ADASWorks announced that it closed a Series A round by Robert Bosch Venture Capital from Germany and Inventure from Finland. The venture capital firms were followed by the leading Hungarian seed investor OTP-Day One and angel investor Tim Draper. The funding will be used for growing the company’s engineering team, building a robust testing infrastructure and productizing the current algorithms for automotive clients.
“This investment allows us to bring our integrated automotive software to market in cooperation with car manufacturers and suppliers, making driver assistance functions more widespread and intelligent than ever before” - says Laszlo Kishonti, ADASWorks founder and CEO.
ADASWorks develops integrated software for Advanced Driver Assistance Systems (ADAS) and autonomous cars, using low power but high-performance embedded processors. The company’s software fuses computer vision, sensor technologies, and artificial intelligence to achieve market leading precision and safety levels.
Comprised of automotive and software engineers, mathematicians, computer scientists, AI and robotics experts, the developer team works out of the company’s Budapest based office. The startup’s aim is to revolutionize the automotive industry by developing cost-effective ADAS software.