TEL AVIV, Israel, March 11, 2019 /PRNewswire/ -- Brodmann17, a provider of vision-first technology for automated driving, today announced that it raised an $11M Series A funding round from both new and existing investors, including OurCrowd, who led the round, Maniv Mobility, AI Alliance, LLC, UL Ventures, Samsung NEXT, lool ventures, and Sony Innovation Fund. With the funding, Brodmann17 will expand partnerships, accelerate integration of its deep learning solution with customers, and continue its mission to put efficient, powerful automated driving capabilities in every vehicle.
As the advanced driver-assistance systems (ADAS) market, a crucial element of automated driving, is projected to reach over $90B by 2025, there is a growing need for highly reliable AI-based vision technology. While other companies are relying on hardware that is bulky, costly, and power-inefficient to meet this demand, Brodmann17 is focusing on software, offering game-changing deep learning perception technology so efficient that it can run on any hardware, including low-power processors.
Co-founded by serial entrepreneurs and world-class technologists Adi Pinhas, Dr. Amir Alush, and Assaf Mushinsky, the company built groundbreaking deep learning algorithms from the ground up to provide state-of-the-art accuracy while consuming a fraction of the compute power. The highly robust software stack, developed by the company's team of top AI researchers and automotive experts, is currently being tested by OEMs and Tier 1 suppliers worldwide, bringing ADAS from the premium to the mass market to make roads safer.
"We're excited that our strategic investors, many of whom are already leaders in the field of AI, have understood the game-changing ability of our innovative technology to bring automated driving to the mainstream on any hardware," said Adi Pinhas, CEO and co-founder of Brodmann17. "As the demand for ADAS rises, we will continue partnering with leading automotive industry stakeholders."
Eli Nir, Senior Partner at OurCrowd, said, "We are convinced that Brodmann17 is one of the best deep AI companies out there. The company has a very experienced management team and exceptional technical leadership that has created a major leapfrog in the fundamentals of AI algorithms. Brodmann17's technology opens the doors for low computation implementation of AI – significantly lowering cost, complexity, and price, and can be used over many sectors and industries. We are very excited to lead this round and take part in the future success of the company."
The split-second data processing required for automated driving necessitates edge computing, a market poised to be worth $34B by 2023. Brodmann17's patent-pending software is able to run on the edge while increasing ADAS resolution, frame rate, and accuracy. The solution is easily integrated to quickly provide ADAS capabilities and meets the automotive industry's toughest standards.
"UL Ventures invests in innovative technology companies that are bringing safer, more secure and more sustainable solutions to high growth markets. Brodmann17 is offering an advanced computer vision product that meets the price and performance demands of the automotive industry. We're excited to support the company's growth plans as it continues to develop efficient, high performance perception algorithms for various edge applications," said Ravi Mulugu, Senior Investment Director at UL Ventures.
"Developing deep learning algorithms for computer vision is a complicated challenge, but Brodmann17 stands out in a field of established players with its team of computer vision and AI experts, and we're thrilled to be a part of their journey," said Tony Ha, Executive Director of AI Alliance, LLC. "The company's hardware-agnostic approach will accelerate ADAS adoption across the automotive industry, an important step in fulfilling the Fund's mission to support transformative companies at the intersection of AI and smart mobility."
"Lean yet highly accurate AI perception capability remains critical for carmakers and suppliers in their race to develop automated vehicles," said Nate Jaret of Maniv Mobility. "Our conversations with a wide range of partners confirmed the uniqueness and versatility of Brodmann17's technology. We are excited to partner with them as they scale across the industry."
Brodmann17 is a provider of vision-first technology for automated driving. Brodmann17's lean, patent-pending software architecture delivers state-of-the art accuracy while consuming only a fraction of computing power, opening up the world to the benefits of deep learning vision. The solution is built from the ground up and designed against the industry's toughest standards for the world's largest OEMs and Tier 1 automotive suppliers. Founded in 2016, Brodmann17's team is comprised of top AI researchers and automotive industry professionals. Investors include AI Alliance Fund, UL Ventures, lool Ventures, OurCrowd, Maniv Mobility, Sony Innovation Fund, and Samsung NEXT.
OurCrowd is a global investment platform, bringing venture capital opportunities to accredited investors worldwide. A leader in equity crowdfunding, OurCrowd is managed by a team of seasoned investment professionals and is led by serial entrepreneur Jon Medved. OurCrowd vets and selects companies, invests its own capital, and invites its accredited membership of investors and institutional partners to invest alongside in these opportunities. OurCrowd provides support to its portfolio companies, assigns industry experts as mentors, and creates growth opportunities through its network of strategic multinational partnerships. The OurCrowd community consists of almost 30,000 accredited investors from over 150 countries. OurCrowd has raised over $900 million and invested in 170 portfolio companies and funds. To join OurCrowd as an accredited investor visit www.ourcrowd.com and click "Join."
About AI Alliance, LLC
Established in 2017, the AI Alliance, LLC is a joint fund with Korean conglomerates SK Telecom, Hyundai Motor Company, Hanwha Asset Management and Element AI, world-renowned Canadian AI pioneer. The fund leverages each partner's unique value and targets the most promising sectors of commercial AI applications and infrastructure, specifically emerging AI-based technologies including autonomous vehicles, robots, manufacturing, drones, and AI hardware. The fund uses extensive domain knowledge and cutting edge research from Element AI to source, assess, and invest in startups focused on applying AI in advanced technologies. SK Telecom, Hyundai Motor Company and Hanwha's data and deep industry expertise combined with Element AI's artificial intelligence knowledge will both differentiate the fund in the market and add immense value to portfolio companies.
About UL Ventures
UL Ventures works with entrepreneurs and leading experts to develop solutions that ensure safety, security, sustainability and interoperability within new fields and technologies. The Ventures team provides capital, expertise and access to UL ecosystems so you can pursue innovation. For more information please visit https://ul.com/ventures
About Maniv Mobility
Maniv Mobility is a leading venture capital fund dedicated exclusively to the new mobility future. Investing primarily in early-stage startups, Maniv seeks out ideas around automotive connectivity and data, autonomous vehicle technologies such as sensors and software, and novel business models. With deep connections throughout the global automotive industry, policy and technology communities, Maniv leverages its network to provide hands-on support to its growing portfolio. For more information, visit www.maniv.com
About Sony Innovation Fund
Established in July 2016 by Sony Corporation, Sony Innovation Fund engages with pioneering startups to help fuel the development of disruptive technologies and launch new businesses. In addition to investment, Sony Innovation Fund closely collaborates with the startups in which it invests, connecting them with businesses throughout Sony and its worldwide network of partners, providing guidance and advice, and collaborating with them to help achieve common success.
About lool ventures
lool ventures is an early-stage venture capital firm based in Tel Aviv, investing in exceptional Israeli founders with huge dreams that once realized will make the world a better place. Led by passionate entrepreneurs and company builders who have been on the founder journey from ideation to exit several times, lool works alongside teams, accelerating their learning curves, go-to-market and follow-on funding. For more information, visit http://lool.vc.
About Samsung NEXT
Samsung NEXT builds, grows and scales transformative software and services to complement Samsung's global hardware footprint. A leading driver of Samsung's transformation into an integrated hardware and software company, Samsung NEXT combines product development, investment, M&A and partnerships under one roof. Among its portfolio companies: Brodmann17, Intezer, SafeDK, StreamElements, Puls and Healthy.io.
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