Venture Capital: Volvo’s Venture Arm Invests In Autonomous Driving Verifier Foretellix
Foretellix’s verification platform ensures an autonomous vehicle behaves correctly in all conditions.
Volvo Group Venture Capital AB has announced its investment in Foretellix Ltd, a platform provider automating the testing, verification and validation for automated driving systems. Israel-based Foretellix simultaneously announced the close of its $32 million Series B funding round led by MoreTech Ventures, with participation from several strategic investors, including Volvo Group Venture Capital, Nationwide, NI and Japan-Israel High Tech Ventures. (Green Car Congress)
Foretellix seeks to ensure the safety of ADAS and autonomous vehicles by developing intelligent automation and analytic tools to orchestrate and monitor 100’s of millions of driving scenarios including edge cases. After verification, the ADAS and AVs can be confidently deployed, advancing the autonomous revolution.
Volvo’s venture arm’s investment follows on the heels of a partnership struck in March between Volvo Autonomous Solutions and Foretellix.
“We clearly understand the ongoing progress and the benefits of working with the Foretellix team and their verification platform,’ said Nils Jaeger, President and head of Volvo Autonomous Solutions. “Based on our experience, Volvo decided to invest in Foretellix as well.”
Volvo’s venture arm
Volvo Group Venture Capital makes strategic investments that drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group.
“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,” said Martin Witt, VP and Head of Volvo Group Venture Capital.
According to Foretellix, it is enjoying strong demand for its verification platform from leading OEMs and Tier1s developing ADAS and AV products, both on and off-road.
Related Story: Hyundai’s Flip-Flop On Self-Driving With Apple
Image credit: Foretellix
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