ADASWorks, an automotive and AI startup, closes a $2.5M A round
ADASWorks, a Stuttgart, Germany-based startup, closed a Series A round co-led by Robert Bosch Venture Capital GmbH (RBVC) and Inventure. The venture capital firms were followed by the leading Hungarian seed investor OTP-Day One Seed Investment Fund and angel investor Tim Draper.
ADASWorks focuses on automotive computer vision, artificial intelligence and navigation technologies. The startup’s aim is to revolutionize the automotive industry by developing cost-effective Advanced Driver Assistance Systems (ADAS) software for next-generation application processors.
ADASWorks is a spin-off of Kishonti Kft, a global leader in performance optimization services. Comprised of automotive and software engineers, mathematicians, computer scientists, AI and robotics experts, the developer team works out of the company’s Budapest, Hungary-based office. The funding will be used for growing the company’s engineering team, building a robust testing infrastructure and productizing the current algorithms for automotive clients.
“This investment allows us to bring our integrated automotive software to market in cooperation with car manufacturers and Tier1 suppliers, making driver assistance functions more widespread and intelligent than ever before,” says Laszlo Kishonti, ADASWorks founder and CEO. “The performance of embedded processors has been growing several hundred-times over the last few years and lets us substitute multiple systems in cars with a single chip which consumes only a few watts,” he adds.
Dr. Ingo Ramesohl, Managing Director and Partner at Robert Bosch Venture Capital GmbH, comments: “With ADASWorks we are delighted to support a company which has a high chance to achieve significant improvements in automotive computer vision systems. The automotive industry will benefit by the company’s various, very innovative applications.”
“The change that self-driving cars are making to the whole society is fundamental. ADASWorks is making key parts to the complex technical puzzle powering it,” says Ilkka Kivimäki, Partner at Inventure.
Elek Straub from Day One Capital, says: “We are pleased to welcome in our portfolio a world-class team from Hungary led by Laszlo Kishonti, who is not only a great visionary but has already proven as an entrepreneur. Considering the key drivers of the automotive industry, we believe that ADASWorks’ disruptive solutions can boost the market evolution in a valuable way.”
ADASWorks develops an integrated software framework for Advanced Driver Assistance Systems (ADAS) and autonomous cars, using low power but high-performance embedded processors. The company’s software fuses computer vision, artificial intelligence, mapping and multiple sensor technologies to achieve market leading precision and safety levels.
Source: ADASWorks Press Release