Sberbank and Cognitive Technologies collaborate on self-driving technology
Sberbank, Russia's largest bank, and Cognitive Technologies, one of the country's developers of software for machine vision and autonomous driving, announced that they are establishing Cognitive Pilot, a joint company to develop driverless technologies. Cognitive Pilot products and solutions are set to be used to develop digital economy projects in transportation, agriculture, computer vision, and artificial intelligence.
The parties have signed legally binding documents and are scheduled to close the deal this month. Sberbank will receive a 30% interest in the company, with 70% of shares to be held by the founders and chief executives of Cognitive Technologies, which will be headed by its founder Olga Uskova.
Cognitive Pilot will develop advanced driver-assistance systems (ADAS) based on artificial intelligence and autonomous control solutions for ground transport and industrial machinery. Cognitive Technologies says the advantages of its solutions are their high reliability and precision in all weather and climate conditions due to a computer vision system based on deep learning neural networks and millimeter band in addition to the already high market demand of some of the company’s solutions.
Lev Khasis, First Deputy Chairman of the Executive Board, Sberbank, said, “The world is about to face mainstream use of autonomous solutions, and we are interested in Sberbank Group and our entire country being in the forefront of this trend. Cognitive Technologies already has products for transport, agriculture, and automotive industries that are very popular among both Russian and foreign clients. This year, Sberbank has become the ultimate AI developer in Russia, and we are sure that the expertise in self-driving technology will enjoy demand and contribute to the faster development of AI competence in Russia.”
Olga Uskova, СЕО, Cognitive Pilot, said, “Cutting down the number of road fatalities is one of the challenges of the new century. Saving people’s lives is what drives our team, and our technology level enables us to solve this task even today. It makes us feel like superheroes. The partnership with Sberbank will extend and speed up the use of our systems.”
Cognitive Technologies conducts projects to create systems for autonomous operations of agricultural machinery, locomotives, trolleys, and develops components for self-driving cars. Among the company's clients are Hyundai Mobis, Russian Railways, Rusagro Group, Transport Systems PC, and large international automotive manufacturers.