Russia's State Owned Lender Joins Hands with Driverless Technology Company Cognitive
Automobile News

Russia’s State Owned Lender Joins Hands with Driverless Technology Company Cognitive

Russia’s largest bank, Sberbank, has added driverless cars to its list of technology companies, by joining hands with AI transport developer Cognitive Technologies, the two firms stated Thursday.

Sberbank and Cognitive Technologies have signed a legally binding document to create a brand new firm, Cognitive Pilot, they mentioned in a statement.

Sberbank will have a 30% share in the venture, whereas Cognitive Technologies will take 70%. The two corporations didn’t disclose financial details of the contract, which will probably be completed next month.

The move marks the latest venture into Russia’s digital economy for state-owned Sberbank, which finalized the terms of a food supply joint venture with Mail.Ru earlier this month and agreed to buy an equity stake on the internet company.

The new firm will probably be engaged in developing “digital economy initiatives in transport, agriculture, computer vision, and synthetic intelligence,” the assertion read

Russian internet titan Yandex currently leads the way in Russia’s driverless car industry, testing its technology on the streets of Moscow and Israel, with a license to start testing in the U.S. from next summer.

Earlier this month, Yandex stated it had started testing autonomous delivery robots.

Cognitive Technologies founder Olga Uskova will head the new venture with Sberbank.

Her firm builds parts for autonomous vehicles, as well as developing autonomous control techniques for agricultural equipment, trains, and trams.

Its clients embody Hyundai Mobis, Russian Railways, and Rusagro, a Russian agricultural agency.

This month, Sberbank stated it had agreed to give a “golden share” it holds in Yandex to a new public interest firm proposed by Yandex.