Why we invested in Fortellix

Why haven’t the big promises of vast-scale autonomous vehicles been fulfilled yet?

The development of autonomous vehicles (AVs) has the potential to revolutionize transportation and transform the way we travel and transport goods. However, this promise has yet to be fully realized on a large scale due to several problems, with safety issues being paramount among them.

The concerns about the safety of AVs are substantial. While autonomous vehicles have the potential to reduce accidents caused by human error, there is still a risk of technical failures or edge scenarios that could lead to accidents.

Unlike other industries such as enterprise software, autonomous systems need to be 100% safe and debugged; any failure could result in loss of life. Therefore, extensive verification and validation testing, including extreme edge cases in thousands of variations, is critical for the success of autonomous system manufacturers such as car and truck makers.

According to McKinsey, validation accounts for over 50% of development costs for AV projects.

Foretellix solutions are uniquely capable of scaling to meet the challenges presented by today’s increasingly complex automated driving systems. The company utilizes proven methods from the semiconductor chip industry, leveraging hyper-automation, big data analytics, and AI.

Foretellix is addressing the biggest barriers to safe, large-scale deployment of automated driving systems. Their revolutionary platform allows for testing, verifying, and validating product development in autonomous driving systems. This enables the mass deployment of these systems while reducing risks, costs, and time to market.

Key investments considerations

Shaping the market standards  Foretellix is the only company offering native support of the Industry’s new ASAM-driven standard, where Foretellix contributed its language to the standard. As a result, the company is uniquely positioned to control the standard and market dynamics of this specific segment

Safety testing – Integrating all test results in one place throughout the vehicle life cycle Foretellix collects data from various types of tests, including physical test driving and virtual test driving, and integrates all results into one place. Comprehensive big data analytics are then performed to pinpoint any issues and provide recommendations for the client to address them.

The Network Effect The network effect is a phenomenon whereby increased numbers of people or participants improve the value of a good or service. 

Fotellix helps clients to create new scenarios, and then the company adds the scenarios to its ever-growing library that is sold to new customers. Therefore the company improves all the time as well as creates a new revenue stream with high margins.

The company is working directly with the biggest car manufacturers, brands, and OEMs around the globe

An open platform (simulator agnostic) Only Foretellix offers integration with over 12 different simulators and it is the only open platform. This creates a win-win strategy with the simulator vendors that do not see Foretellix as a competitor but actually, as a partner that increases the use of their simulator products and increases their license revenues.

Conclusion

We are thrilled to invest in such a great company and team, alongside some of the leading companies and VCs in the world. We strongly believe in the company’s future, and we are working relentlessly to support the company and open doors to new markets in Asia.

Artofin Venture Capital Fund

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