TL;DR:
- The Autotech sector in Israel is thriving despite the crisis in high-tech.
- Israeli startups in Autotech are experiencing impressive funding rounds, exits, and collaborations.
- Qualcomm acquired Autotalks, an Israeli company specializing in chips for preventing vehicle crashes, for an estimated $350-400 million.
- UVeye, a company offering advanced vehicle inspection systems, raised $100 million in Series D funding.
- Foretellix secured $43 million for its safety-driven verification and validation solutions for autonomous driving systems.
- ADASKY received $30 million for its proprietary LWIR sensors that enhance the reliability of ADAS and vision-based systems.
- The Autotech sector demonstrates resilience, attracting investments and forging strategic partnerships.
Main AI News:
The Autotech sector is defying the odds amidst the widespread crisis in high-tech, standing tall while other industries face layoffs and cutbacks. In these challenging times, Israeli startups in the Autotech domain are not only weathering the storm but thriving. The past month, in particular, has witnessed remarkable funding rounds, successful exits, and noteworthy collaborations with industry giants.
Last week, global chip designer Qualcomm made headlines by acquiring Autotalks, an Israeli company known for its chips used in cutting-edge technology aimed at preventing vehicle crashes. The deal, estimated to be worth between $350-400 million, emphasizes Qualcomm’s recognition of Autotalks’ automotive-qualified dual-model vehicle-to-everything (V2X) solutions.
These solutions are specifically designed to minimize collisions and enhance mobility, making roads safer for everyone. Autotalks, with a workforce of 120 employees, had previously secured a total of $110 million in funding, setting the stage for this strategic acquisition.
Shortly after, UVeye, a company specializing in automated vehicle inspection systems for the automotive industry, made waves by securing $100 million in Series D funding led by Hanaco VC. With offices in Teaneck, New Jersey, and Tel Aviv, UVeye leverages advanced artificial intelligence, computer vision, and machine learning technologies to revolutionize vehicle inspection. By providing state-of-the-art systems for both the automotive and homeland security sectors, UVeye is setting new standards in accuracy and efficiency.
The momentum of Israeli Autotech startups was already apparent in the preceding week when two companies raised an impressive combined total of $73 million. Foretellix, renowned for its safety-driven verification and validation solutions for Automated Driving Systems and Advanced Driver Assistance Systems (ADAS), secured $43 million in the first closing of its Series C funding round, led by 83North. This influx of capital strengthens Foretellix’s position as a key player in enabling safe autonomous driving.
Notably, ADASKY, a leading provider of proprietary LWIR sensors, followed suit by securing $30 million in funding led by Gentex, a prominent American corporation. ADASKY’s cutting-edge sensors enhance the reliability of ADAS and other vision-based systems, enabling seamless operation even in low-light and adverse weather conditions. In addition to the investment, Gentex and ADASKY forged a strategic collaboration agreement encompassing commercial, engineering, and manufacturing aspects to accelerate the market deployment of ADASKY’s innovative technology.
Conlcusion:
The thriving Autotech sector in Israel, despite the crisis in high-tech, signifies a robust market with immense potential. The impressive funding rounds, acquisitions, and collaborations showcased by Israeli startups highlight the industry’s attractiveness to investors and its ability to innovate in challenging times.
The acquisitions of Autotalks by Qualcomm and the substantial funding secured by UVeye, Foretellix, and ADASKY demonstrate the market’s recognition of the value and importance of advanced technologies in automotive safety and inspection. This signifies a growing demand for cutting-edge solutions in the global Autotech market. As Israeli startups continue to lead the way with their resilience and advancements, the market can anticipate further growth and transformative developments in the Autotech industry.
