Israeli auto-tech safety company Foretellix announced today it has raised $42 million in the second closing of its Series C funding round led by 83North. The new investors Temasek and Isuzu joined Toyota growth fund Woven Capital, Nvidia, and Artofin, which participated in the first closing earlier this year. All major existing shareholders participated, including MoreTech, Nationwide, Volvo Group VC, Jump Capital, Next Gear Ventures, and OurCrowd. This brings the Series C financing round to $85 million and the total amount raised by Foretellix to $135 million.
Foretellix, which provides safety-driven verification and validation (V&V) solutions for Automated Driving Systems and Advanced Driver Assistance Systems will use the funding to accelerate the development of its expanding product portfolio and meet growing worldwide demand for its solutions.
Based in Tel Aviv, Foretellix was founded by CEO Ziv Binyamini, CTO Yoav Hollander and chief regulatory affairs officer, VP operations and business development Gil Amid.
Binyamini said, "Foretellix is driving a transformative leap forward in V&V technology and methodology. Our solutions address the largest barriers to safe large-scale deployment of autonomous vehicles while dramatically reducing development costs. We are committed to continue our partnerships with leading autonomy developers and supporting our customers. This funding round will secure our long-term sustained growth. It will help extend our product line for real-world and synthetic driving scenarios and the development of new AI capabilities."
Foretify, Foretellix's Safety-Driven V&V Platform, is used by automotive, trucking, and mining customers worldwide to accelerate the development and deployment of their Automated Driving Systems. The platform provides a unified V&V flow that combines real-world test drives and virtual simulation in one platform. It helps development, testing, and safety engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle providers to better collaborate and boost their efficiency throughout their AV and ADAS projects cycle.
Published by Globes, Israel business news - en.globes.co.il - on December 5, 2023.
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