Country for PR: United States
Contributor: PR Newswire New York
Monday, July 12 2021 - 23:00
Algolux Closes $18.4 Million Series B Round for Robust Computer Vision
MONTREAL, July 12, 2021 /PRNewswire-AsiaNet/ --

- New investment will serve to accelerate market adoption of Algolux's robust 
and scalable computer vision and image optimization solutions

Algolux, a globally recognized computer vision software company, today 
announced it has raised $18.4 million in Series B funding. This round was 
co-led by Forte Ventures and Drive Capital with additional funding from new 
investors Investissement Quebec, Castor Ventures, and Nikon-SBI Innovation 
Fund, as well as existing investors GM Ventures, Generation Ventures, and 
Intact Ventures.

Video -

Global automotive camera shipments are expected to surpass 300 million units by 
2025, reaching $25B in revenue according to separate studies by Yole 
Developpement ( 
) and Global Market Insights ( 
). Industry growth will continue to be fueled by increasing concerns regarding 
vehicle and passenger safety across the globe coupled with accelerating 
technological advancements in camera-based advanced driver assistance systems 
(ADAS). In parallel, trucks are making great progress towards autonomy as their 
large size provides a better platform for computing and an improved field of 
view for sensors. Unfortunately, vision – the most widely deployed component of 
the overall perception stack - is still hampered by performance issues in low 
light and poor weather conditions making SAE Levels 2 and above more 
challenging to support. In fact, urban car crash fatalities and fatality rates 
have been rising for over a decade in the United States.

Algolux's computer vision and image optimization solutions address the 
mission-critical issue of safety for ADAS and autonomous vehicles. Algolux 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. In addition, using physical camera models reduces 
training data needs by an order of magnitude. This results in Algolux 
technologies outperforming commercial solutions by as much as 60 points in mean 
average precision (mAP).

"We are thrilled to be taking this next step in the company's trajectory and to 
do so with the trust and support of outstanding investors. Algolux is actively 
engaged with leading OEMs, Tier 1s, and Tier 2s globally. The consistent theme 
is a desire from customers to significantly improve the performance of their 
driving and parking vision systems in even the most challenging real-world 
situations," said Allan Benchetrit, Algolux CEO.

"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, Partner 
at Forte Ventures. "We understand that these camera systems must function in 
extremely challenging environments (low light, poor weather, glare…) and 
believe Algolux has developed a world-class solution that provides exceptional 
performance in these types of conditions."

"We are proud to work with Algolux and to support its growth and innovation 
plans. Our participation demonstrates our desire to back Quebec businesses in 
strategic industries that are ready to drive economic development. We are 
confident that Algolux, which already stands out as a leading AI provider in 
the advanced vehicle market, will succeed and make its mark, both here at home 
and around the globe," said Guy Leblanc, President and CEO of Investissement 

Recently named to the 2021 CB Insights AI 100 List of the world's most 
innovative artificial intelligence startups, Algolux will use this funding to 
achieve the following three goals:

    -- Accelerate adoption of Algolux's award-winning products across mobility 
    -- Grow its engineering and customer enabling teams to scale worldwide 
    -- Expand to additional vertical markets enabled by camera applications

As part of the funding round, 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.

Algolux is also announcing the appointment of Matthias Schulze as Vice 
President Europe and Asia. Schulze, an ADAS veteran with over 20 years of 
management experience, will help accelerate Algolux's go-to-market strategy. 
Most recently, he served as VP, Technology Management at Visteon. Prior to 
that, he spent over 29 years at Daimler AG in leadership positions related to 
autonomous driving, ADAS, and telematics. Mr. Schulze's long record of 
collaboration with the European Commission, the German Federal Ministries of 
Economics and Technology and of Education and Research, as well as the Ministry 
of Land Infrastructure and Transport in Japan makes him the ideal fit to help 
Algolux expand its footprint in Europe and Asia.

