A division of Volvo Group has backed the latest round of funding from Foretellix, a platform provider for automating the testing, verification and validation for automated driving systems (ADAS and AV).
The latest round of funding has seen the company raise $32 million, bringing its total raised capital to over $50 million, allowing Foretellix to address the growing demand for its platform and products, Ziv Binyamini, CEO and co-founder of Foretellix, says.
Earlier this year, Volvo Autonomous Solutions signed an agreement with Foretellix to, they said, jointly address the challenges of large-scale verification of autonomous driving solutions on highways and confined areas, such as mines.
The latest funding round was led by MoreTech Ventures, with participation from several strategic investors, including Volvo Group Venture Capital, Nationwide, NI and Japan-Israel High Tech Ventures.
Foretellix was founded in 2018 by a team of verification and validation pioneers with a mission to make automated driving systems safe and efficient. Foretellix says it 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,” the company said. “Foretellix ensures safety and productivity while reducing development cost and time to-deployment.”
Foretellix says it is experiencing a rapid increase in demand for its platform. This demand comes from leading OEMs and Tier 1 companies developing ADAS and AV products, both on and off-road. The company is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corp, it said.
Martin Witt, VP and Head of Volvo Group Venture Capital, said: “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.”