Apple (NASDAQ: AAPL) confirmed its acquisition of Drive.ai, a start-up focused on the development artificial intelligence and machine learning for self-driving vehicles, according to CNBC.
Apple did not disclose the purchase price for the start-up. Market observers believe the tech giant paid less than $77 million, the recent funding raised by Drive.ai. It had market valuation of $200 million two years ago.
Earlier this month, it had been reported that the tech giant was considering acquiring the self-driving vehicle start-up. At the time, sources said Apple was negotiating an “acgui-hire” deal with Drive.ai.
The self-driving start-up already submitted a Worker Adjustment and Retraining Notification (WARN) to the California Employment Development Department (EDD) regarding its decision to permanently shut down its business by Friday.
Apple’s acquisition of Drive.ai is a confirmation that it remains committed to enter in the automobile business. In January, the tech giant eliminated 200 employees from its Titan Project, which is focused on developing autonomous vehicle systems.
