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StradVision announces close of $88m Series C funding roundBy
Published : Aug. 10, 2022 - 00:31
- ADAS industry leader StradVision announces the close of their $88m Series C funding round by ZF, Aptiv, and other financial investors.
SEOUL, South Korea, Aug. 9, 2022 /PRNewswire/ -- StradVision, an AI-based perception processing company for Autonomous Vehicles and ADAS, announced today that they have closed their Series C funding round.
Strategic investors included in this round of funding for StradVision are ZF and Aptiv. With this round closed, StradVision now has $129m USD in cumulative funding from the seed round through Series C. Automotive industry strategic investors to date for StradVision have included Aptiv, Hyundai Motor Company, Hyundai Mobis, LG Electronics, AISIN (Japan), and ZF.
"We're thrilled to be announcing funding that will allow us to continue to lead and innovate in the ADAS space," StradVision CEO Junhwan Kim said. "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."
StradVision has seen exponential business and team growth over the past year, including their second German office opening and new local subsidiary opening in Michigan. In this regard, the company has expanded with a workforce expansion of 69.2% YoY to 308 in June 2022. The company has also been successfully completing proof-of-concept (PoC) projects and production projects, paving the road to more mass production. Furthermore, the company continues to establish partnerships and customers across multiple OEMs and Tier-1s worldwide to deploy their SVNet network on various vehicle models.
SVNet powers the perception technology behind ADAS and autonomous vehicles, enabling external vehicle perception via 14+ platforms to accurately and safely detect and recognize objects. 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 hundreds of hours correcting objects with the risk of human error. StradVision's clients can expect to immediately and drastically reduce manpower, cost, and error. Also, SVNet's training suite enables partners to internally utilize and train their own data, making AI training simple, easy, and streamlined.
Founded in 2014, StradVision is an automotive industry pioneer in AI-based vision processing technology for Advanced Driver Assistance Systems (ADAS). The company is accelerating the advent of fully autonomous vehicles by making ADAS features available at a fraction of the market cost compared with competitors. StradVision's SVNet is being deployed on various vehicle models in partnership with OEMs and powers ADAS & Autonomous Vehicles worldwide and is serviced by over 300 employees in Seoul, San Jose, Detroit, Tokyo, Shanghai, Friedrichshafen, and Dusseldorf. StradVision has been honored with the Gold Award at the 2021 AutoSens Awards for Best-in-Class Software for Perception Systems, and the 2020 Autonomous Vehicle Technology ACES Award in Autonomy (Software Category). In addition, StradVision's software is certified to the ISO 9001:2015 for Quality Management System and ISO 26262 for Automotive Functional Safety.
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