Volvo become a lead investor in Foretellix
Several strategic investors, including Volvo Group, participate in series-B funding round
EARLIER this year, Volvo Autonomous Solutions partnered with Foretellix, a leading platform provider for automating the testing, verification and validation of automated driving systems to jointly address the challenges of large-scale verification of autonomous solutions on highways and in confined areas such as quarries and mines.
Foretellix have now secured US$32 million in their latest series-B funding round, bringing their total raised capital to more than US$50 million. This round was led by MoreTech Ventures, with participation from several strategic investors, including Volvo Group Venture Capital.
Founded in 2018 by a team of verification and validation pioneers with a mission to make automated driving systems safe and efficient, Foretellix use 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, ensuring safety and productivity while reducing development cost and time to market/deployment.
Israeli-based Foretellix are now commercially engaged with dozens of the largest names in the automotive industry, both on and off-road, including Volvo Group.
Martin Witt, vice-president 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 automated driving systems.
‘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 believe that together we can add considerable value to the development of the business in the future.’
Ziv Binyamini, chief executive officer and co-founder of Foretellix, said: ‘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. The support of our strategic partners…will help us to further advance their mission to enable the safe deployment of advanced automated driving systems.’