Foretellix, the leading platform provider automating the testing, verification and validation for automated driving systems (ADAS and AV), has secured $32 million in its latest series B funding round, bringing its total raised capital to over $50 million.
Foretellix was founded in 2018 by a team of verification and validation pioneers with a mission to make automated driving systems safe and efficient.
The move comes as Elon Musk and Akio Toyoda have both acknowledged that elements of their respective autonomous vehicle tech isn’t ready. And the UK Government looks to allow Level 3 automated vehicles onto UK roads later this year.
How can we be sure the technology is actually safe?
A new qualitative approach to validation and verification, as developed by Foretellix, of automated driving technology’s readiness is far superior to the current quantitative approach (pounding on with millions and millions of road miles).
Major industry stakeholders are looking to this new approach from an Israeli start-up, Foretellix, including car makers and technology developers.
Among them, Volvo Group signed up as a customer earlier this year and is now becoming a major investor. Insurers, too, have a huge stake in the success of autonomous vehicles, and one of the largest in the US, Nationwide, has also become an investor.
Foretellix was founded by ex-Intel engineers who developed the approach for testing computer chips in the late 1990s: it’s a proven solution and one that enhances safety and reduces development time and cost.
Foretellix is experiencing a rapid increase in demand for its platform. This demand comes from leading OEMs and Tier1s developing ADAS and AV products, both on and off-road. Foretellix is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corporation.
Volvo looks to transform industry
Martin Witt, VP and Head of Volvo Group Venture Capital said, “We look for start-ups that are building the future with technological developments that will transform the transport industry. We believe that with Foretellix’s advanced test automation tools and expertise, we can deploy current and future ADS.
“We have the same clear goal to infuse automation and metrics into the verification and validation process with open standards.
“The investment and ongoing partnership is a base for increased safety of our leading-edge automated driving systems. We are impressed by Foretellix and we believe that together we can add considerable value to the development of the business in the future.”
Foretellix uses a quantifiable approach to safety and hyper-automation to create and test all possible scenarios these systems may encounter, along with big data analytics to ensure the safety and completeness of the testing processes.
This advanced platform is used throughout the development cycle, from the requirements stage through product development, verification and validation. Foretellix ensures safety and productivity while reducing development cost and time to-deployment.
“Foretellix’s platform brings a low-code approach to the creation and coverage of complex driving scenarios,” said Zack Keinan, General Partner of MoreTech Ventures.
“The value proposition to customers is clear: confidence that vehicles are behaving properly, a scalable approach to testing, and faster time-to-market. We are excited to be leading this investment round into this unique team and technology addressing a major bottleneck which will only become more challenging as OEMs and Tier-1’s suppliers adopt increasingly software-centric models.”
“This additional funding round is an important milestone in our journey as a company and will help us address the growing demand for our platform and products,” says Ziv Binyamini, CEO and co-founder of Foretellix. “The support of our strategic partners Volvo Group, Nationwide and NI will help Foretellix to further advance its mission to enable the safe deployment of advanced automated driving systems.”
Foretellix provides a revolutionary product development testing, verification, and validation platform enabling the mass deployment of autonomous driving systems. Foretellix uses proven approaches from the semiconductor chip industry that utilize hyper automation, big data analytics and AI. The platform orchestrates and manages the massive scale of testing required to ensure safety, reduce development costs, and shorten the time-to-market of ADS deployment.
About MoreTech Ventures
MoreTech Ventures was founded in 2020 with the objective of funding great management teams with outstanding technology, targeted at solving meaningful problems. MoreTech Ventures focuses on Israeli and Israeli-related growth-stage investment opportunities across all market segments. MoreTech is a $130M fund with LPs including some of the global tech industry leaders.