Israel-based autonomous driving systems company Foretellix has secured US$32m in its latest series B funding round, bringing its total raised capital to over US$50m.
The round was led by MoreTech Ventures, with participation from several strategic investors, including Volvo Group Venture Capital, Nationwide, NI and Japan-Israel High Tech Ventures. In addition, all series A investors, including 83North Ventures, Jump Capital, OurCrowd and NextGear participated in the new investment round.
Foretellix was founded in 2018 by a team of verification and validation specialists with the aim of making automated driving systems safe and efficient.
Earlier this year Foretellix partnered with Volvo Autonomous Solutions to address the challenges of large-scale verification of autonomous driving solutions on highways and confined areas, such as quarries and mines.
Fortellix says it uses 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 advanced platform is used throughout the development cycle, from the requirements stage through product development, verification and validation. Foretellix ensures safety and productivity while reducing development cost and time to-deployment.
The company adds that it is experiencing a rapid increase in demand for its platform, which comes from leading OEMs and Tier1s developing on- and off-road ADAS (advanced driver-assistance systems) and AV (autonomous vehicle) products. Foretellix adds that it is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corporation.
Ziv Binyamini, CEO and co-founder of Foretellix, said: “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.”
Martin Witt, VP and head of Volvo Group Venture Capital, commented: “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. 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.”
Zack Keinan, general partner of MoreTech Ventures, said: “Foretellix’s platform brings a low-code approach to the creation and coverage of complex driving scenarios.
“The value proposition to customers is clear: confidence that vehicles are behaving properly, a scalable approach to testing, and faster time-to-market.”
