Volvo invests in Israeli developer of testing platform for autonomous vehicles

According to an announcement on Wednesday, multinational automaker Volvo was among a group of investors that backed Israeli mobility tech startup Foretellix, developer of a testing and verification platform for driver assistance and autonomous driving systems.

The $32 million Series B funding for Foretellix was led by Israeli venture capital firm Moretek Ventures, with a slew of strategic investors including Volvo’s VC arm, Volvo Group Venture Capital and Japan-Israel Hi Tech Ventures, a venture fund operated by Singapore-based assets. There was participation. Management firm Chartered Group. According to the announcement, Foretellix’s previous investors 83North Ventures, Jump Capital, OurCrowd, and NextGear also participated in the investment round.

Founded in 2018 with offices in Israel and California, Foretellix built a software platform that taps big data analytics and artificial intelligence (AI) to test the safety of autonomous driving systems deployed in self-driving vehicles. The company said it uses hyper-automation to simulate and test the potential scenarios that these systems might face, and that its platform is integrated into the development cycle of such systems, “product development, validation and verification”. from the requirements stage through.”

Gil Amid, Fourtellix’s co-founder, chief regulatory affairs officer and VP of operations, told The Times of Israel that the company’s platform generates different scenarios that driving systems might encounter on the road and tests their performance. Huh.

“While driving on the road, you face infinite situations, and as a human being, you apply your judgment and experience to avoid things like collisions, accidents, etc. The question is when driving an autonomous What do you do if the system is guiding the car? You have training systems in place for that and you need to ensure that the systems are trained correctly and adequately,” he said.

The company created a scenario description language that can read and generate different conditions – for example different speeds, velocities, driving conditions – so automakers can be sure with reasonable confidence that their systems work as they should. , should be performed like that, said Amid.

Fortellix team in Israel. (courtesy)

He further indicated that the company is experiencing “greater demand than we can supply” from major OEMs and Tier 1 automotive firms developing their own advanced driver-assistance systems (ADAS) and AV (autonomous vehicle) products. and is already working with the Volvo Group. The Volvo Autonomous Solutions unit, as well as DENSO Corporation, a global automotive component manufacturer, partly owned by Toyota.

The partnership with Volvo began earlier this year when the company said it would jointly work to optimize Fortelix’s test system for vehicles on highways and limited-area applications such as mines and mines.

“We clearly understand the ongoing progress and benefits of working with the Foretellix team and their verification platform. Based on our experience, Volvo decided to invest in Fortelix as well,” said President and Head of Volvo Autonomous Solutions Nils Jagger said in a press statement.

Foretellix CEO and co-founder Ziv Binyamini said the new funding will help the company to “meet the growing demand for our platform and products” and “further its mission of enabling the safe deployment of advanced automated driving systems” “

Foretellix employs approximately 60 people in the US and Israel and expects to grow its R&D teams and customer success specialists.

Martin Witt, VP and Head of Volvo Group Venture Capital, said the multinational wants to work with startups “that are building the future with technological advances that will transform the transportation 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 of incorporating automation and metrics into the validation and validation process with open standards Investments and ongoing partnerships are the cornerstone of the increased safety of our leading-edge automated driving systems,” he said.

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