Foretellix raises $32 million for autonomous vehicle testing platform
The Israeli company said it is experiencing a rapid increase in demand for its platform coming from leading OEMs and Tier1s developing ADAS and AV products, both on and off-road
Israeli autonomous vehicle tester Foretellix announced on Wednesday that it has secured $32 million in its latest Series B funding round, bringing its total raised capital to over $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 Ziv Binyamini, Yoav Hollander, and Gil Amid. Foretellix uses a quantifiable approach to safety and hyper-automation to create and test all possible scenarios, 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 co-founders Ziv Binyamini, Yoav Hollander, and Gil Amid. Photo: Dror Sithakol
The company said it is experiencing a rapid increase in demand for its platform coming 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.
"This additional funding round is an important milestone in our journey as a company and will help us address the growing demand for our platform and products," said Ziv Binyamini, CEO and co-founder of Foretellix. "The support of our strategic partners Volvo Group, Nationwide and NI will help Foretellix to further advance its mission to enable the safe deployment of advanced automated driving systems."
Martin Witt, VP and Head of Volvo Group Venture Capital, said, "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."