Israel-based auto-tech safety company Foretellix has raised $43 million in the first closing of its Series C funding round led by 83North.
Foretellix's safety-driven verification and validation solutions for Automated Driving Systems (ADS) and Advanced Driver Assistance Systems (ADAS) help to address the largest barrier to the safe large-scale deployment of automated driving systems.
Foretellix’s Safety-Driven Verification & Validation (SDV) Platform – Foretify, is used by automotive, trucking, and mining customers, including Torc, a Daimler Truck subsidiary, and Volvo Group, among others. Foretellix has also established partnerships with major simulation companies like Nvidia, IPG, dSPACE, VIRES, AI Motive, and Cognata, to provide its customers with a comprehensive verification and validation solution.
The Foretify platform is used by engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle (AV) stack providers throughout the AV/ADAS development cycle. The new funding round is expected to help Foretellix accelerate the development and deployment of its Automated Driving Systems, further expanding its global presence.
The funding will help the company address the growing demand for its solutions, extend its worldwide reach, and accelerate its vision for achieving safe autonomy, according to CEO Ziv Binyamini.
The new financing round brings the total capital raised by the company to over $93 million. Other investors who participated in the funding round include Woven Capital and Nvidia, along with Artofin VC, and major existing shareholders like Nationwide, MoreTech, Volvo Group VC, and Jump Capital.