Foretellix Raises $43 Million in Series C First Closing
New strategic investors include Woven Capital and NVIDIA
TEL-AVIV, Israel and SUNNYVALE, Calif., May 2, 2023 /PRNewswire/ -- Foretellix, the leading provider of safety-driven verification and validation solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS), announced today it had raised $43 million in the first closing of its Series C funding round led by 83North, bringing its total raised capital to over $93 million. Woven Capital, the growth fund of Toyota, and NVIDIA joined the financing round, along with Artofin VC. All major existing shareholders participated, including MoreTech, Nationwide, Volvo Group VC, and Jump Capital. Foretellix will use the funding to accelerate the development of its expanding product portfolio and fuel expansion across new geographies.
"We are thrilled to have Woven by Toyota and NVIDIA as strategic partners," said Ziv Binyamini, Foretellix CEO and Co-Founder. "Foretellix is addressing the largest barrier for safe large-scale deployment of automated driving systems. The new funding will help us to address the growing demand for our solutions, extend our worldwide reach, and accelerate our vision for achieving safe autonomy."
"At Woven by Toyota, we're on a mission to deliver the world's safest, most intelligent, and human-centric mobility solutions," said George Kellerman, Vice President, Investments and Acquisitions for Woven by Toyota, and Managing Director of Woven Capital. "Verification and validation technology plays a critical role in ensuring the safety and performance of innovative autonomous systems that are accelerating the future of mobility. Foretellix is a leading player in this space, and we are excited to work together to advance automated driving technologies."
Foretellix's Safety-Driven Verification & Validation (SDV) Platform – Foretify™ is used by Automotive, Trucking, and Mining customers, including Volvo Group, Torc – a Daimler Truck subsidiary, and many others, to accelerate the development and deployment of their Automated Driving Systems. Foretellix established partnerships with major simulation companies, including IPG, NVIDIA, dSPACE, VIRES, AI Motive, and Cognata, providing its customers with a comprehensive verification and validation (V&V) solution.
The Foretify platform is used by engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle (AV) stack providers throughout the AV/ADAS development cycle. The platform consists of multiple products:
Foretify Core™ - Hyperscale virtual test generation and execution engine based on Foretellix's state-of-the-art constrained random test generator, pre-integrated with industry-leading simulators.
Foretify Developer™ - Scenario and test development and debug tool, including a powerful visualizer that helps engineers to view and debug single-run test results, including KPIs, checks, and coverage.
Foretify Manager™ - V&V management and big data analytics tool that enables engineers to create and execute metric-based V&V plans, triage, and analyze test results and coverage across virtual simulation and real-world driving.
Foretify LogIQ™ - Automated drive log analysis tool that identifies scenarios of interest and breaks them down into their sequential building blocks, detects edge cases and anomalies, extracts KPIs and coverage, and provides a powerful log visualization tool.
Foretify V-Suite™ - Ready-to-use V&V libraries, including scenarios, verification plans, maps, coverage metrics, and KPIs, that help accelerate customers' projects. V-Suites can automatically generate millions of relevant concrete scenarios and easily adapt to customers' ODD and system requirements.
Foretellix led the ASAM OpenSCENARIO® 2.0 (OSC2.0) standard development revolutionizing how safety is developed and tested in Automated Driving Systems. Foretellix contributed key syntax and concepts to ASAM, and it continues to lead further enhancements of the standard. The Foretify platform is the industry's first solution offering native OSC2.0 support.
For more information about Foretellix, visit www.foretelllix.com, or email [email protected]
About Foretellix
Foretellix is the leading provider of safety-driven verification and validation solutions for Automated Driving Systems and ADAS. Foretellix's Foretify™️ platform helps automotive, trucking, and mining customers to ensure safety, reduce development costs, and accelerate time-to-market. Foretellix is headquartered in Israel, with offices in the US, Europe, and Asia. For more information, visit http://www.foretellix.com
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SOURCE Foretellix
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