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Stock impact report

Turing secures funding for autonomous driving push [Yahoo! Finance]

Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG) 
US:NYSE Investor Relations: mizuho-fg.com/investors/index.html
Company Research Source: Yahoo! Finance
The company said it raised Y9.77bn in equity via the issuance of 1x non-participating preferred shares. The round was co-led by government-backed JIC Venture Growth Investments and independent venture capital firm Global Brain. Additional investors included GMO Internet Group, auto parts supplier Denso, and several partners, venture capital firms and corporate venture arms of financial institutions. Alongside the equity, Turing secured Y5.5bn in syndicated loans arranged by Mizuho Bank, taking the total from the first close to Y15.27bn. Turing CEO Issei Yamamoto said: “Fully autonomous driving is one of humanity's greatest challenges. This Series A first close marks a major step forward in our pursuit of that goal.” Turing is establishing an end-to-end (E2E) autonomous driving AI. The autonomous driving startup is focusing on building a large-scale foundation model designed to interpret human social norms, background knowledge and contextual information. The company is Show less Read more
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