Foretellix, a platform to automate 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 over $50 million, the company announced Wednesday.
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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 is experiencing a rapid increase in demand for its platform. This demand comes 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.
"Foretellix's platform brings a low-code approach to the creation and coverage of complex driving scenarios," said Zack Keinan, General Partner of MoreTech Ventures. "The value proposition tocustomers is clear: confidence that vehicles are behaving properly, a scalable approach to testing, and faster time-to-market. We are excited to be leading this investment round into this unique team and technology addressing a major bottleneck which will only become more challenging as OEMs and Tier-1's suppliers adopt increasingly software-centric models."
