FiveAI, which is leveraging artificial intelligence and machine learning to accelerate the arrival of autonomous vehicles, has announced the closure of a $2.7m equity funding round.
The round, led by Amadeus Capital Partners, also drew support from Spring Partners and Notion Capital.
According to a statement, the company will use the money to grow its team, drive its development and to begin simulating and road testing its software.
Stan Boland, the CEO, spoke about the raise: “Full autonomy will revolutionise the automotive and transportation sectors, enabling all of us to enjoy a low-cost, low-congestion and high-convenience mobility.”
“Computer vision can, for the first time, be superior to human abilities and we will build such a capability. But safe and effective autonomous vehicles need more than just super-human perception. Humans use a variety of subtle cues and gestures to anticipate traffic events so our technology will do the same, ensuring equipped vehicles will be both safe and decisive in complex urban traffic environments,” he added.
The company is hoping to provide its software to big players in the mobility industry, including automotive industry suppliers, rental companies and transportation firms in both the public and private sectors.
“Amadeus is very excited by the investment opportunity arising from advances in autonomous vehicles,” said Hermann Hauser, co-founder and partner at Amadeus Capital. “FiveAI has a world-class technology founding team which we have backed three times before and which has successfully built and exited companies worth over $1bn.”
He continued: “Europe is home to many of the world’s top automotive OEMs and transportation operators, and the UK in particular is a hotbed for emerging AI and machine-learning talent. We’re excited to support this team in building a European powerhouse for autonomous vehicle technology, through the use of machine learning and state-of-the-art university research to revolutionise the guidance systems for autonomous vehicles.”