Uber founder Travis Kalanick has secured $1.7bn in debt and equity funding for his latest venture, Atom, which aims to build a “computer for the physical world.” The funding round is backed by venture firm Andreessen Horowitz, with Ben Horowitz joining Atom’s board. Goldman Sachs and JPMorgan are also involved in the financing.

Atom will focus on automating industrial processes through advanced robotics in sectors like mining, construction, and food production. Kalanick, who left Uber in 2017, also runs Cloud Kitchens, a network of "dark kitchens." He stated that “Industrial AI is getting ready to power the next Industrial Revolution.”

Atom was previously known as real estate group City Storage Systems before Kalanick rebranded it in March. The venture has also acquired Pronto, an autonomous vehicle company serving the mining industry, founded by former Uber engineer Anthony Levandowski. Kalanick expressed regret over not partnering with Andreessen Horowitz earlier in his career.