Foretellix secures US$32m series B funding

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Foretellix, the developer of an automating the testing, verification and validation platform for automated driving systems (ADAS and AV), says it has secured US$32m in its latest series B funding round, bringing its total raised capital to over US$50m.

The round was led by MoreTech Ventures, with participation from several strategic investors, including Volvo Group Venture Capital, Nationwide, NI and Japan-Israel High Tech Ventures. In addition, all series A investors, including 83North Ventures, Jump Capital, OurCrowd and NextGear participated in this new investment round.

Foretellix’s USP is that it uses 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. It notes that the platform is used throughout the development cycle, from the requirements stage through product development, verification and validation. Foretellix ensures safety and productivity while reducing development costs and time-to-deployment.

“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,” remarked Ziv Binyamini, CEO and co-founder of Foretellix. “The support of our strategic partners Volvo Group, Nationwide and NI will help Foretellix to further advance its mission to enable the safe deployment of advanced automated driving systems.”

The company says it is experiencing a rapid increase in demand for its platform, stemming from OEMs and Tier 1s developing ADAS and AV products, both on and off-road. It is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corporation.

Martin Witt, VP and head of Volvo Group Venture Capital, added, “We look for startups 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 ADS. 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 we believe that together we can add considerable value to the development of the business in the future.”

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Lawrence has been covering engineering subjects – with a focus on motorsport technology – since 2007 and has edited and contributed to a variety of international titles. Currently, he is responsible for content across UKI Media & Events' portfolio of websites while also writing for the company's print titles.

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