Israeli auto-tech safety company Foretellix announced today it has raised $43 million in the first closing of its Series C funding round led by 83North. This brings the total capital raised by the company to over $93 million. Toyota growth fund Woven Capital and Nvidia joined the financing round, along with Artofin VC. All major existing shareholders participated, including MoreTech, Nationwide, Volvo Group VC, and Jump Capital.
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. The company has developed safety-driven verification and validation solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS).
Binyamini said "Foretellix is addressing the largest barrier for safe large-scale deployment of automated driving systems. The new funding will help us to address the growing demand for our solutions, extend our worldwide reach, and accelerate our vision for achieving safe autonomy."
Foretellix’s Safety-Driven Verification & Validation (SDV) Platform - Foretify is used by automotive, trucking, and mining customers, including Volvo Group, Torc - a Daimler Truck subsidiary, and many others, to accelerate the development and deployment of their Automated Driving Systems. Foretellix established partnerships with major simulation companies, including IPG, Nvidia, dSPACE, VIRES, AI Motive, and Cognata, providing its customers with a comprehensive verification and validation (V&V) solution.
The Foretify platform is used by engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle (AV) stack providers throughout the AV/ADAS development cycle.
Published by Globes, Israel business news - en.globes.co.il - on May 2, 2023.
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