About Algolux 
Algolux is a globally recognized computer vision company delivering the 
industry's most robust and scalable perception for all conditions, addressing 
both existing cameras and new designs through cloud-based tools and embedded AI 

Named to the 2021 CB Insights AI 100 List of the world's most innovative 
artificial intelligence startups, the company was founded on groundbreaking 
research at the intersection of deep learning, computer vision, and 
computational imaging. Our computer vision and image optimization solutions 
address the mission-critical issue of safety for automotive ADAS, autonomous 
vehicles, fleets, autonomous mobile robots, and smart city traffic video 

Algolux is headquartered in Montreal, with offices in Palo Alto and Munich.

Learn more at ( 

For the latest news on Algolux, follow us on LinkedIn ( 
), Twitter ( 
) and YouTube ( 

About Forte Ventures
Forte Ventures is a multi-stage venture capital firm that collaborates and 
co-invests with corporate strategic partners in technology companies across 
diversified industry sectors throughout the U.S. and Canada. Focus areas 
include Information Technology, Insurance Tech, Financial Tech, On-Demand 
Tech/Services, Mobility, IoT, Cybersecurity, and Industrial Technology. Initial 
investments generally range between $2-5 million and typically include 
participation from leading corporate strategic partners as co-investors. Forte 
Ventures has offices in Atlanta and Silicon Valley. For more information please 

About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is focused on 
investing in the world's next generation of market-defining companies. The firm 
started in 2013 and raised more than $1B of funds to invest in startups solving 
important problems in large markets. Drive is an investor in more than 40 
companies outside of Silicon Valley, including Root Insurance, Duolingo, 
Cyclica, ApplyBoard, and KOHO. Visit to learn more.

About Investissement Quebec 
Investissement Quebec's mission is to play an active role in Quebec's economic 
development by spurring business innovation, entrepreneurship and business 
acquisitions, as well as growth in investment and exports. Operating in all the 
province's administrative regions, the Corporation supports the creation and 
growth of businesses of all sizes with investments and customized financial 
solutions. It also assists businesses by providing consulting services and 
other support measures, including technological assistance available from 
Investissement Quebec – CRIQ. In addition, through Investissement Quebec 
International, the Corporation also prospects for talent and foreign investment 
and assists Quebec businesses with export activities.

About GM Ventures
GM Ventures invests in automotive-related start-ups that are developing 
advanced technology to be implemented in General Motors' vehicles, 
manufacturing facilities and operating businesses. We focus on key technologies 
that support our mission to drive innovation and impact the future of mobility.

About Castor Ventures
Castor Ventures enables MIT alumni to invest together in ventures connected to 
MIT alums. Castor Ventures raises a fund each year among accredited MIT alums, 
providing investors with portfolio of 20-30 companies diversified across 
sector, stage, and geography, co-investing alongside top venture firms. Castor 
Ventures is part of a family of funds under Alumni Ventures Group, one of the 
most active venture firms in the world. The fund is private, for-profit, and 
not affiliated with MIT.

About Nikon-SBI
Nikon and SBI Investment Co., Ltd. have jointly established a private fund to 
invest in venture companies to create new business, promote nurturing of such 
businesses, and realize business synergies as a mid/long-term plan. Nikon is 
deploying this new fund not only to existing businesses but also to pursue 
fresh business opportunities by investing in venture companies that can 
possibly play a future role, with a focus on Japan and North America as well as 
European and Asian countries.

About Generation Ventures
Generation Ventures is the venture arm of Generation Capital, a family office 
based in Toronto, Canada. Through Generation Ventures, they fund leading VCs in 
Canada, the US, and China, and make a commensurate amount of direct 
investments. Generation Ventures is managed by a multidisciplinary team that 
supports their active investment posture.

About Intact Ventures
Founded in 2016, Intact Ventures is the venture arm of Intact Financial 
Corporation and is focused on investing in companies redefining the insurance 
industry through innovative business models and new technology. Intact Ventures 
invests in Series A and Series B companies with early-stage financing.

Media Relations, Max Leblond - Marketing Manager, Algolux, 514-589-3933,

SOURCE  Algolux Inc.