Woven Planet Holdings, Inc., a subsidiary of Toyota Motor Corporation, announced the closing of the acquisition of Level 5, the self-driving division of Lyft, Inc., a proposed transaction previously announced in April 2021. This marks the first acquisition for Woven Planet, a group that is focused on mobility innovations and investments in automated driving, robotics, smart cities, and more.
With the acquisition in place, Woven Planet will be provided with technology, talent, and an international footprint that will accelerate its efforts. Woven Planet will immediately oversee Level 5’s offices and operations in Silicon Valley and London. In addition, Woven Planet welcomes Level 5’s team of over 300 high-caliber engineers, research scientists, and mobility specialists. It will also be acquiring the Lyft division’s significant sensing, computing, and software assets, and Level 5’s strategic capabilities in automated driving systems.
The deal closure follows the Committee on Foreign Investment in the United States (CFIUS) review of the deal and determination that there are no unresolved national security concerns with respect to the transaction.
Comment from James Kuffner, CEO, Woven Planet
“As the first major acquisition for the Woven Planet Group, Level 5 represents a significant investment in our future. This deal strengthens our capabilities to deliver on the promise of freedom and mobility for all, uniting the resources, talent and technology needed to place us at the forefront of the mobility revolution. World-class skills and expertise from Level 5 will be combined with exceptional engineering know-how from Woven Planet and research insights from the team at Toyota Research Institute to form an industry brain trust. We are excited to bring this acquisition over the finish line, building a ‘dream team’ within the automotive and mobility industry.”