Algolux Closes $18.4 Million Series B Round for Robust Computer Vision
PR90560
MONTREAL, July 12, 2021 /PRNewswire=KYODO JBN/ --
- New investment will serve to accelerate market adoption of Algolux's robust
and scalable computer vision and image optimization solutions
Algolux, a globally recognized computer vision software company, today
announced it has raised $18.4 million in Series B funding. This round was
co-led by Forte Ventures and Drive Capital with additional funding from new
investors Investissement Quebec, Castor Ventures, and Nikon-SBI Innovation
Fund, as well as existing investors GM Ventures, Generation Ventures, and
Intact Ventures.
Video -
Global automotive camera shipments are expected to surpass 300 million units by
2025, reaching $25B in revenue according to separate studies by Yole
Developpement (
) and Global Market Insights (
). Industry growth will continue to be fueled by increasing concerns regarding
vehicle and passenger safety across the globe coupled with accelerating
technological advancements in camera-based advanced driver assistance systems
(ADAS). In parallel, trucks are making great progress towards autonomy as their
large size provides a better platform for computing and an improved field of
view for sensors. Unfortunately, vision – the most widely deployed component of
the overall perception stack - is still hampered by performance issues in low
light and poor weather conditions making SAE Levels 2 and above more
challenging to support. In fact, urban car crash fatalities and fatality rates
have been rising for over a decade in the United States.
Algolux's computer vision and image optimization solutions address the
mission-critical issue of safety for ADAS and autonomous vehicles. Algolux is
the first company to use computational imaging to design algorithms that treat
the camera as part of the overall perception stack; a bold departure from the
traditional siloed approach. This leads to the resolution of harsh cases such
as low-light, low contrast, and obstructions for object detection, imaging, and
geometric estimation. In addition, using physical camera models reduces
training data needs by an order of magnitude. This results in Algolux
technologies outperforming commercial solutions by as much as 60 points in mean
average precision (mAP).
"We are thrilled to be taking this next step in the company's trajectory and to
do so with the trust and support of outstanding investors. Algolux is actively
engaged with leading OEMs, Tier 1s, and Tier 2s globally. The consistent theme
is a desire from customers to significantly improve the performance of their
driving and parking vision systems in even the most challenging real-world
situations," said Allan Benchetrit, Algolux CEO.
"We fully expect that computer vision systems will be an increasingly important
part of the future safety and functionality of vehicles, and a necessary
complement to other sensors like LiDAR and Radar," said Louis Rajczi, Partner
at Forte Ventures. "We understand that these camera systems must function in
extremely challenging environments (low light, poor weather, glare…) and
believe Algolux has developed a world-class solution that provides exceptional
performance in these types of conditions."
"We are proud to work with Algolux and to support its growth and innovation
plans. Our participation demonstrates our desire to back Quebec businesses in
strategic industries that are ready to drive economic development. We are
confident that Algolux, which already stands out as a leading AI provider in
the advanced vehicle market, will succeed and make its mark, both here at home
and around the globe," said Guy Leblanc, President and CEO of Investissement
Quebec.
Recently named to the 2021 CB Insights AI 100 List of the world's most
innovative artificial intelligence startups, Algolux will use this funding to
achieve the following three goals:
-- Accelerate adoption of Algolux's award-winning products across mobility
markets
-- Grow its engineering and customer enabling teams to scale worldwide
support
-- Expand to additional vertical markets enabled by camera applications
As part of the funding round, Louis Rajczi, Partner at Forte Ventures, and
Alistair Mitchell, President at Generation Ventures have joined the Algolux
Board of Directors. Alan MacIntosh, Board Partner at Real Ventures, will be
moving to a Board Observer role.
Algolux is also announcing the appointment of Matthias Schulze as Vice
President Europe and Asia. Schulze, an ADAS veteran with over 20 years of
management experience, will help accelerate Algolux's go-to-market strategy.
Most recently, he served as VP, Technology Management at Visteon. Prior to
that, he spent over 29 years at Daimler AG in leadership positions related to
autonomous driving, ADAS, and telematics. Mr. Schulze's long record of
collaboration with the European Commission, the German Federal Ministries of
Economics and Technology and of Education and Research, as well as the Ministry
of Land Infrastructure and Transport in Japan makes him the ideal fit to help
Algolux expand its footprint in Europe and Asia.
