Cartica AI secures Series B investment round
Cartica AI, a joint venture set up by Israeli startup Cortica and Continental, a German manufacturer of automotive parts, announced the completion of its Series B investment round. The round includes participation from Continental, Toyota AI Ventures, BMW i Ventures, and OurCrowd for an undisclosed sum. The funds will be used to launch Cartica AI’s autonomous AI platform and scale its global operations with a focus on increasing the safety of cars and lowering casualties on global highways.
“We’re excited to have these leading funds and strategic players on board, said Cartica AI Co-Founder and CEO Igal Raichelgauz. “Our goal is to introduce a novel, yet proven, AI approach to the automotive industry, which 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 introducing, "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. In contrast to deep learning, Cartica AI enables unsupervised learning from real-world data, resulting in unprecedented accuracy in edge cases and challenging scenarios."
“Cartica pursues an entirely novel approach to autonomous perception and enables a wide range of compelling use cases that have the potential to transform mobility solutions in automotive and beyond," said Nils Berkemeyer, Venture Capital Manager at Continental.
“Cartica AI introduces a series of important technological advancements for an OEM ranging from low compute requirements and low energy consumption, to a transparent decision-making process of the computer vision-based perception stack. Updates to the system can be included within minutes without the need to re-run vast amounts of training data like neural network-based approaches,” said Kasper Sage, Partner BMW i Ventures.