Foretellix raises $32m for autonomous driving development tool
Foretellix has raised $32m for its validation and test technology for driverless vehicle software.
The round was led by MoreTech Ventures, with participation from several strategic investors, including Volvo Group Venture Capital, Nationwide, NI (National Instruments) and Japan-Israel High Tech Ventures and brings the total raised by the company to over $50m
Foretellix was founded in 2018 to use verification techniques form the semiconductor industry to provide a quantifiable approach to safety and hyper-automation to create and test all possible scenarios these systems may encounter, along with big data analytics to ensure the safety and completeness of the testing processes. This platform is used throughout the development cycle, from the requirements stage through product development, verification and validation, to orchestrate and manages the massive scale of testing required to ensure safety, reduce development costs, and shorten the development time.
Leading OEMs and Tier1s developing ADAS and AV products, both on and off-road, including Denso and Geely-subsidiary Volvo, are working with Foretellix.
“This additional funding round is an important milestone in our journey as a company and will help us address the growing demand for our platform and products,” says Ziv Binyamini, CEO and co-founder of Foretellix. “The support of our strategic partners Volvo Group, Nationwide and NI will help Foretellix to further advance its mission to enable the safe deployment of advanced automated driving systems.”
“We look for start-ups that are building the future with technological developments that will transform the transport industry. We believe that with Foretellix’s advanced test automation tools and expertise, we can deploy current and future ADS,” said Martin Witt, VP and Head of Volvo Group Venture Capital. “We have the same clear goal to infuse automation and metrics into the verification and validation process with open standards. The investment and ongoing partnership is a base for increased safety of our leading-edge automated driving systems. We are impressed by Foretellix and we believe that together we can add considerable value to the development of the business in the future.”
“Foretellix’s platform brings a low-code approach to the creation and coverage of complex driving scenarios,” said Zack Keinan, General Partner of MoreTech Ventures. “The value proposition to customers is clear: confidence that vehicles are behaving properly, a scalable approach to testing, and faster time-to-market. We are excited to be leading this investment round into this unique team and technology addressing a major bottleneck which will only become more challenging as OEMs and Tier-1’s suppliers adopt increasingly software-centric models.”
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