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(English) Sberbank enters driverless car market, posing a new challenge to Yandex

06 декабря 2019

(English)

Sberbank, the Russian state-controlled financial and technological giant, is making its first steps on the young and vibrant market of driverless vehicles.

The bank announced last week its partnership with Cognitive Technologies, a Russian software corporation that develops AI-based driver assistance systems. Founded in 1993, this company offers a variety of components for unmanned vehicles and remote control systems. Last year it claimed to have created the world’s first 4D radar for driverless tech.

Dubbed ‘Cognitive Pilot,’ the new joint venture with Sberbank aims to develop “digital economy projects in transport, agriculture, computer vision and artificial intelligence,” according to a statement cited by Reuters.

As a result of the JV deal, which is expected to be completed later this month, Sberbank will hold a 30% stake in the company. It will be headed by Cognitive Technologies founder Olga Uskova. 

The JV deal announcement came just weeks after Sberbank and Mail.ru Group confirmed their joint venture business in the fields of food delivery and taxi hailing.

On its side Yandex, the current Russian leader in driverless vehicles, is preparing to spin off the self-driving car unit from its Yandex.Taxi joint venture with Uber. A dedicated company company is to be created under the name ‘Yandex.SDK.’

recent UBS study said Yandex was likely to enjoy a monopoly in the field of unmanned vehicles in Russia. The latest news from Sberbank and Cognitive Technologies could change the game.

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