Algolux, a Montreal-based computer vision software company, is taking on $23 million (US $18.4 million) in Series B funding.
The was co-led by Forte Ventures and Drive Capital. New joiners included Investissement Quebec, Castor Ventures, and Nikon-SBI Innovation Fund. Meanwhile, existing investors GM Ventures, Generation Ventures, and Intact Ventures also joined the party.
The company will use the money towards three goals: accelerate the market adoption of its tech, grow its engineering and customer service for worldwide support and to expand to more markets enabled by camera applications.
Along with the funding, the company made a few other noteworthy announcements. Louis Rajczi, Partner at Forte Ventures, and Alistair Mitchell, President at Generation Ventures have joined the Algolux Board of Directors. Alan MacIntosh, Board Partner at Real Ventures, will be moving to a Board Observer role.
Meanwhile, Matthias Schulze will come on board as vice president for Europe and Asia. Schulze is an ADAS veteran with over 20 years of management experience. Most recently, he served as VP, Technology Management at Visteon.
Algolux builds perception technology, addressing both existing cameras and new designs through cloud-based tools and embedded AI software.
Algolux says global automotive camera shipments are expected to surpass 300 million units by 2025, reaching a massive $25 billion in revenue according to studies by Yole Developpement and Global Market Insights. Industry growth will continue to be fueled by increasing concerns regarding vehicle and passenger safety coupled with accelerating technological advancements in camera-based advanced driver assistance systems (ADAS). ADAS are groups of technologies that assist drivers in driving and parking functions using sensors and cameras, to detect nearby obstacles or driver errors and respond accordingly.
Unfortunately, says Algolux, vision – the most widely deployed component of the overall perception stack – is still hampered by performance issues in low light and poor weather conditions.
It adds that urban car crash fatalities and fatality rates in the US have actually been rising for over a decade.
Algolux addresses the ADAS safety issue
Algolux says its computer vision and image optimization solutions address the issue of safety for ADAS and autonomous vehicles.
It says it is the first company to use computational imaging to design algorithms that treat the camera as part of the overall perception stack; a “bold departure from the traditional siloed approach.” This leads to the resolution of harsh cases such as low-light, low contrast, and obstructions for object detection, imaging, and geometric estimation.
“We fully expect that computer vision systems will be an increasingly important part of the future safety and functionality of vehicles, and a necessary complement to other sensors like LiDAR and Radar,” said Louis Rajczi, a partner at Forte Ventures. “We understand that these camera systems must function in extremely challenging environments and believe Algolux has developed a world-class solution that provides exceptional performance in these types of conditions.”