Israeli testing, verification and validation platform for automated driving systems Foretellix , has completed a $32 million Series B financing round led by MoreTech Ventures, with participation from strategic investors, including Volvo Group Venture Capital, Nationwide, NI and Japan-Israel High Tech Ventures. All Series A investors also participated, including 83North Ventures, Jump Capital, OurCrowd and NextGear, bringing the total amount raised by the company to $50 million.
Foretellix was founded in 2018 by CEO Ziv Binyamini, CTO Yoav Hollander and VP operations and chief regulatory affairs office Gil Amid. The company 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. Binyamini said, "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. 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."
Foretellix is experiencing a rapid increase in demand for its platform from leading OEMs and Tier1s developing ADAS and AV products, both on and off-road. Foretellix is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corporation. Martin Witt, VP and Head of Volvo Group Venture Capital said, "We look for startups 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. We are impressed by Foretellix and we believe that together we can add considerable value to the development of the business in the future."
Published by Globes, Israel business news - en.globes.co.il - on September 1, 2021
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