Volvo Group Venture Capital Welcomes Foretellix, A Pioneer In Automated Vehicle Verification And Validation
GTEBORG, Sweden, September 1, 2021 / PRNewswire / – Volvo Group Venture Capital AB has announced a new investment in a leading company in the field of measurable safety for driver assistance and autonomous vehicles. Foretellix Ltd was founded in 2018 by a team of verification and validation pioneers whose mission is to make automated driving systems safe and efficient.
One of the main challenges with stand-alone systems is deciding when a product is safe enough to be marketed. This is what Foretellix is tackling with its verification platform. It uses smart automation and big data analysis tools that coordinate and monitor millions of driving scenarios to ensure the autonomous vehicle performs well under all possible driving conditions, including extreme cases.
In addition to the investment from Volvo Group Venture Capital, Volvo Autonomous Solutions forged a closer partnership with Foretellix earlier this year with the goal of jointly creating a coverage-based verification solution for autonomous driving that works both on public roads and in restricted areas.
“Volvo Autonomous Solutions and Foretellix entered into a partnership in March of this year. We clearly understand the continued progress and benefits of working with the Foretellix team and its verification platform. Based on our experience, Volvo has decided to invest in Foretellix as well. said Nils jaeger, president and chief executive officer of Volvo Autonomous Solutions.
“The team is very experienced and the solution is attractive to an automaker like Volvo. We believe that Foretellix’s business model and technology will play a role in future mobility. Foretellix can provide the Volvo Group with additional information on safe autonomous driving. says David Hanngren, chief investment officer of Volvo Group Venture Capital.
“The investment from Volvo Group Venture Capital further strengthens our partnership with the Volvo Group and will help Foretellix continue to accelerate the safe deployment of increasingly advanced automated driving systems,” said Ziv Binyamini, CEO and co -Founder of Foretellix.
Volvo Group Venture Capital’s role is to make investments that drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group.
In the context of the trends shaping the future of transportation and the strategic priorities of the Volvo Group, Volvo Group Venture Capital’s main areas of investment are logistics services, site solutions and electrical infrastructure. The organization has a global reach and focuses on Europe and North America.
The transaction has no significant impact on the results or the financial position of the Volvo group.
Journalists for more information, please contact:
Claes Eliasson, Volvo Group Media Relations, +46 76 553 72 29
For more information, please visit volvogroup.com
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The Volvo Group promotes prosperity through transportation and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, finance and services that increase demand. availability and productivity of our customers. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs nearly 100,000 people and serves customers in more than 190 markets. In 2020, net sales amounted to approximately SEK 338 billion (33.6 billion euros). Volvo shares are listed on Nasdaq Stockholm.
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SOURCE AB Volvo