Altman-Backed Startup to Raise $250 Million for Robocar Networks

Glydways Inc., the robocar startup backed by Sam Altman, is in talks to raise $250 million in a new funding round that would value the company at $1 billion or more, underlining the high hopes and daunting hurdles of developing closed-loop self-driving car systems.

The discussions come on the heels of a $170 million raised in a Series C that valued the company at almost $700 million, founder and co-Chief Executive Officer Mark Seeger said in an interview. The Series C round was co-led by Suzuki Motor Corp., Khosla Ventures and Spanish construction conglomerate Grupo ACS. ...