Investing in our AMoD Future
A transformation is happening in the way people and things move. We will soon live in a world where a touch of a button will summon automated vehicles to take us on safe, convenient urban journeys at extremely low cost. This vision will be realized through a wide range of companies collaborating together — car companies, fleets, electronics suppliers, networks, and AI providers — and this ecosystem requires powerful new software platforms to bring them together as a cohesive whole. At Renovo, we are building the OS for automated mobility on demand (AMoD) that makes this possible.
Our mission is to bring about the deployment of AMoD as safely, rapidly and to the greatest scale and highest efficiency possible. AMoD is the most transformative use of highly automated vehicles as analyses by the Rocky Mountain Institute, Boston Consulting Group and RethinkX illustrate — all of this leading to trillion-dollar opportunities over the coming decade.
We believe that deploying AMoD at scale is best achieved by an open and heterogeneous technology ecosystem. Our automated mobility operating system, Renovo AWare™, makes such an ecosystem possible today.
In achieving this ambitious vision, the right investors are critical for success. Renovo’s venture investors are some of the most highly regarded firms in Silicon Valley: True Ventures, Menlo Ventures, Social Capital and Synapse Partners. Collectively these firms have backed transformative technology companies including Uber, Wordpress, Getaround and 3D Robotics.
Equally important are strategic investors who share our vision and have unique experience in bringing complex and interconnected platforms to market at scale. In particular, we look for companies that understand building ecosystems comprising hardware, OS, applications, networking, and device management in an open and scalable manner. Industry titans Samsung and Verizon exemplify this and are strategic investors in Renovo.
Samsung has become one of the most successful consumer application platform providers in the world. Shipping more smartphones each year than any other company, this business benefits from a highly open software ecosystem that enables tremendous value to be built on Samsung’s products. The recent $8B acquisition of Harman, creation of the Samsung Automotive Innovation Fund and investments in vehicle automation companies like Renovo signals the company’s strong ambitions in the mobility sector.
Verizon is a global leader in building vast data networks and is one of the largest telematics and fleet management companies in the world. Open ecosystems have driven massive data usage and created opportunities for technology to improve today’s human operated vehicles. AMoD will further draw on many of these core assets. Verizon believes in a AMoD as the future and has backed Renovo as a company that will help bring this to reality.
This powerful combination of investors brings real-world experience in taking open, heterogeneous technology ecosystems to scale. Along with our amazing team of employees and advisors, we are looking forward to the increasingly automated road ahead of us. To bring AMoD to market is a considerable challenge, but the upside will be well worth the journey.