About Algolux
Algolux is a globally recognized computer vision company delivering the
industry's most robust and scalable perception for all conditions, addressing
both existing cameras and new designs through cloud-based tools and embedded AI
software.
Named to the 2021 CB Insights AI 100 List of the world's most innovative
artificial intelligence startups, the company was founded on groundbreaking
research at the intersection of deep learning, computer vision, and
computational imaging. Our computer vision and image optimization solutions
address the mission-critical issue of safety for automotive ADAS, autonomous
vehicles, fleets, autonomous mobile robots, and smart city traffic video
analytics.
Algolux is headquartered in Montreal, with offices in Palo Alto and Munich.
Learn more at algolux.com (
)
For the latest news on Algolux, follow us on LinkedIn (
), Twitter (
) and YouTube (
).
About Forte Ventures
Forte Ventures is a multi-stage venture capital firm that collaborates and
co-invests with corporate strategic partners in technology companies across
diversified industry sectors throughout the U.S. and Canada. Focus areas
include Information Technology, Insurance Tech, Financial Tech, On-Demand
Tech/Services, Mobility, IoT, Cybersecurity, and Industrial Technology. Initial
investments generally range between $2-5 million and typically include
participation from leading corporate strategic partners as co-investors. Forte
Ventures has offices in Atlanta and Silicon Valley. For more information please
visit www.forteventures.com.
About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is focused on
investing in the world's next generation of market-defining companies. The firm
started in 2013 and raised more than $1B of funds to invest in startups solving
important problems in large markets. Drive is an investor in more than 40
companies outside of Silicon Valley, including Root Insurance, Duolingo,
Cyclica, ApplyBoard, and KOHO. Visit www.drivecapital.com to learn more.
About Investissement Quebec
Investissement Quebec's mission is to play an active role in Quebec's economic
development by spurring business innovation, entrepreneurship and business
acquisitions, as well as growth in investment and exports. Operating in all the
province's administrative regions, the Corporation supports the creation and
growth of businesses of all sizes with investments and customized financial
solutions. It also assists businesses by providing consulting services and
other support measures, including technological assistance available from
Investissement Quebec – CRIQ. In addition, through Investissement Quebec
International, the Corporation also prospects for talent and foreign investment
and assists Quebec businesses with export activities.
About GM Ventures
GM Ventures invests in automotive-related start-ups that are developing
advanced technology to be implemented in General Motors' vehicles,
manufacturing facilities and operating businesses. We focus on key technologies
that support our mission to drive innovation and impact the future of mobility.
About Castor Ventures
Castor Ventures enables MIT alumni to invest together in ventures connected to
MIT alums. Castor Ventures raises a fund each year among accredited MIT alums,
providing investors with portfolio of 20-30 companies diversified across
sector, stage, and geography, co-investing alongside top venture firms. Castor
Ventures is part of a family of funds under Alumni Ventures Group, one of the
most active venture firms in the world. The fund is private, for-profit, and
not affiliated with MIT.
About Nikon-SBI
Nikon and SBI Investment Co., Ltd. have jointly established a private fund to
invest in venture companies to create new business, promote nurturing of such
businesses, and realize business synergies as a mid/long-term plan. Nikon is
deploying this new fund not only to existing businesses but also to pursue
fresh business opportunities by investing in venture companies that can
possibly play a future role, with a focus on Japan and North America as well as
European and Asian countries.
About Generation Ventures
Generation Ventures is the venture arm of Generation Capital, a family office
based in Toronto, Canada. Through Generation Ventures, they fund leading VCs in
Canada, the US, and China, and make a commensurate amount of direct
investments. Generation Ventures is managed by a multidisciplinary team that
supports their active investment posture.
About Intact Ventures
Founded in 2016, Intact Ventures is the venture arm of Intact Financial
Corporation and is focused on investing in companies redefining the insurance
industry through innovative business models and new technology. Intact Ventures
invests in Series A and Series B companies with early-stage financing.
Media Relations, Max Leblond - Marketing Manager, Algolux, 514-589-3933,
max.leblond@algolux.com
SOURCE Algolux Inc.
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