Bolt raises more than $180M to develop AI in driving

Bolt said on Wednesday it has raised 150 million euros ($182 million) backed by funding firm D1 Capital Partners with the goal of boosting safety on its platform via facial recognition and artificial intelligence.

According to reports, the company refused to announce its estimated value in the market at the present time, and it was previously estimated at 1.7 billion euros (equivalent to 2.1 billion dollars) after issuing convertible bonds worth 100 million euros in May, and the company said that it will invest the money It has collected to enhance the safety of its services and expand the range of transportation services, electric bike and scooter rental as well as food delivery services, and its application currently has more than 50 million users in more than 40 countries in Europe and Africa.

Shared rides have been hit hard by the coronavirus pandemic this year, with Uber reporting two consecutive quarters of declines in revenue and cumulative losses of $5.8 billion this year so far, but benefited from increased demand for food and meal delivery services.

On the other hand, Bolt also suffered a decline in revenue after the tightening of precautionary measures due to the Corona pandemic in Europe, as its sales fell by 75% compared to last month, but said it had had a good year due to its investment in the production of new products such as scooters and food delivery services, and it launched Early this month, I launched a new model of e-scooter, and I planned to invest 100 million euros to bring the scooter to more global markets.

Related Articles

Back to top button