Germany-based autonomous driving software developer Recogni received $25m in series A funding on Wednesday from investors including carmakers Toyota and BMW, automotive component producer Faurecia and lighting product manufacturer Osram.
Venture capital firm GreatPoint Ventures led the round, which also featured family office DNS Capital, while Toyota, BMW and Osram participated through their respective corporate venturing subsidiaries: Toyota AI Ventures, BMW i Ventures and Fluxunit.
Founded in 2017, Recongni is developing an artificial intelligence-powered driving system that helps autonomous vehicles process data so they can analyse the surrounding environment, detect objects in the road and make decisions more quickly, while also using less energy.
Proceeds from the round will also be used to bolster the company’s engineering team and accelerate the development of its technology.
Marcus Behrendt, partner at BMW i Ventures, said: “The ability to process sensor data on the edge efficiently and in real-time is essential in the development of autonomous vehicles.
“We believe that Recogni has the right approach and an experienced team to help solve these critical issues as the automotive industry continues on its path towards semi-autonomous and fully autonomous vehicles.”