Montreal-based Algolux, which develops autonomous vision and imaging technology, has raised a $12.84 million CAD ($10 million USD) Series A led by General Motors (GM) Ventures.
Drive Capital and Intact Ventures also participated in Algolux’s funding round, which featured follow-on investment from Real Ventures. Algolux said it plans to use the funding to advance its vision and imaging technology and expand on business development activities.
Algolux uses machine learning to develop deep perception technology that enables autonomous vision, allowing vehicles and devices to see more clearly. The company said its technology can support safer autonomous vehicles that encounter extreme lighting and adverse weather conditions, and create accurate video security and mobile imaging systems.
“Safety is the overriding priority for autonomous vehicle development. Complete autonomy will only be realized through a leap in perception and inference performance.”
– Jason Nolte, GM Ventures
“We are delighted to welcome GM Ventures, Drive Capital and Intact Ventures to Algolux. As the number of cameras more than triple to over 45 billion in the next 5 years, providers will be challenged to meet the demand for complex technical specifications, especially with regards to safety in the automotive industry”, said Allan Benchetrit, co-founder and CEO of Algolux. “Our growing customer engagement and the recognition from industry and strategic investors clearly validate that Algolux is filling a market need through increased vision system effectiveness, quicker time-to-market, and considerable cost savings.”
In addition to the funding, Algolux announced that Jason Nolte, an investment manager at GM Ventures, and Mark Kvamme, a partner at Drive Capital, will be joining the company’s board of directors.
“Safety is the overriding priority for autonomous vehicle development. Complete autonomy will only be realized through a leap in perception and inference performance,” said Nolte. “Algolux’s unique machine learning applications can accelerate the realization of these performance gains for next-generation perception stacks, and thus accelerate the advancement of safe autonomous transportation.”
Algolux previously raised $2.6 million from Real Ventures in August 2014.
