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Temasek and Isuzu join Woven Capital and NVIDIA in a major round led by 83North
TEL-AVIV, Israel and SUNNYVALE, Calif., Dec. 5, 2023 /PRNewswire/ -- Foretellix, the leading provider of safety-driven verification and validation (V&V) solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS), has announced today that it closed a Series C funding round of $85 million, bringing its total raised capital to $135 million. The funding round was led by 83North. The new investors Temasek and Isuzu joined Woven Capital - the growth fund of Toyota - NVIDIA, and Artofin, which participated in the first closing earlier this year. All major existing shareholders participated, including MoreTech, Nationwide, Volvo Group VC, Jump Capital, Next Gear Ventures, and OurCrowd. Foretellix will use the funding to accelerate the development of its expanding product portfolio and address the growing worldwide demand for its solutions.
"We are thrilled to have Temasek and Isuzu join as investors," said Ziv Binyamini, Foretellix CEO and Co-Founder. "Foretellix is driving a transformative leap forward in V&V technology and methodology. Our solutions address the largest barriers to safe large-scale deployment of autonomous vehicles while dramatically reducing development costs. We are committed to continue our partnerships with leading autonomy developers and supporting our customers. This funding round will secure our long-term sustained growth. It will help extend our product line for real-world and synthetic driving scenarios and the development of new AI capabilities."
"Isuzu believes that safety verification and validation is essential for OEMs to responsibly develop safe autonomous vehicles," said Mr. Hiroshi Sato, Vice President of Isuzu's Engineering Division. "Foretellix's advanced technology in automated scalable scenario generation, and their leadership position in the OpenSCENARIO® 2.0 standard, are key assets for Isuzu. Collaborating with Foretellix's senior management and engineers is a great opportunity, and a major advantage, for Isuzu's autonomous vehicle development."
Foretify™, Foretellix's Safety-Driven V&V Platform, is used by Automotive, Trucking, and Mining customers worldwide to accelerate the development and deployment of their Automated Driving Systems. The platform provides a unified V&V flow that combines real-world test drives and virtual simulation in one platform. It helps development, testing, and safety engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle providers to better collaborate and boost their efficiency throughout their AV and ADAS projects cycle.
Foretellix led the ASAM OpenSCENARIO® 2.0 (OSC2.0) standard development, revolutionizing how safety is developed and tested in Automated Driving Systems. Foretellix contributed key syntax and concepts to ASAM, and it continues to lead standard enhancements. The Foretify platform is the industry's first solution offering native OSC2.0 support.
For more information about Foretellix, visit www.foretellix.com, or email info@foretellix.com
About Foretellix
Foretellix is the leading 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. Foretellix is headquartered in Israel, with offices in the US, Europe, and Asia. For more information, visit https://www.foretellix.com/
Media Contact:
George Giles
Marketing@foretellix.com
