Intel is buying a stake in mapping company Here
The deal is part of the chipmaker's plans to make major investments in driverless-car tech.
Intel is revving up its presence in the self-driving car game by buying a 15 percent stake in Here, a mapping technology company.
Intel is vying for a bigger spot in the self-driving car race.
The Silicon Valley chipmaker said Tuesday it's buying a 15 percent stake in Here, a mapping company, to develop autonomous positioning systems used in driverless vehicles. Financial details weren't disclosed.
The Intel deal comes less than 18 months after Here was sold by Nokia to European automakers Audi, BMW and Daimler. During the Los Angeles Auto Show in November, Intel announced plans to invest more than $250 million over the next two years "to make fully autonomous driving a reality."
It's all part of grand plan to keep pace with the likes of Google, Tesla and Uber in pursuing technology to put self-driving vehicles on the road. And, in Intel's case by 2021 or sooner.
In a joint statement Tuesday, Intel and Here said they will be working on technology for "maps for highly and fully automated driving."
"Cars are rapidly becoming some of the world's most intelligent, connected devices," said Intel CEO Brian Krzanich.
Here CEO Edzard Overbeek agrees.
"A real-time, self-healing and high-definition representation of the physical world is critical for autonomous driving, and achieving this will require significantly more powerful and capable in-vehicle compute platforms," he said.
Intel will also work with Audi, BMW and Daimler for testing, the companies said.
First published January 3, 1:57 p.m PT.
Update, 3:55 p.m. PT: Adds background about Intel and comments from Here CEO.