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$43M funding round: Nvidia and Volvo invest in an Israeli startup developing autonomous tech for vehicles

Foretellix funding
Image credits: Foretellix

In the previous few years, startups working on driverless car technologies were able to attract high funding amounts that were not very prevalent a few years ago. Consequently, Foretellix, a leading provider of safety-driven verification and validation solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS), has now announced that it has raised $43 million in the first closing of its Series C funding round.

Backing from Nvidia and more

This Israeli startup specialises in safety-driven verification and validation of ADAS. The funding was led by 83North (also invested in Holidu and Podimo), bringing the total raised capital to over $93 million. Other participants in the financing round include Woven Capital, the growth fund of Toyota, and NVIDIA. Artofin VC also joined the funding round, while all major existing shareholders, including MoreTech, Nationwide, Volvo Group VC, and Jump Capital, participated.

Foretellix will use the funding to accelerate the development of its expanding product portfolio and fuel expansion across new geographies. The company’s Safety-Driven Verification & Validation (SDV) Platform – Foretify is used by Automotive, Trucking, and Mining customers, including Volvo Group, Torc – a Daimler Truck subsidiary, and many others, to accelerate the development and deployment of their Automated Driving Systems.
Foretellix established partnerships with major simulation companies, including IPG, NVIDIA, dSPACE, VIRES, AI Motive, and Cognata, providing its customers with a comprehensive verification and validation (V&V) solution.

Foretellix CEO and Co-Founder, Ziv Binyamini, expressed his excitement in a statement, “Foretellix is addressing the largest barrier for safe large-scale deployment of automated driving systems. The new funding will help us to address the growing demand for our solutions, extend our worldwide reach, and accelerate our vision for achieving safe autonomy.”

Founded in 2018 by Ziv Binyamini, Yoav Hollander, and Gil Amid, Foretify platform is used by engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle (AV) stack providers throughout the AV/ADAS development cycle. The platform already consists of multiple products such as Foretify Core, Foretify Developer, Foretify Manager, Foretify LogIQ, and Foretify V-Suite.

Foretellix led the ASAM OpenSCENARIO 2.0 (OSC2.0) standard development, which revolutionised how safety is developed and tested in Automated Driving Systems. The Foretify platform is the industry’s first solution offering native OSC2.0 support.

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