Brodmann17, a Tel Aviv, Israel-based provider of vision-first technology for automated driving, recently announced it secured $11 million in Series A funding from new and existing investors. The lead investor was OurCrowd. And Maniv Mobility, AI Alliance LLC, UL Ventures, Samsung NEXT, lool ventures, and Sony Innovation Fund also participated in this round.
Brodmann17 plans to expand its partnerships with this round along with accelerating its integration of deep learning solution with customers and to continue its mission to put efficient and powerful automated driving features in every vehicle.
The advanced driver-assistance systems (ADAS) market is projected to hit over $90 billion by 2025 (according to Tractica) so there is a growing need for reliable AI-based vision technology. Brodmann17’s technology focuses on software and deep learning perception technology that can run on any hardware including low-power processors rather than bulky and costly hardware.
Founded by CEO Adi Pinhas, CTO Amir Alush, and chief scientist Assaf Mushinsky, Brodmann17 is working with a number of OEMs and Tier 1 suppliers worldwide in order to bring ADAS from the premium to the mass market in order to make roads safer.
“We’re excited that our strategic investors, many of whom are already leaders in the field of AI, have understood the game-changing ability of our innovative technology to bring automated driving to the mainstream on any hardware,” said Pinhas. “As the demand for ADAS rises, we will continue partnering with leading automotive industry stakeholders.”
Brodmann17’s patent-pending technology is able to run on the edge while simultaneously increasing ADAS resolution, frame rates, and accuracy. This ensures a level of split-second data processing required for automated driving. And Brodmann17’s solutions are easily integrated to quickly provide ADAS capabilities while also meeting the toughest standards by the automotive industry.
“We are convinced that Brodmann17 is one of the best deep AI companies out there. The company has a very experienced management team and exceptional technical leadership that has created a major leapfrog in the fundamentals of AI algorithms,” added OurCrowd senior partner Eli Nir. “Brodmann17’s technology opens the doors for low computation implementation of AI – significantly lowering cost, complexity, and price, and can be used over many sectors and industries. We are very excited to lead this round and take part in the future success of the company.”
UL Ventures senior investment director Ravi Mulugu pointed out that Brodmann17 is offering an advanced computer vision product that meets the price and performance demands of the automotive industry and is going to continue developing high-performance perception algorithms for various edge applications.
AI Alliance is a joint fund between Hanwha Asset Management, Hyundai Motor Company, and SK Telecom. And Tony Ha (executive director of AI Alliance) said that Brodmann17’s hardware-agnostic approach is going to accelerate ADAS adoption across the automotive industry — which is an important step in fulfilling the fund’s mission to support “transformative companies at the intersection of AI and smart mobility.”
And Nate Jaret of Maniv Mobility had a number of conversations with a wide range of partners. And they confirmed the “uniqueness and versatility of Brodmann17’s technology.” Maniv Mobility is a venture capital firm that specifically invests in and supports the growth of early-stage startups from Israel and around the world that are driven by a commitment to a new mobility future.