BMW, Toyota Partner With Computer Vision Company Cortica
The multinational car manufacturers have teamed up with Tel Aviv-based Cortica to launch a new subsidiary dedicated to artificial intelligence for autonomous vehicles
BMW’s investment arm BMW i Ventures Inc., Toyota’s investment subsidiary Toyota AI Ventures LLC, auto supplier Continental AG, and Jerusalem-based equity crowdfunding company OurCrowd Ltd. have teamed up with Tel Aviv-based computer vision company Cortica Inc., Cortica announced Tuesday. The goal of the collaboration is the launch of a Cortica subsidiary dedicated to developing artificial intelligence technologies for autonomous vehicles, Cortica said. The new offshoot is incorporated as Cartica Ltd.
Financial details of the new venture were not disclosed.
Cortica co-founder Igal Raichelgauz. Photo: PR
Founded in 2007, Cortica develops machine vision and artificial intelligence technologies for autonomous vehicles and other domains. New subsidiary Cartica will employ a team of 45 people and be managed by Cortica co-founder Igal Raichelgauz, the company said.
Prior to the launch of Cartica, the company has raised more than $69 million from investors including Horizon Ventures, Samsung Ventures, and Technion Israel Institute of Technology. Cortica currently employs a team of 100 in offices in Tel Aviv, Geneva, New York, and Haifa.