Israeli startup Brodmann17 raises $11 million Series A to provide revolutionary deep-learning vision software for embedded devices
Last week we briefly covered Israeli startup Brodmann17, when it first announced a $11 million Series A funding. Now the company has come with more details. According to the news release, the company plans to use the new capital to expand partnerships, accelerate integration of its deep learning solution hardware-agnostic computer vision software to prevent road collisions, and continue its mission to put efficient, powerful automated driving capabilities in every vehicle.
The backers for the latest round include both new and existing investors, including OurCrowd, who led the round, Maniv Mobility, AI Alliance, LLC, UL Ventures, Samsung NEXT, lool ventures, and Sony Innovation Fund. With the funding, Brodmann17 will expand partnerships, accelerate integration of its deep learning solution with customers, and continue its mission to put efficient, powerful automated driving capabilities in every vehicle.
As the advanced driver-assistance systems (ADAS) market, a crucial element of automated driving, is projected to reach over $90B by 2025, there is a growing need for highly reliable AI-based vision technology. While other companies are relying on hardware that is bulky, costly, and power-inefficient to meet this demand, Brodmann17 is focusing on software, offering game-changing deep learning perception technology so efficient that it can run on any hardware, including low-power processors.
Founded in 2016 by serial entrepreneurs and world-class technologists Adi Pinhas, Dr. Amir Alush, and Assaf Mushinsky, Brodmann17’s team is comprised of top AI researchers and automotive industry professionals. Investors include AI Alliance Fund, UL Ventures, lool Ventures, OurCrowd, Maniv Mobility, Sony Innovation Fund, and Samsung NEXT.
The company built groundbreaking deep learning algorithms from the ground up to provide state-of-the-art accuracy while consuming a fraction of the compute power. The highly robust software stack, developed by the company’s team of top AI researchers and automotive experts, is currently being tested by OEMs and Tier 1 suppliers worldwide, bringing ADAS from the premium to the mass market 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 Adi Pinhas, CEO and co-founder of Brodmann17. “As the demand for ADAS rises, we will continue partnering with leading automotive industry stakeholders.”
Eli Nir, Senior Partner at OurCrowd, said, “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. 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.”
The split-second data processing required for automated driving necessitates edge computing, a market poised to be worth $34B by 2023. Brodmann17’s patent-pending software is able to run on the edge while increasing ADAS resolution, frame rate, and accuracy. The solution is easily integrated to quickly provide ADAS capabilities and meets the automotive industry’s toughest standards.
“UL Ventures invests in innovative technology companies that are bringing safer, more secure and more sustainable solutions to high growth markets. Brodmann17 is offering an advanced computer vision product that meets the price and performance demands of the automotive industry. We’re excited to support the company’s growth plans as it continues to develop efficient, high performance perception algorithms for various edge applications,” said Ravi Mulugu, Senior Investment Director at UL Ventures.
“Developing deep learning algorithms for computer vision is a complicated challenge, but Brodmann17 stands out in a field of established players with its team of computer vision and AI experts, and we’re thrilled to be a part of their journey,” said Tony Ha, Executive Director of AI Alliance, LLC. “The company’s hardware-agnostic approach will accelerate ADAS adoption across the automotive industry, an important step in fulfilling the Fund’s mission to support transformative companies at the intersection of AI and smart mobility.”