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StradVision, a company that creates software for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles, announced that it closed an $88 million Series C funding round. The new round brings the company’s total funding to $129 million.
ZF, a company that provides systems for passenger cars and commercial vehicles, and Aptiv, a company that provides technology for safer and more environmentally friendly travel, were strategic investors in this round. StradVision’s previous investors in the automotive industry include Hyundai Motor Company, Hyundai Mobis, LG Electronics and AISIN.
“We’re thrilled to be announcing funding that will allow us to continue to lead and innovate in the ADAS space,” StradVision CEO Junhwan Kim said. “We are very grateful for our partners’ continued support. This year has been crucial to expanding our North American and global business, and their funding will allow us to continue to accelerate in this direction.”
StradVision’s SVNet is a deep learning-based perception software that powers the perception technology behind ADAS and autonomous vehicles. The software is available on 14 platforms, and it aims to dramatically reduce network parameter size per frame computation, required memory and power consumption.
Additionally, the business provides SVNet Tools, an auto labeling solution. By eliminating the need for big teams of people to spend hundreds of hours fixing objects, SVNet Tools also eliminates the possibility of human error.
SVNet Tools automatically searches for and annotates objects, traffic signs, free space, parking spaces and lanes. The tool only requires human intervention 3% of the time.
In the last year, StradVision has opened its second German office and a local subsidiary in Michigan. Its workforce has grown 69% YoY to 308 people in June 2022. StradVision has also completed proof-of-concept projects and production projects to help the company move towards mass production.
StradVision was founded in 2014, and currently has offices in Seoul, San Jose, Detroit, Tokyo, Shanghai, Friedrichshafen and Dusseldorf, Germany.