Algolux, an AI software company based out of Quebec, has announced the closure of series B funding, raising $18.4 million to help accelerate market adoption of the company’s scalable computer vision and image optimization solutions. GM Ventures was among the companies leading this investment round.
The other companies leading the series B funding round included Forte Ventures, Drive Capital, Investissement Quebec, Castor Ventures, Nikon-SBI Innovation Fund, Generation Ventures, and Intact Ventures.
GM Ventures initially invested in Algolux in 2018, pouring millions into the Canadian technology company. The software company received $10 million during Series A funding.
Algolux develops technology that enables the operation of autonomous vehicles, including image optimization to provide critical data to self-driving vehicle algorithms.
“Algolux’s computer vision and image optimization solutions address the mission-critical issue of safety for ADAS and autonomous vehicles,” the company states. “Algolux is the first company to use computational imaging to design algorithms that treat the camera as part of the overall perception stack; a bold departure from the traditional siloed approach.”
The software provides resolution of various “harsh cases,” including low-light, low contrast, and obstructed object detection.
“We are thrilled to be taking this next step in the company’s trajectory and to do so with the trust and support of outstanding investors,” said Algolux CEO Allan Benchetrit. “Algolux is actively engaged with leading OEMs, Tier 1s, and Tier 2s globally. The consistent theme is a desire from customers to significantly improve the performance of their driving and parking vision systems in even the most challenging real-world situations.”
Algolux anticipates global automotive camera shipments to break 300 million units by 2025, with growth fueled by vehicle and passenger safety concerns and accelerating technological advancements with regard to camera-based advanced driver assistance systems (ADAS). That includes the pickup truck segment, where advanced driver assists and autonomous systems are making significant headway – for example, the next-generation 2022 Chevy Silverado 1500 and 2022 GMC Sierra 1500 will both feature the GM Super Cruise system with towing.
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