Glydways targets $1 billion valuation with $250 million funding push

Glydways Inc., the San Francisco-based robocar startup backed by investor Sam Altman, is in talks to raise $250 million in a new funding round that would value the company at $1 billion or more, company founder and co‑CEO Mark Seeger said. The move follows a $170 million Series C that valued Glydways at almost $700 million and comes as the company accelerates plans for pod‑based autonomous transport projects across the US, Middle East and Asia.

"In many markets, particularly in the Middle East and Asia, the dialogue has moved from skepticism to deployment," Seeger said, underlining industry interest as Glydways pitches a future of taxi‑like, on‑demand pod vehicles operating on dedicated two‑metre‑wide expressways.

The Series C was co‑led by Suzuki Motor Corp., Khosla Ventures and Spanish construction conglomerate Grupo ACS, Seeger said. New backers include Obayashi Corp., and Mitsui Chemicals Inc. has also been named among partners seeking to tap the autonomous‑driving arena. Suzuki has committed to manufacturing Glydways’ vehicles, while construction partners for expressways and access points will vary by project.

Glydways says it has more than 20 potential projects under negotiation globally. The company broke ground this year on a public system in South Metro Atlanta, Georgia, and is aiming for pilot operations near Atlanta’s Hartsfield‑Jackson Airport by year‑end. In the Middle East, Abu Dhabi and Dubai each signed separate agreements with Glydways to explore self‑driving public transportation systems; Dubai is targeting commercial operation in 2027.

"We keep getting more customers, which means we need to scale the business faster," Seeger said, noting the capital intensity of rolling out dedicated lanes, access points and vehicle fleets. Glydways currently employs about 270 people and plans to double that headcount over the next two years to oversee global projects.

Seeger also pointed to Japan as an early market where conversations matured into concrete partnerships. "Japan, along with a small set of forward‑looking partners globally, was one of the first places where the conversation clicked," he said, recalling that Masatoshi Abe, the former CEO of Osaka‑based used‑car dealer Heiwa Auto Co., was one of Glydways’ seed investors in 2017. The startup previously raised capital at a valuation of $350‑400 million in 2024.

The company’s expansion faces geopolitical and cost headwinds. Bloomberg reporting cited an ongoing military conflict in the region and said "President Donald Trump has ratcheted up threats after the US and Iran failed to reach a peace deal," a dynamic contributors say could push materials costs higher. Those rising costs are already squeezing manufacturers in Japan; the report noted Honda Motor Co. is expected to record its first quarterly operating loss in five years and shelved plans to jointly develop an EV with Sony Group Corp.

"That first wave of customers, that’s a lot of capital. That’s a lot of infrastructure. It’s a lot of risk to do that," Seeger added, framing the company’s near‑term challenge: raising substantial project‑level financing and navigating regulatory processes that differ by market.

Fast facts

• Target raise: $250 million to reach $1 billion+ valuation
• Prior funding: $170 million Series C valuing Glydways at almost $700 million
• Backers: Sam Altman (investor), Suzuki Motor Corp., Khosla Ventures, Grupo ACS, Obayashi Corp., Mitsui Chemicals Inc.
• Planned projects: >20 potential projects globally; pilot near Hartsfield‑Jackson Airport (Atlanta) by year‑end; Dubai commercial target 2027
• Staff: about 270 employees, plan to double in two years