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Sberbank adds driverless cars to its list of technology ventures

Friday 29 November 2019 11:56 CET | News

Sberbank, Russia’s state-owned Sberbank, has teamed up with AI transport developer Cognitive Technologies, adding driverless cars to its list of technology ventures.

Both companies have signed a legally binding document to create a new company, Cognitive Pilot. Sberbank will have a 30% share in the company, while Cognitive Technologies will take 70%, according to Reuters. The two companies did not disclose financial details of the deal, which will be completed in December 2019.

The move marks the latest foray into Russia’s digital economy for the large Russian lender, which, earlier in November 2019, finalised the terms of a food delivery joint venture with Mail.Ru and agreed to buy an equity stake in the internet company.

Currently, Yandex, a Russian internet company, leads the way in Russia’s driverless car market, testing its technology on the streets of Moscow and Israel, with a license to begin testing in the US from 2020, in summer. Earlier in November 2019, Yandex said it had begun testing autonomous delivery robots, Reuters added.
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Keywords: Sberbank, AI transport developer, autonomous driving, Cognitive Technologies, partnership, Russia
Categories: Payments & Commerce | Payments General
Countries: Russian Federation
This article is part of category

Payments & Commerce