Israeli startup Vayavision has raised $8m in seed funding led by Viola Ventures, Mizmaa Ventures and OurCrowd, with strategic participation from Mitsubishi UFJ Capital (MUCAP) and LG Electronics.
The Tel Aviv-based company provides raw data fusion and cognition systems for self-driving vehicles. The company plans using the funds to focus on developing customer engagement, and marketing and building partnerships with OEMs and Tier 1 suppliers around the world.
Vayavision was founded by CEO Ronny Cohen and CTO Youval Nehmadi. The company has developed patented autonomous driving technology, which combines camera, LiDAR, and radar input to provide a full environmental model of the driving scenario, including lane detection, object classification and tracking, traffic and road sign recognition, and free space analysis.
Nehmadi said, “Most current generation autonomous driving solutions are based on ‘Object Fusion’ architecture, in which each sensor registers an independent object, and then must reconcile which data is correct. This provides inaccurate detections and results in a high rate of false alarms. The industry has recognized that to reach the required levels of safety, more advanced perception paradigms are needed - such as raw data fusion.”
Published by Globes, Israel business news - en.globes.co.il - on October 17, 2018
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