TIER IV, a specialist in open-source software for autonomous driving, has secured a credit facility worth US$7 million (¥1 billion) from Sumitomo Mitsui Trust Bank (SMTB), one of Japan’s leading trust banks.
The facility provides flexible funding to meet working-capital needs arising from TIER IV’s domestic and international expansion. It will support the wider rollout of the company’s autonomous driving services, paving the way for the next stage of growth, it says.
Building on its advanced autonomous driving technology, TIER IV says it is accelerating the deployment of intelligent vehicles.
The company maintains the agreement with SMTB strengthens the company’s foundations and ‘reinforces its commitment to making autonomous driving accessible to all’.
