Autobrains, an Israel-based developer of first-of-its-kind self-learning artificial intelligence technology for assisted and autonomous driving, has raised $101 million in Series C financing led by Singapore state investor Temasek.
New investors including automotive player Knorr-Bremse AG, Vietnamese car manufacturer VinFast, as well as existing investor BMW and long-term strategic partner, Continental AG, also participated in the round.
In a statement, Autobrains said the funding will grow the company’s commercial reach into new global markets.
The investment reflects anticipation from global leaders, including Tier 1 suppliers and original equipment manufacturers (OEMs), as well as sophisticated investment funds, that Autobrains is disrupting the ADAS and autonomous vehicle marketplace with its alternative approach to AI for automotive, it added.
“The promise of fully autonomous vehicles can feel like it’s perpetually five years away, but not for 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,” said Igal Raichelgauz, Chief Executive Officer of Autobrains.
With this latest round of funding, he said the group is able to grow its commercial reach and bring self-learning AI to additional markets.
“This funding round is an exciting milestone for Autobrains and further validation for our self-learning AI solution to advanced driver-assistance systems (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,” said Karl-Thomas Neumann, Chairman at Autobrains.
According to the statement, Autobrains is also working with leading banks, J.P. Morgan and Rothschild and Co. on its growth strategy.
Formerly known as Cartica AI, Autobrains offers solutions for the next generation of cars and mobility.
Its 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 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 research and development, 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.