Algolux, a Montreal, Canada-based computer vision software company, has raised $18.4 million in Series B funding.
The round was co-led by Forte Ventures and Drive Capital. New joiners included Investissement Quebec, Castor Ventures, and Nikon-SBI Innovation Fund. Meanwhile, existing investors GM Ventures, Generation Ventures, and Intact Ventures also joined the party.
The company will use the funds to accelerate the market adoption of its tech, grow its engineering and customer service for worldwide support, and expand to more markets enabled by camera applications.
Company: Algolux Inc.
Raised: $18.4M
Round: Series B
Funding Month: July 2021
Lead Investors: Forte Ventures and Drive Capital
Additional Investors: Investissement Quebec, Castor Ventures, Nikon-SBI Innovation Fund, GM Ventures, Generation Ventures, and Intact
Company Website: https://algolux.com/
Software Category: computer vision and image optimization solutions >AI
About the Company: Algolux delivers computer vision and image optimization solutions for ADAS and driverless vehicles that solve the mission-critical issue of safety. It employs computational imaging to create algorithms that consider the camera to be a component of the broader perception stack. For object detection, imaging, and geometric estimation, this leads to the resolution of difficult circumstances such as poor light, low contrast, and obstructions. Furthermore, employing physical camera models minimizes the amount of training data required. Algolux is an award-winning AI software company delivering the industry’s most robust and scalable perception for all conditions, addressing both existing cameras and new designs through cloud-based tools and embedded software.
Source: http://www.montrealintechnology.com/algolux-23-million/