Minus Zero said it has raised $1.7 million led by Chiratae Ventures, along with participation from JITO Angel Network and senior executives from tech companies like Nvidia, and Lyft.
The deal marks the first time an Indian self-driving car company is attracting venture capital funds.
The funding will be primarily utilized for building extensive autonomous vehicle research and development, infrastructure, and hiring more people.
The team is eyeing a public launch of their first autonomous vehicle use-case from late 2022 to early 2023.
Minus Zero claims to be building an affordable technology for self-driving, which is known to use high-end, high definition cameras, extensive data collection, and sensors like LIDAR (light detecting and ranging).
“Minus Zero believes that the complexity of self-driving cars can be solved not by stacking up more sensors or petabytes of data, but by making the AI more intuitive, similar to the way our own brain handles decision making,” the company said in a statement.
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