TEL AVIV, Israel, Nov. 1, 2021 /PRNewswire/ -- Autobrains, developer of first-of-its-kind self-learning artificial intelligence technology for assisted and autonomous driving, today announced it raised $101 million in Series C financing led by Temasek, a global investment company headquartered in Singapore.
Additional participants in the round include new investors Knorr-Bremse AG, a leading automotive player and VinFast, a fast-growing flagship Vietnamese car manufacturer, as well as existing investor BMW and long-term strategic partner, Continental AG.
Today's announcement reflects anticipation from global leaders, including Tier 1 suppliers and OEMs, as well as sophisticated investment funds, that Autobrains is disrupting the advanced driver-assistance systems (ADAS) and autonomous vehicle marketplace with its alternative approach to AI for automotive. The funding will grow the company's commercial reach into new global markets.
Autobrains' self-learning AI operates in a fundamentally different way from traditional deep learning systems. Based on multi-disciplinary research and development, self-learning AI does not require the massive brute force data and labeling typical of deep learning AI. Instead, the system maps raw, real-world data to compressed signatures to identify concepts and scenarios for optimal decision-making. This results in a single representation of space and advanced perception and understanding of the contextual elements of driving scenarios, leading to superior performance in the most challenging edge cases. By reducing reliance on labeled data, Autobrains' technology requires far less computing power and can be produced at a fraction of the cost of current deep learning systems on the market.
"The promise of fully autonomous vehicles can feel like its perpetually five years away, but not for Autobrains," said Igal Raichelgauz, CEO of Autobrains. "Our self-learning AI technology will bring full autonomy closer to the present. By reducing the need for manually labeled training data that feed systems which miss or misinterpret the most challenging scenarios, our technology is more agile and on a steeper trajectory than our competitors' systems. With this latest round of funding, we're excited to grow our commercial reach and bring self-learning AI to additional markets."
Karl-Thomas Neumann, Chairman at Autobrains also said, "This funding round is an exciting milestone for Autobrains and further validation for our self-learning AI solution to ADAS and autonomous driving. The future of mobility will be powered by intelligent AI. Along with new and existing partners we will bring self-learning AI to additional global markets, expand our commercial reach, and continue developing as the leading AI technology company enabling safer assisted driving capabilities and higher levels of automation for next generation mobility."
The automotive industry is transitioning toward more sophisticated ADAS and enhanced autonomy. Regulation, beginning with EU countries, mandates advanced safety systems be in place in new vehicles from mid-2022. Based on over 250 patents and a decade of R&D, Autobrains' mature technology delivers the most sophisticated and affordable advanced artificial intelligence available to the market and will usher in a new era of safety and autonomy.
Herzog Fox & Neeman served as legal advisor to Autobrains in this transaction with a team led by Head of Hi-Tech, Hanan Haviv, and partner Dan Sharot. Autobrains is also working with leading banks, J.P. Morgan and Rothschild & Co. on its growth strategy.
Autobrains (formerly Cartica AI) is a leading Israeli AI mobility company, radically reimagining AI for the safest route to autonomy. Revolutionizing how we apply deep learning, self-learning AI is a new approach to perception that is driving the transition to the safest human-driven and autonomous car possible. Autobrains offers solutions for the next generation of cars and mobility – providing safer, superior performance at lower energy consumption and less cost.
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Ben Williams, Associate Director, Breakwater Strategy