Foretellix adds $42 million to Series C with new investors Temasek and Isuzu
Foretellix adds $42 million to Series C with new investors Temasek and Isuzu
The Israeli company, which provides safety-driven verification and validation (V&V) solutions for Automated Driving Systems and ADAS, took its Series C to $85 million
Foretellix, which provides safety-driven verification and validation (V&V) solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS), announced on Tuesday that it has added $42 million to its Series C funding round, bringing it to a total of $85 million.
Foretellix, which has raised $135 million to date, announced in May that it had raised $43 million led by 83North in the first closing of its Series C. The new investors Temasek and Isuzu joined Woven Capital - the growth fund of Toyota - Nvidia, and Artofin, which participated in the first closing earlier this year. All major existing shareholders participated, including MoreTech, Nationwide, Volvo Group VC, Jump Capital, Next Gear Ventures, and OurCrowd.
"The second part of the Series C was on the same terms and value as the first part. We initially aimed to increase the round to $60 million, but there was an opportunity to reach a much more significant amount with important investors,” Foretellix CEO Ziv Binyamini told Calcalist.
Binyamini acknowledged that the autonomous vehicle market has changed significantly in recent years. "We didn't go for robotaxis or anything that has a lot of flamboyance, as those are the most difficult applications. We and the companies we work with now mainly focus on projects that are simpler in the autonomous vehicle realm but are still very complicated. We have interesting collaborations in the field with Daimler, Volvo, and others. Isuzu is the third truck company to invest in us. Isuzu will aggressively pursue autonomy, and we will be their significant partners. Each of the strategic investors will be, or are now, our clients. Everyone wants to invest but also be a partner and integrate our systems. They are not just financial investors."
Binyamini added that the current war did not deter the new investors and that the company’s business has not been affected by the war despite company employees serving in the IDF reserves.
Foretellix employs 180 people, 80 in Israel and the rest in the U.S., Germany, Japan, China and India.
Foretify, Foretellix’s Safety-Driven V&V Platform, is used by automotive, trucking, and mining customers worldwide to accelerate the development and deployment of their Automated Driving Systems. The platform provides a unified V&V flow that combines real-world test drives and virtual simulation in one platform. It helps development, testing, and safety engineers at OEMs, Tier-1 suppliers, and Autonomous Vehicle providers.
