Israeli-founded AI mobility company Autobrains announced on Thursday that it has added $19 million to close its Series C funding at $120 million. The round was led by Temasek, together with existing partners Continental and BMW i Ventures, as well as Knorr-Bremse AG and VInFast.
Autobrains was founded by Igal Raichelgauz as a joint venture between the Cortica group, the autonomous AI tech firm he co-founded with Karina Odinaev, and Continental, Toyota and BMW.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 US.
According to a statement, Autobrains said it is “delivering the solution to the challenge that has eluded competitors: solving the 1 percent 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.”
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. Theapproach 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.”