Home PageBlogAutonomous VehiclesRussia’s Sberbank pushes into driverless cars with AI joint venture

Russia’s Sberbank pushes into driverless cars with AI joint venture

State-run Sberbank, Russia’s largest lender, is expanding its high-tech offerings through a new investment in driverless cars with AI transport start-up Cognitive Technologies, the bank said on Thursday.

Sberbank will take a 30 per cent stake in Cognitive Pilot, a joint venture led by Cognitive Technologies’ chief executive Olga Uskova and majority-owned by the start-up’s top management. The new company will “develop digital economy projects in transportation, agriculture, computer vision and artificial intelligence,” Sberbank said. Moscow-based Cognitive Technologies has partnered companies including Hyundai, Russia’s railway monopoly, and agribusiness Rusagro to develop technology for self-driving cars, trains and industrial equipment. Sberbank did not disclose the amount of the investment or the valuation of the joint venture. The deal marks Sberbank’s latest venture away from banking into a digital “ecosystem” that chief executive Herman Gref says is vital to diversifying away from financial services. Sberbank has spent more than $1bn on new companies including a taxi and food delivery joint venture with Mail.ru, digital media company Rambler, and grocery delivery company Instamart. It also indicates Sberbank plans to intensify competition with search giant Yandex after agreeing last week to hand over a “golden share” in the company to a new Kremlin-backed non-profit foundation. Yandex, Russia’s leading self-driving car developer, has driven its vehicles more than 1m miles in Moscow and Tel Aviv, and received a licence to begin testing them in the US next summer. The companies have fought over the direction of Yandex Market, their ecommerce joint venture, so badly that they have discussed changing its capital structure to give one side clear control. Mr Gref, a member of Yandex’s board, did not participate in its meetings for a year, according to people familiar with the matter. Yandex has suggested Sberbank’s competing investments may require Mr Gref to recuse himself from some board matters.

Popular
Rusagro launches large-scale autonomous driving pilot with Cognitive Pilot
Cognitive Pilot today announced what it claimed is “the world’s largest autonomous driving project for agricultural machinery” with Rusagro Group LLC. The companies plan to test Cognitive Agro Pilot, a Level 3 autonomous driving system for combine harvesters, tractors, and sprayers.
EkoNiva and Cognitive Pilot build service network for autonomous farm equipment
For agricultural robotics to be more widely adopted, farmers will need services to help maintain and repair intelligent systems. EkoNiva Holding Co. and Cognitive Pilot have signed a three-year agreement to outfit farm machinery with the C-Pilot autonomous driving system and create a service network across Russia.
Tram automation software contract awarded in Shanghai
A consortium of the Shanghai Fuxin Intelligent Transportation Solutions Corp subsidiary of China Railway Electrification Bureau Group and Moscow-based autonomous driving specialist Cognitive Pilot is to develop the AI-based ‘computer vision system’ for trams.
The Rostov company acquired the Cognitive Agro Pilot system for its combines
Cognitive Pilot together with Sberbank completed the first transaction on the sale of the autonomous control system for agricultural machinery Cognitive Agro Pilot in the Rostov Region
Also interesting
Ahead of the Curve: Russians Launch Smart Combines
Expert column by American journalist Dan Krammett about Cognitive Agro Pilot system and new harvest season in Russia.
Agricultural enterprises to improve productivity with AI solution delivered by Cognitive Pilot and Sberbank-Telecom
According to a Global Market Insights, Inc. report., the precision farming market is poised to rise from today’s USD4 bln to USD12 bln by 2025. Precision farming in Russia is in its infancy and is expected to boom in the next three to four years to be worth some RUB15–20 bln, analysts say.
Digital Agro, Agrosignal & Cognitive Pilot Create Agricultural Ecosystem for Digitalization of Farming
Digital Agro (a subsidiary of Uralchem), Agrosignal and Cognitive Pilot (an autonomous driving technology joint venture of Sberbank and Cognitive Technologies Group) have formed a strategic partnership to collaborate on a single agricultural ecosystem to accelerate the digitalization of Russian farming.