Verizon Communications Inc (NYSE:VZ) is the most recent provider to consider the manufacture of the of the self-driven cars. According to news just trickling in, the telecommunications giant is said to have redirected a significant amount of resources in Renovo, which is of course a startup looking forward to develop the kind of technology that will have the capacity to control the various fleets of autonomous vehicles. This new line of invention is an indication of just how fast technology is taking root globally and enhancing lives.
As a matter of fact, most of the concerned parties were looking forward to the company moving ahead to announce how much it had invested in Renovo. To their disappointment, the company declined to disclose the exact figures. However, its contribution was part of a larger $10 million financing round, as was revealed by one the top trusted sources.
While addressing a press conference, one of the company’s top executives outlined that indeed the move made strategic sense for Verizon especially considering the fact that people would have more time to use the mobile gadgets because they won’t be the ones to do the driving. The autonomous cars could leverage embedded cellular Wi-Fi and connections to higher degree and that is in relation to the existing cars.
Renovo kick-started its operations around 2010 and has been observed to make tremendous steps forward especially through leveraging on the latest of technology to revamp its manufacturing activities.
There is no doubt that it has risen through the ranks to become one of the industry leaders. The company in most of its statements has repeatedly been outlining that it actually sees banal tech as its central mission.
According to sources, the provider hopes to fulfill its dream of developing the so-called “automated mobility on demand,” and that will of course be made possible by the use of the self-driving cars for ride-sharing services.
According to one of the company’ insiders, the provider remains quite optimistic that the new move will dramatically bring down the umber vehicles on city streets, potentially cutting down on both traffic and pollution and thus giving safety a major lift.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:
The Next Big Thing In Biotech?https://journaltranscript.com
Get our top rated alerts on the biotech sector
Miner Stock About To Explodehttps://www.journaltranscript.com
Investors are flocking to this stock like no tomorrow !
Traders Need To Know This Nowhttps://journaltranscript.com
WallStreet is loading up on this stock. Find out why