Autobrains Announces $120 Million Series C Funding Bringing Self-Driving Into Full Autonomy, Solving the 'Impossible' 1% Error Margin

TEL AVIV, Israel, March 10, 2022 /PRNewswire/ -- Autobrains, an AI-pioneer mobility company that develops revolutionary self-learning technology for advanced driving assisted systems and autonomous driving, today announced the final closing of Series C funding amounting to $120 million led by Temasek together with both existing partners Continental and BMW i Ventures as well as new participants Knorr-Bremse AG and VinFast. 

This funding is set to advance Autobrains' technology, accelerating development to become the next generation of autonomous vehicles and mobility. Autobrains will use this funding to further refine its self-learning AI learning technology capabilities and expand into new domains such as trucks. With existing and new OEMs and Tier-1s from this latest funding round, Autobrains will grow their commercial reach into new global markets and expand sites in Asia, Europe and the U.S. Rapidly on the path to full autonomy, Autobrains is delivering the solution to the challenge that has eluded competitors: solving the 1% margin of error in autonomous driving. 

"The immense success of this most recent funding round demonstrates that Autobrains is a key player in leading the future of mobility which will be powered by AI," said Karl-Thomas Neumann, Autobrains' Chairman. "It's invigorating to see the degree in which our self-learning AI solutions to ADAS and autonomous driving are transforming the next generation of mobility to create real automation." 

2021 showcased unprecedented demand for ADAS and AVs, with trillions of dollars being poured into the self-driving industry, the demand for better and safer solutions is expected to continue to spike in the coming years being driven by legislation and NCAP testing. However, despite great advancements in recent years, the unsolved predicament of self-driving applications continues to be AI technologies' shortcomings in unusual scenarios. 

"Autobrains' technology holds the promise we have all been looking for to create the paradigm shift in the industry to self-learning AI, bridging the gap to fully autonomous driving," said Thuy Linh Pham, Deputy CEO VinFast. "Autobrains captured our attention by applying self-learning AI software, as opposed to traditional software that is based on manually labeled data, to make self-driving vehicles adaptive to unprecedented behaviors in real-time. We expect that Autobrains will actualize this ambitious goal into a reality in the near future."

Current market solutions are unable to cover unpredictable edge-cases without more complex, self-learning-based algorithms - these are essential push factors in order to truly transform the automotive industry. Autobrains' self-learning application thwarts these challenges. Developing advanced driver assistance systems and autonomous driving solutions, Autobrains' AI technology is designed to learn like the human brain, through neural networks, and process information the same way as humans. The avant-garde approach applies "human learning" by using a signature-based technology, enabling cars to learn, collaborate and interact with the real world with no supervision, utilizing data and scenarios from the car's surroundings to enable decision-making just like the human brain, in real time.

"We feel that Autobrains' technology has parlayed autonomous vehicles into the tangible present, bridging the industry gap with our breakthrough AI technology," said Igal Rachelgauz, Autobrains' CEO. "Our newest product offers unparalleled features to any other technology on the market, functioning with a higher degree of accuracy and capability to predict even the most challenging scenarios like school zones, construction sites, even off roading. Our mission is to become the market leader in providing self-driving solutions that are safer, more affordable with superior performance in edge-cases." 

Autobrains' new and refreshing commercial approach applies its open-AI platform, tailored to each of its partners' specifications. This vastly differs from current solutions that offer a black box software bundle and chip in a "one size fits all" offering, which of recent has become apparent to no longer suit the market demands. Requiring less computing power that is 10x less than existing systems, lower energy consumption and reduced cost of up to 40%, Autobrains has the precise solutions for the next generation of vehicles and mobility. 

"Autobrains' proven self-learning AI technology has the potential to disrupt ADAS and HAD development in the truck industry. The Autobrains video perception software operates in a fundamentally different way from traditional deep learning systems. The Autobrains approach requires less data and computing power, which can significantly reduce development times and costs. In addition, it is independent from the underlying hardware," says Dr. Jan Mrosik, CEO of Knorr-Bremse AG and responsible for the Commercial Vehicle Systems division on an interim basis.

Dr. Jürgen Steinberger, Member of the Management Board of Knorr-Bremse Commercial Vehicle Systems adds: "This groundbreaking technology enables Knorr-Bremse to react quickly and flexibly to the various requirements in the commercial vehicle business, which is characterized by a wide variety of vehicle types with different installation situations and newly upcoming legislation. This flexibility is especially needed for certain markets in Asia. That's why this strategic investment fits well into our ADAS and HAD strategy for the commercial vehicle sector."

To learn more about Autobrains, watch this video. 

About Autobrains 
Autobrains (formerly Cartica AI) is a leading Israeli AI mobility company, radically reimagining AI and bridging the path to full autonomy. Revolutionizing how deep learning is applied, Autobrains' self-learning AI is a new approach to perception that drives the transition to the safest human-driven and autonomous car possible. Strategic investors include BMW i Ventures, VinFast, Continental AG and Knorr-Bremse AG. 

About Continental
Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2021, Continental generated sales of €33.8 billion and currently employs more than 190,000 people in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

About VinFast and Vingroup
VinFast - a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.

Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.com.

Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of $35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.

Photo - https://mma.prnewswire.com/media/1763385/Autobrains.jpg

Media contact:
Haley Burkes
JBPR Agency 
[email protected]

SOURCE Autobrains