IVEX raises US$1.3m to develop self-driving cars

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Belgian startup IVEX has raised €1.2m (US$1.3m) from a range of investors to develop AI products and services for self-driving cars.

The company, consisting of former researchers from KU Leuven university, aims to reduce the number of road casualties to zero by 2030.

Several years of research and development preceded the startup founded by Mario Henrique Cruz Torres.

With the funding, which comes from investors including Flemish investment company PMV, Noshaq, The Faktory, Marc Jacobs and SPDG, IVEX will roll out its two marketable products, the Safety Co-Pilot and the Safety Assessment Tool.

Safety Co-Pilot assesses every decision made by the self-driving software against the car safety requirements.

The Safety Assessment Tool is used by car manufacturers during development to accelerate testing and validation, generating safety reports.

IVEX focuses on technology applicable in self-driving cars but can be applied within other sectors where the safety of autonomous decisions must be checked.

Within the automotive sector, IVEX customers include French manufacturer Renault and Chinese electric car producer SAIC.

Torres, CEO of IVEX, said, “The confidence of big names in the automotive sector confirms the potential of our technology. We are therefore pleased with the entry of several investors who, like IVEX, recognize the importance of accelerating the roll-out within a sector that is on the eve of a series of important developments, specifically aimed at reducing the number of road casualties through the use of new technologies.”

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