3 Sep 2021
Global investment arm takes stake in Foretellix driving systems
Autonomous Volvo trucks
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 officers aiming to make automated driving systems safe and efficient.
Volvo said one of the main challenges with autonomous systems is deciding when a product is safe enough to be marketed.
“What’s this Pretellix attacks its verification platform, ”the company said.
“It uses intelligent big data analysis and automation tools that coordinate and monitor millions of driving scenarios to ensure the autonomous vehicle performs well under all possible driving conditions, including extreme cases. “
Along with this investment investment, Volvo Autonomous Solutions (VAS) formed a closer partnership with Foretellix earlier this year with the goal of jointly creating a coverage-based verification solution for autonomous driving that works both on public roads and in restricted areas.
Read how VAS bonded with standalone tech company Aurora, here
“Volvo Autonomous Solutions and Foretellix entered into a partnership in March of this year,” said VAS President Nils Jaeger.
“We clearly understand the continued progress and benefits of working with the Foretellix team and their verification platform.”
Volvo maintains that Foretellix’s business model and technology will play a role in future mobility.
“The team is very experienced and the solution is attractive to an automaker like Volvo,” said David Hanngren, chief investment officer of Volvo Group Venture Capital.
“Foretellix can provide the Volvo Group with additional information on safe autonomous driving.”
Volvo Group Venture Capital’s role 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.
In the context of the trends shaping the future of transport and the strategic priorities of the Volvo Group, its main areas of investment are logistics services, site solutions and electrical infrastructure.
Volvo said the transaction did not have a significant impact on the Volvo Group’s profits or financial condition.
“The investment from Volvo Group Venture Capital further strengthens our partnership with the Volvo Group and will help Foretellix continue to accelerate the safe deployment of increasingly advanced automated driving systems,” said Ziv Binyamini, CEO and co-founder by Foretellix..
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