ZF and Aptiv, global automotive technology providers with offices in metro Detroit, led an $88 million Series C funding round for South Korea’s StradVision, an AI-based perception processing company for autonomous vehicles and driver assist systems, which also has a Detroit presence.
StradVision has seen business and team growth over the past year, including its second German office opening and the expected opening of a local subsidiary in Michigan.
The company has expanded with a workforce expansion of 69.2 percent year over year to 308 in June 2022. It also has been completing proof-of-concept projects and production projects, paving the road to more mass production.
Furthermore, the company says it continues to establish partnerships and customers across multiple OEMs and Tier 1s worldwide to deploy its SVNet network on various vehicle models.
SVNet powers the perception technology behind ADAS and autonomous vehicles, enabling external vehicle perception via more than 14 platforms to detect and recognize objects accurately and safely.
It is said to be 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 says its clients can expect to “immediately and drastically reduce manpower, cost, and error.” Also, SVNet’s training suite is designed to enable partners to internally utilize and train their own data, making AI training “simple, easy, and streamlined.”
With this round closed, StradVision now has $129 million in cumulative funding from the seed round through Series C. Automotive industry strategic investors to date for StradVision have included Aptiv, Hyundai Motor Co., 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,” says 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.”