Global investment arm takes stake in Foretellix driving systems
Volvo Group Venture Capital has announced a new investment in Foretellix, a leading company in the field of measurable safety for driver assistance and autonomous vehicles.
Foretellix was founded in 2018 by verification and validation workers aiming to make automated driving systems safe and efficient.
Volvo said one of the main challenges of autonomous systems is deciding when a product is safe enough to commercialise.
“This is what Foretellix is tackling with its verification platform,” the company said.
“It uses intelligent automation and big-data analytics tools which coordinate and monitor millions of driving scenarios to ensure that the autonomous vehicle behaves correctly under all possible driving conditions, including edge cases.”
Alongside this investment investment, Volvo Autonomous Solutions (VAS) formed a closer partnership with Foretellix earlier this year with the aim of jointly creating a coverage-driven verification solution for autonomous driving that operates both on public roads and in restricted areas.
Read how VAS linked with autonomous-tech firm Aurora, here
“Volvo Autonomous Solutions and Foretellix entered into a partnership in March this year,” VAS president Nils Jaeger said.
“We clearly understand the ongoing progress and the benefits of working with the Foretellix team and their verification platform.”
Volvo contends the Foretellix business model and technology will play a part in future mobility.
“The team is very experienced and the solution is attractive to a vehicle manufacturer like Volvo,” Volvo Group Venture Capital investment director David Hanngren said.
“Foretellix can provide the Volvo Group with further insights into safe autonomous driving.”
The role of Volvo Group Venture Capital is to make investments that drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group.
Against the background of the trends shaping the future of transportation and the strategic priorities of the Volvo Group, its key areas of investment are logistics services, site solutions and electrical infrastructure.
Volvo said the transaction has no significant impact on the Volvo Group’s earnings or financial position.
“The investment from Volvo Group Venture Capital further strengthens our partnership with the Volvo Group and will help Foretellix to continue accelerating the safe deployment of increasingly advanced automated driving systems,” Foretellix CEO and co-founder Ziv Binyamini said.