Foretellix, an Israeli startup that offers a platform for automating the testing, verification and validation of automated driving systems (ADAS and AV), raised $43 million in the first closing of its Series C funding round led by 83North. Woven Capital, the growth fund of Toyota, and NVIDIA joined the financing round. The company has now raised over $93 million to date.
Foretellix last raised $32 million in a series B funding round led by MoreTech Ventures in September of 2021. The company seems to be following in the footsteps of one of Israel Startup Nation’s biggest success stories Mobileye, which also works in the field of automotive safety and technologies.
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Founded in 2018, Foretellix provides a product development testing, verification, and validation platform enabling the mass deployment of autonomous driving systems. Foretellix uses proven approaches from the semiconductor chip industry that utilize hyper-automation, big data analytics, and AI. The company boasts that its platform orchestrates and manages the massive scale of testing required to ensure safety, reduce development costs, and shorten the time-to-market of ADS deployment.
Foretellix states that it is enabling the Digital Transformation of safety-critical automotive verification. The company boasts that its solutions uniquely scale to meet the challenge of verifying the safety of today’s increasingly complex driving systems. Foretellix was founded by a team of pioneers in measurable verification and validation combined with a highly automated and proven Coverage Driven Verification methodology broadly adopted in the semiconductor industry.
“We are thrilled to have Woven by Toyota and NVIDIA as strategic partners,” said Ziv Binyamini, Foretellix CEO and Co-Founder. “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.”
“At Woven by Toyota, we’re on a mission to deliver the world’s safest, most intelligent, and human-centric mobility solutions,” said George Kellerman, Vice President, Investments and Acquisitions for Woven by Toyota, and Managing Director of Woven Capital. “Verification and validation technology plays a critical role in ensuring the safety and performance of innovative autonomous systems that are accelerating the future of mobility. Foretellix is a leading player in this space, and we are excited to work together to advance automated driving technologies.”
