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Autobrains brought in another $19 million in financing. | Source: Autobrains
Autobrains, a company developing self-learning technology for advanced driving assist systems (ADAS) and autonomous driving systems, announced it closed its Series C round with $120 million. The company announced that it raised $101 million of the round in November 2021.
Autobrains is a Tel Aviv-based company looking to solve the 1% margin of error in autonomous driving. The funding will go towards further refining its self-learning artificial intelligence (AI) technology capabilities and expand into trucking. The company also hopes to expand to other areas globally, including Asia, Europe and the U.S.
“The immense success of this most recent funding round demonstrates that Autobrains is a key player in leading the future of mobility which will be powered by AI,” Karl-Thomas Neumann, Autobrains’ chairman, said. “It’s invigorating to see the degree in which our self-learning AI solutions to ADAS and autonomous driving are transforming the next generation of mobility to create real automation.”
Formerly known as Cartica AI, the company’s products are made up of its Cartex platforms. The series of platforms offer 1-4 level autonomy for vehicles and allows customers to select different features based on their needs.
Temasek, a global investment company based in Singapore, led the funding round, which also included participation from previous investors Continental and BMW i Ventures. New investors, like Knorr-Bremse AG and VinFast, also participated in the round.
“Autobrains’ technology holds the promise we have all been looking for to create the paradigm shift in the industry to self-learning AI, bridging the gap to fully autonomous driving,” Thuy Linh Pham, deputy CEO of VinFast, said. “Autobrains captured our attention by applying self-learning AI software, as opposed to traditional software that is based on manually labeled data, to make self-driving vehicles adaptive to unprecedented behaviors in real-time. We expect that Autobrains will actualize this ambitious goal into a reality in the near future.”
The company currently holds more than 200 patents and has been in operation since 2019.
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