West Conshohocken-based EnerTech Capital announced today the signing of a definitive agreement under which Dynamic Map Platform Co., Ltd. agreed to acquire Ushr, Inc. EnerTech, a venture capital firm that invests in energy innovation and technology, is
Upon closing, the deal will establish a single, enhanced platform for accelerated development and delivery of high-definition mapping solutions for autonomous vehicles and advanced driver-assistance systems. Dynamic Map Platford and
“EnerTech’s strategic vision and leadership were fundamental to the founding of Ushr and in reaching this agreement,” said Bruce Gordon, CEO of Ushr. “Their expertise, network, and resources, not to mention their willingness to roll up their sleeves and work as a partner with management and stakeholders have been invaluable.”
When combined with vehicles equipped with sensors and software enabling autonomous driving,
“The agreement announced by Ushr and DMP is the result of a tremendous amount of hard work by all stakeholders involved” said Scott Ungerer, Founder and Managing Director of EnerTech Capital and Chairman of the Board of Ushr. “The success we’ve experienced at Ushr since inception in an extremely dynamic and competitive market environment has been rewarding and we look forward with excitement to the next chapter of growth for the combined businesses upon closing.”
In 2017, EnerTech spearheaded the strategy and spinout of GeoDigital’s automotive mapping business unit to form Ushr, providing the opportunity, independence and resources needed for success in the rapidly evolving market for advanced mobility solutions.
“The features and functionality that will redefine ‘driving’ in the coming years are being sourced from new providers including young technology companies that may or may not have started life in the auto industry,” said Bob Lutz, former Vice Chairman of General Motors and Member of Ushr’s Board of Directors. “Investors like EnerTech, who provide the vision, resources, expertise, and patience needed to help these companies recognize and seize new opportunities, are critical to the success of future developments in advanced mobility markets.”
The transaction is subject to customary closing conditions including receipt of regulatory approval. Terms of the agreement have not been disclosed.