Cartica AI, a leading Israeli autonomous AI mobility startup, has closed on a Series B funding round for an undisclosed amount. Investors included leading investment crowdfunding platform OurCrowd alongside BMW i Ventures, Continental, and Toyota AI Ventures.
Cartica expects to use the funds to launch its Autonomous AI platform and scale its global operations.
OurCrowd Senior Investment Partner Eli Nir said they were very excited to be investing in Cartica:
“Cartica AI has a unique mix of a world-class technology, team, extremely strong IP portfolio, and a product that offers functional and cost benefits that are currently unheard of in the ADAS ecosystem, not to mention robust market traction that can convert into very sizeable deals. We are pleased to be able to help CEO Igal Raichelgauz, his team and other stakeholders in the company to maximize the potential of Cartica.”
OurCrowd has targeted the hot AI market – an area of robust innovation in Israel.
Raichelgauz said their goal is to introduce a novel, yet proven approach to AI for the Automotive industry.
“[we] will pave the way for a safer and more autonomous transportation. Our strategy is to build strong partnerships with leading automotive players in order to bring our solution to the high-volume automotive marketplace by the end of next year. Joining forces with these leading players is another substantial validation of our unique technology and business strategy.”
Cartica AI says it is creating a “paradigm shift” to the conventional AI approach of supervised deep learning, which is heavily based on massive amounts of human-labeled data. This labeling process is time-consuming, expensive and unreliable for edge-case scenarios. Cartica uses “deep-learning” to enable unsupervised learning from real-world data.
Cartica AI’s platform is based on mature technology, following over a decade of R&D, and is protected by over 200 patents.
Cartica AI seeks to provide next-generation AI capabilities to the automobile industry, while using affordable computational resources of an average car.
Toyota AI Ventures Founding Managing Director Jim Adler said they have been impressed with the quality of Cartica’s team and their unsupervised learning approach to new perception solutions for the automotive market.
“We look forward to working with them as they power the next generation of mobility AI solutions.”
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