Hyundai Cradle, Hyundai Motor Company’s corporate venture arm, announced on Monday that it completed a strategic investment in Israeli startup Allegro.ai, a developer of machine learning and computer vision solutions with a number of applications including the automotive industry.
The investment amount was not disclosed, but as part of the agreement, Allegro’s technology will be integrated into Hyundai’s products.
The South Korean car giant explained that “through this partnership, Hyundai aims to speed up the deployment of AI technologies across various business areas.”
“Hyundai expects to provide safer driving experiences for its customers by adopting DL computer vision technologies from prominent firms such as Allegro.Ai in its vehicles. These technologies can be applied to autonomous driving systems to enhance road navigation and real-time decision making,” it added.
Allegro was founded in 2016 by Moses Guttmann, Nir Bar-Lev and Gil Westrich. Its computer vision platform “provides a complete product lifecycle management solution for AI development and production,” and “simplifies the process of developing and managing solutions powered by deep learning such as for autonomous vehicles, robotics, security cameras, and logistics.
The startup has raised $11 million to date.
Bar-lev said Allegro was “proud to partner with Hyundai and share Hyundai’s belief that AI empowers the industry to provide greater road safety, autonomy, to better understand customers’ needs and to help broaden their experiences.”
“Whether a company is developing autonomous vehicles, drones, security, or other types of applications, allegro.ai makes it easy for them to manage their data-sets and build deep learning-based solutions while guaranteeing complete and confidential control of their data,” he added