Round led by MoreTech Ventures with strategic investors including Volvo Group, NI and Nationwide
TEL AVIV, Israel, Sept. 1, 2021 /PRNewswire/ -- Foretellix, the leading platform provider automating the testing, verification and validation for automated driving systems (ADAS and AV), has secured $32 million in its latest series B funding round, bringing its total raised capital to over $50 million. The 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. In addition, all series A investors, including 83North Ventures, Jump Capital, OurCrowd and NextGear participated in this new investment round.
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 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. Foretellix ensures safety and productivity while reducing development costs and time-to-deployment.
Foretellix is experiencing a rapid increase in demand for its platform. This demand comes from leading OEMs and Tier1s developing ADAS and AV products, both on and off-road. Foretellix is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corporation.
"Foretellix's platform brings a low-code approach to the creation and coverage of complex driving scenarios," said Zack Keinan, General Partner of MoreTech Ventures. "The value proposition to customers is clear: confidence that vehicles are behaving properly, a scalable approach to testing, and faster time-to-market. We are excited to be leading this investment round into this unique team and technology addressing a major bottleneck which will only become more challenging as OEMs and Tier-1's suppliers adopt increasingly software-centric models."
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. We are impressed by Foretellix and we believe that together we can add considerable value to the development of the business in the future."
"This additional funding round is an important milestone in our journey as a company and will help us address the growing demand for our platform and products," says Ziv Binyamini, CEO and co-founder of Foretellix. "The support of our strategic partners Volvo Group, Nationwide and NI will help Foretellix to further advance its mission to enable the safe deployment of advanced automated driving systems."
Foretellix provides a revolutionary product development testing, verification, and validation platform enabling the mass deployment of autonomous driving systems. Foretellix uses proven approaches from the semiconductor chip industry that utilize hyper automation, big data analytics and AI. The platform orchestrates and manages the massive scale of testing required to ensure safety, reduce development costs, and shorten the time-to-market of ADS deployment.
About MoreTech Ventures
MoreTech Ventures was founded in 2020 with the objective of funding great management teams with outstanding technology, targeted at solving meaningful problems. MoreTech Ventures focuses on Israeli and Israeli-related growth-stage investment opportunities across all market segments. MoreTech is a $130M fund with LPs including some of the global tech industry leaders.
+44 (0)7739 891040
+1 (734) 272-7440