., Ltd. (“DMP”) has agreed to acquire Ushr, Inc. (“Ushr”). Upon closing, the deal will establish a single, enhanced platform for accelerated development and delivery of high-definition (HD) mapping solutions for autonomous vehicles and advanced driver-assistance systems. DMP and Ushr provide high quality HD maps in Japan and North America, respectively. EnerTech, a venture capital firm that invests in energy innovation and technology, is Ushr’s largest financial investor.
“EnerTech’s strategic vision and leadership were fundamental to the founding of Ushr and in reaching this agreement,” said Bruce Gordon, CEO of Ushr. “Their expertise, network, and resources, not to mention their willingness to roll up their sleeves and work as a partner with management and stakeholders have been invaluable.”
Ushr was created in 2017 as a spin out of the automotive mapping business unit of a separate EnerTech portfolio company, GeoDigital, a Canadian company specializing in geospatial mapping services and software. Ushr’s market leading HD map technology was integrated into General Motors’ Super CruiseTM, the industry’s first true hands-free advanced driver assistance system for the highway, and first-to-market in the 2018 Cadillac CT6. When combined with vehicles equipped with sensors and software enabling autonomous driving, Ushr’s HD maps allow self-driving cars to safely operate on mapped roadways, providing precise lane centering, smooth control through curves, and the ability to anticipate roadway changes.
“The agreement announced by Ushr and DMP is the result of a tremendous amount of hard work by all stakeholders involved,” said Scott Ungerer, Founder and Managing Director of EnerTech Capital and Chairman of the Board of Ushr. “The success we’ve experienced at Ushr since inception in an extremely dynamic and competitive market environment has been rewarding and we look forward with excitement to the next chapter of growth for the combined businesses upon closing.”
In 2017, EnerTech spearheaded the strategy and spinout of GeoDigital’s automotive mapping business unit to form Ushr, providing the opportunity, independence and resources needed for success in the rapidly evolving market for advanced mobility solutions.
“The features and functionality that will redefine ‘driving’ in the coming years are being sourced from new providers including young technology companies that may or may not have started life in the auto industry,” said Bob Lutz, former Vice Chairman of General Motors and Member of Ushr’s Board of Directors. “Investors like EnerTech, who provide the vision, resources, expertise, and patience needed to help these companies recognize and seize new opportunities, are critical to the success of future developments in advanced mobility markets.”
The transaction is subject to customary closing conditions including receipt of regulatory approval. Terms of the agreement have not been disclosed.
About EnerTech Capital
EnerTech Capital is a venture capital firm that invests in energy innovation and technology, including Digital Networks, Connected Buildings, Mobility and Optimization. EnerTech was founded in 1996 and is currently investing from its fourth fund. To date, the firm has managed over $500 million, invested in 72 companies, and delivered 39 exits. The firm has offices in Philadelphia, Toronto, Delray Beach, Boston, Montreal, San Francisco, and Calgary. For more information, please visit www.enertechcapital.com.
About Ushr, Inc.
Ushr Inc. offers automotive manufacturers accurate and comprehensive high-definition map technology. Located at the epicenter of automotive development in Detroit, Ushr’s technology and software are shaping the evolution of self-driving technology by providing customers with the reassurance that the paths their vehicles travel are safe, smart and predictable. For more information, please visit www.ushrauto.com.
About DMP
Dynamic Map Platform Co., Ltd. is a company that provides research, development and commercialization of high precision 3 dimensional (3D) map data used in the realization of autonomous driving and safe-driving support systems, beginning with Japan’s motorways and expanding to overseas markets. For more information, please visit www.dynamic-maps.co.jp/en.
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