This firm, called Cartica AI, will count Toyota, Continental AF, BMW, and OurCrowd as as partners in the new venture.
The company will be focused on creating new safety standards in an effort to reduce injuries and deaths from car accidents.
Cortica will utilize their artificial intelligence technology within this new venture and the partners will invest in newer technologies for autonomous cars according to CEO and Co-Founder Igal Raichelgauz, however he didn't mention how much each partner will invest.
“Our goal is to introduce a novel, yet proven, AI approach to the automotive industry, which will pave the way for a safer and more autonomous transportation,” said Raichelgauz, a graduate in electrical engineering from Haifa’s Technion – Israel Institute of Technology.
“Our strategy is to build strong partnerships with leading automotive players in order to bring our solution to the high-volume automotive marketplace by the end of next year. Joining forces with these leading players is another substantial validation of our unique technology and business strategy,” he said.
The company also announced they have a new product coming that has a different AI approach by using a math model that replicates how a mammal's brain works.
Coritca's goal is to be seen as an alternative to rival Mobileye, another Israeli-based autonomous technology company that is owned by Intel. Mobileye develops technology that allows computers to capture and analyze millions of images to help identify objects, but these images are introduced into the computer one at a time which takes longer and requires a powerful computer.
Cortica uses a different approach to model how a brain operates which allows the technology to begin learning on its own.
According to the company this allows an “unprecedented accuracy in edge cases and challenging scenarios.”
These new technologies will be mainly used within vehicle technologies but Raichelguaz mentioned that other technologies could be used in medicine or in military uses.
Cartica “pursues an entirely novel approach to autonomous perception and enables a wide range of compelling use cases that have the potential to transform mobility solutions in automotive and beyond,” said Nils Berkemeyer, Venture Capital Manager at Continental said.
“Cartica AI introduces a series of important technological advancements” for original equipment manufacturers (OEMs), including low compute requirements and low energy consumption, said Kasper Sage, a partner BMW i Ventures, stated. “Updates to the system can be included within minutes without the need to re-run vast amounts of training data like neural network-based approaches.”
“We believe Cartica will thus play a key role” in the development of autonomous driving and advanced driver-assistance systems (ADAS)” developed by OEMs and car manufacturers, “allowing them to design safe and predictable solutions that fulfill the strict requirements of the market,” BMW’s Sage added.
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