Foretellix, a Tel Aviv, Israel-based provider of safety-driven verification and validation solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS), announced that it raised $43 million in the first closing of its Series C funding.
The round was led by 83North, with participation from Woven Capital, the growth fund of Toyota, and NVIDIA joined the financing round, along with Artofin VC. All major existing shareholders participated, including MoreTech, Nationwide, Volvo Group VC, and Jump Capital.
This investment brings Foretellix's total raised capital to over $93 million. The funding will be used to accelerate the development of its expanding product portfolio and fuel expansion across new geographies.
"We are thrilled to have Woven by Toyota and NVIDIA as strategic partners," said Ziv Binyamini, Foretellix CEO and Co-Founder. "Foretellix is addressing the largest barrier for safe large-scale deployment of automated driving systems. The new funding will help us to address the growing demand for our solutions, extend our worldwide reach, and accelerate our vision for achieving safe autonomy."
Foretellix's Safety-Driven Verification & Validation (SDV) Platform – Foretify is used by engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle (AV) stack providers throughout the AV/ADAS development cycle.
The platform consists of multiple products: Foretify Core, Foretify Developer, Foretify Developer, Foretify LogIQ, and Foretify LogIQ.
Company: Foretellix Limited
Raised: $43.0M
Round: Series C
Funding Month: May 2023
Lead Investors: 83North
Additional Investors: Woven Capital, Artofin V, MoreTech, Nationwide, Volvo Group VC, and Jump Capital
Company Website: https://www.foretellix.com/
Software Category: Safety-driven Verification and Validation Solutions for ADAS
About the Company: Foretellix is a provider of safety-driven verification and validation solutions for Automated Driving Systems and ADAS. Foretellix's Foretify platform helps automotive, trucking, and mining customers to ensure safety, reduce development costs, and accelerate time-to-market. Foretify is used by automotive, trucking, and mining customers, including Volvo Group, Torc – a Daimler Truck subsidiary, and many others. Foretellix established partnerships with major simulation companies, including IPG, NVIDIA, dSPACE, VIRES, AI Motive, and Cognata. Foretellix is headquartered in Israel, with offices in the US, Europe, and Asia.
Source: https://www.prnewswire.com/apac/news-releases/foretellix-raises-43-million-in-series-c-first-closing-301813489.html