TOKYO – (BUSINESS WIRE) – Woven Planet Holdings, Inc. (“Woven Planet”), a subsidiary of Toyota Motor Corporation, has agreed to acquire Level 5, the autonomous driving division of Lyft, Inc., one of the largest ridesharing companies in the world. This is the first major chord for the New Woven Planet.
The agreement will bring together world-class scientists and software engineers from Level 5, Woven Planet, and researchers from the Toyota Research Institute, Inc. (“TRI”) already working with Woven Planet. The resulting combined dream team of approximately 1,200 will represent one of the most diverse, wealthy and talented groups in this field.
Today’s announcement places Woven Planet at the center of the connected and automated driving movement by providing:
Talent: an international team of engineers, researchers and high-level experts in the field of mobility services.
Technology: a robust set of sensing, compute and software assets, and strategic capabilities in automated driving systems
International Footprint: Once the acquisition is complete, Woven Planet will have an extended footprint beyond its Tokyo headquarters, with offices and engineering teams in Palo Alto, California, and London, UK.
In addition to the acquisition of Level 5, Woven Planet and Lyft have signed commercial agreements for the use of the Lyft system and fleet data to accelerate the safety and commercialization of the automated driving technology that Woven Planet will develop. .
Lyft will receive approximately $ 550 million in cash, of which $ 200 million prepaid subject to certain closing adjustments and $ 350 million in payments over a five-year period.
As a result of this transaction, Woven Planet will accelerate by revolutionizing the world of mobility and fulfill its mission of “mobility to love, safety to live”, fueling a broader vision of human happiness and well-being on planet Earth.
Commentary from James Kuffner, CEO, Woven Planet
“This acquisition advances our mission to develop the world’s safest mobility on a large scale. The Woven Planet team, alongside the TRI research team, has already established a center of excellence for software development and technology within the Toyota Group. Engaging Level 5’s world-class engineers and experts – along with additional technology resources – will allow us to have even greater speed and impact. This agreement will be essential in weaving together the people, resources and infrastructure that will help us transform the world we live in through mobility technologies that can create a happier and more secure future for us all.
Commentary from Logan Green, CEO, Lyft
“Today’s announcement kicks Lyft into the next phase of an incredible journey to bring our mission to life. Lyft has spent nine years building a transportation network capable of uniquely evolving autonomous vehicles. This agreement brings together the vision, talent, resources and commitment to advance clean and autonomous mobility on a global scale.
Commentary from George Kellerman, Head of Investments and Acquisitions, Woven Planet
“With the acquisition of Level 5, Woven Planet is moving towards its mission of combining the innovative culture of Silicon Valley with world-renowned Japanese craftsmanship to create the mobility solutions of the future. This acquisition significantly accelerates our ability to deliver technological solutions through an influx of exceptional engineers and cutting-edge technologies. It also provides a solid foundation for international expansion and future recruitment efforts in the world’s most powerful talent markets. Our goal is to become the hub of interconnected mobility systems, combining a variety of technologies and partnerships that go far beyond the automotive industry. This acquisition is the first of a coordinated strategy to consolidate cutting-edge technologies and talent to help realize this vision. ”
Commentary from Luc Vincent, Executive Vice President, Autonomous Technology, Lyft
“Woven Planet and Level 5 both focus on improving mobility through technology, creating a future that benefits people around the world. With this deal in place, I am very pleased that the Level 5 team is better positioned than ever to fulfill their long-term mission of bringing autonomous vehicles to market. As part of Woven Planet, we will be able to leverage exceptional automotive engineering expertise as well as the considerable resources of an iconic company, while continuing to evolve with the energy and speed of a start-up. It is exciting to be a part of this new company, to expand our mission and to build the core technology that will support the mobility and smart cities of tomorrow.
About Woven Planet Group
At Woven Planet Group, our mission is to design a happier planet through secure and connected mobility solutions. Launched in January 2021, Woven Planet Group is an extension of the activities of Toyota Research Institute – Advanced Development, Inc. which is dedicated to bringing its vision of “Mobility to Love, Safety to Live” to life. As part of this common goal, our four companies, Woven Planet Holdings, Woven Core, Woven Alpha and Woven Capital are transforming the way people live, work and travel through new innovations and investments in automated driving, robotics, smart cities, etc.
For more information, please visit: https://www.woven-planet.global/
Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. As the world shifts from car ownership to transportation as a service, Lyft is at the forefront of this massive societal change. Our transportation network brings together carpooling, bicycles, scooters, car rentals and public transportation in one app. We are particularly motivated by our mission: to improve the lives of people with the best means of transport in the world.