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Mitsubishi Electric to Make Follow-on Investment in Dynamic Map Platform Co., Ltd.

February 13, 2019

TOKYO--(BUSINESS WIRE)--Feb 12, 2019--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its decision to make a follow-on investment of JPY 2 billion to fuel new growth in Dynamic Map Platform Co., Ltd. (“DMP”), a company which provides high definition 3D map data. This additional investment will be used to fund the acquisition of US-based Ushr Inc. (“Ushr”) by DMP, which acquisition is subject to customary closing conditions pursuant to a definitive agreement between the parties, including receipt of regulatory approval, and also to fund the growth of DMP’s North American operations. In addition to Mitsubishi Electric, INCJ Ltd., an existing shareholder of DMP, and Japan Infrastructure Initiative Company Limited, will also invest in DMP during this round of funding.

Ushr is engaged in developing and providing high definition maps of roadways for autonomous driving, and its high definition 3D map data was first launched in General Motors’ Super Cruise TM, the auto industry’s first true hands-free driving technology for the highway, and first to market in the US in the 2018 Cadillac CT6. Following the completion of the acquisition, DMP looks forward to supporting the growth of the North American autonomous vehicle market, which is forecasted to grow rapidly.

DMP was established in June 2016 to develop, test and manage the common foundation (“Cooperative Domain”) data for high definition 3D roadway maps, necessary for autonomous driving and ADAS. It is currently engaged in developing high definition 3D map data for Japan’s national expressways and limited-access roads.

Mitsubishi Electric believes introduction of high definition maps will have great significance for the autonomous and ADAS vehicle industry and it will also support the enhancement of the industry that contribute to reducing traffic accidents and associated casualties, supporting the mobility impaired, and reducing environmental impact through alleviating traffic congestion. Other possible applications include disaster prevention and mitigation, maintenance and management of social infrastructure, and i-Construction*, which is the initiative for improvement in overall productivity of construction production systems.

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CONTACT: Customer Inquiries

High-precision Positioning Systems Dept.

Electronic Systems Group

Mitsubishi Electric Corporation

Tel: +81-3-3218-9646

www.MitsubishiElectric.com/en/products-solutions/space/index.pageMedia Inquiries

Niels Meinke

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2831

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

KEYWORD: ASIA PACIFIC JAPAN

INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS DATA MANAGEMENT HARDWARE SOFTWARE

SOURCE: Mitsubishi Electric Corporation

Copyright Business Wire 2019.

PUB: 02/12/2019 11:10 PM/DISC: 02/12/2019 11:10 PM

http://www.businesswire.com/news/home/20190212005564/en

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