Hedosophia backs Divergent Technologies' $160M funding round – Bloomberg

Divergent Technologies Inc. secured $160 million in financing co-led by venture capital firm Hedosophia, Bloomberg News reported, citing an interview with company founder and CEO Kevin Czinger.

The startup, which uses 3D-printing technology and automated assembly to design and build cars, now has a valuation exceeding $1 billion, Czinger reportedly said.

Divergent plans to use the fresh capital to scale operations and deploy its technology at car manufacturing plants in Europe and the U.S.

Former The Goldman Sachs Group Inc. co-president and Ford Motor Co. board member John Thornton, who was among the lead investors in the latest funding round, is set to join Divergent's board, according to the news outlet.