Foretellix, a platform provider automating the testing, verification and validation for automated driving systems (ADAS and AV), has secured $32 million in its latest series B funding round, bringing its total raised capital to more than $50 million. 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 was founded in 2018 by a team of verification and validation pioneers with a mission to make automated driving systems safe and efficient. Foretellix 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. This advanced platform is used throughout the development cycle, from the requirements stage through product development, verification and validation.
Foretellix said that it is experiencing a rapid increase in demand for its platform from leading OEMs and Tier1s developing ADAS and AV products, both on and off-road. Foretellix is now commercially engaged with dozens of the largest names in the automotive industry, including Volvo Group and DENSO Corporation.
We look for start-ups 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.—Martin Witt, VP and Head of Volvo Group Venture Capital
In addition to the Volvo Group Venture Capital investment, Volvo Autonomous Solutions formed a closer partnership with Foretellix earlier this year with the aim of jointly creating a coverage-driven verification solution for autonomous driving that operates both on public roads and in restricted areas.
Volvo Autonomous Solutions and Foretellix entered into a partnership in March this year. We clearly understand the ongoing progress and the benefits of working with the Foretellix team and their verification platform. Based on our experience, Volvo decided to invest in Foretellix as well.—Nils Jaeger, President and head of Volvo Autonomous Solutions
The role of Volvo Group Venture Capital is to make investments that drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group.
Against the background of the trends shaping the future of transportation and the strategic priorities of the Volvo Group, the key areas of investment for Volvo Group Venture Capital are logistics services, site solutions and electrical infrastructure. The organisation has a global scope and focuses on Europe and North America.