TEL AVIV, Israel, Jan. 16, 2019 /PRNewswire/ -- Foretellix, a high profile Israeli based start-up automating the verification and measurable safety of autonomous vehicles, today announced it has closed $14M of series-A funding. Led by 83North, Jump Capital, and Nextgear Ventures, the investment will accelerate Foretellix's development, customer programs and deployment of its coverage driven verification solution. The company has now raised over $16M since it was founded.
Foretellix is providing leading developers of autonomous vehicles with the ability to realize and demonstrate the extremely high level of safety required to unleash the full potential of the autonomous revolution. Foretellix develops coverage driven verification solutions to ensure that the autonomous vehicle behaves properly in the 100's of millions of critical driving scenarios, and are therefore safe for broad deployment.
Foretellix also automates the extraction and analytics of the safety related coverage metrics, representing the percentage of scenarios proven to work in a wide range of possible situations and conditions. These metrics are required by developers, consumers, suppliers, insurance companies and regulators. This solution works with all required driving platforms, including simulators, X-in-the-loop configurations, test tracks and test vehicles.
Foretellix was founded by a very experienced team, who led a start-up to a successful IPO, using proven coverage driven methodologies, intelligent automation, and analytics of large data sets for the verification of complex semiconductor products.
"We are excited to work with 83North, Jump Capital and Nextgear Ventures to tackle the largest obstacle to the adoption of autonomous vehicles – safety. This funding will help us accelerate the industry transition from 'quantity of miles' to 'quality of coverage' and broad deployment," said Ziv Binyamini, CEO of Foretellix. "These investors also bring Foretellix tremendous knowledge and experience in ramping successful start-ups, enterprise business models, and penetrating the automotive industry."
"Foretellix is a company we have been watching for some time," said Gil Goren, General Partner of 83North. "The automotive industry needs a significantly more powerful solution to ensure safety and confidence in autonomous cars. We believe Foretellix has leveraged and adapted proven technology and methodologies to quickly deliver this solution."
"We believe in the critical need Foretellix is addressing with their coverage driven solution," said Saurabh Sharma, Partner of Jump Capital. "We now know that the enormous investment in the development of autonomous cars can only be leveraged by a solution to the enormous gap in confidence of safety. We believe Foretellix can address this gap."
"We invested early in Foretellix and have decided to double down on our investment based on the company progress and the rapidly growing market interest," said Dr. Tal Cohen founding partner at Drive and Next Gear Ventures. "Foretellix's technology is unique and instrumental in aligning safety with autonomous vehicles from the starting line."
Foretellix develops a coverage driven verification framework, intelligent automation and analytics to realize the safety of autonomous vehicles, and to extract the metrics to prove it. This is enabling the industry to transition from 'quantity of miles' to 'quality of coverage' and broad deployment. Foretellix was founded by a very experienced team using proven coverage driven technologies and methods for the verification of complex semiconductor products.
© Copyright 2018 Foretellix
Moshe Mendelson – Positive Communications