August 9, 2022
South Korea-based StradVision, which develops artificial intelligence-based perception processing for autonomous vehicles (AVs), has announced raising $88 million in a Series C funding round. WIth the latest funding, the company said it has now raised $129 million in total.
The company said it has seen exponential business and team growth over the past year, including opening a second German office and new local office in Michigan. The company said it has expanded its workforce 69.2% year-over-year to 308 employees as of June 2022. The company said it has also successfully completed several proof-of-concept projects and projection projects, along with establishing partners and customers across multiple OEMs and Tier 1 companies worldwide to deploy its SVNet network on various vehicle models.
“We’re thrilled to be announcing funding that will allow us to continue to lead and innovate in the ADAS space,” said Junhwan Kim, CEO of StradVision. “We are very grateful for our partners’ continued support. This year has been crucial to expanding our North American and global business, and their funding will allow us to continue to accelerate in this direction.”
The company’s SVNet perception software powers the perception technology behind advanced driver assistance systems (ADAS) and AVs, enabling external vehicle perception via more than 14 platforms to accurately and safely detect and recognize objects. The company said it was the first network to run deep learning-based object detection software on TDA2x, V3H, V3M, and H3. Other StradVision products include SVNet Tools, which removes the need to have a large team spending hours correcting objects with the risk of human error. The company’s training suite also enables partners to internally utilize and train their own data, making AI training easier and more streamlined.
Strategic investors in this round of funding include ZF and Aptiv. Additional investors have included Hyundai Motor Company, Hyundai Mobis, LG Electronics, and AISIN (Japan).
For more details on StradVision and its technologies, visit its website here.