Hyundai Invests in Israeli’s Deep Learning Startup Allegro.ai
Trending in the latest AI news, Hyundai CRADLE announced a strategic investment in Israeli’s startup. Hyundai CRADLE is the motor company’s corporate venture arm that made this investment. This investment has been made with the aim to allow more rapid deployment of AI technology to improve the quality of Hyundai’s products. The company has shown interest in this startup based on the firm’s deep learning technologies used for computer vision in self-driving vehicles.
Representatives at Hyundai and allegro.ai claim, this investment leads towards creating a ‘safer driving environment’. Keep reading to know more details about this partnership.
Founded in 2016, allegro.ai is the creator of a platform supporting the development of deep learning and artificial intelligence solutions. This company simplifies the process of developing and managing solutions and products. That include autonomous vehicles, drones, security and logistics systems. And these vehicles are powered by artificial intelligence and deep learning. It also allows customers to update their devices and their learning capabilities while in use. Thus allowing every device to continue to improve its operations.
Allegro.ai’s deep learning computer vision is one of the core technologies that can be applied to autonomous driving. Thus enabling drivers to navigate roads and make quick decisions in real time. The Isrial startup enters the picture with an AI product life-cycle management solution primarily focused on computer vision. The product of allegro.ai also claims to streamline the development and management of deep-learning powered products
Nir Bar-lev CEO and Co-founder of allegro.ai expressed that their solutions makes it easy for companies to manage their data sets. Thus enabling them to build deep learning based solutions that guarantee complete control of their data.
Effects of Hyundai – Allegro.ai Partnership
While Allegro.ai’s technology has a broad range of potential use, it’s especially applicable in areas of vehicles and more. There are fields still in the development cycle but all are predicted to be massive markets in the near future. Allegro.ai’s representatives expressed they are proud to partner with Hyundai. The reason being,they get to share Hyundai’s belief that AI empowers the industry to provide greater road safety. Hence enabling to better understand customers’ needs and to help broaden their experiences.
“Our investment in allego.ai is a further step in enhancing our presence in the Israeli market, a global leader of technological innovation in the fields of automation, artificial intelligence ,and deep learning,” said Hyundai’s CEO. This is Hyundai’s fifth investment in an Israeli company and their activities will continue to grow the coming year. The amount of the deal between the two companies still remains undisclosed, but the vision of the deal is very clear. This move is surely a step forward towards AI taken by any motor company.
Prior to the investment by Hyundai, allegro.ai had raised $11 million. The investors include MizMaa Ventures, Samsung Catalyst Fund, Robert Bosch Venture Capital and Dynamic Loop Capital. Allegro.ai along with another Isrial company named Autotalks, a developer of vehicle-to-vehicle (V2V) communication systems for self-driving cars plan to create next-generation sensors for connected vehicles.
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