Carmaker General Motors led a $10m series A round for Canada-based autonomous vision technology developer Algolux on Tuesday through its strategic investment arm, GM Ventures.
Intact Ventures, the corporate venture capital subsidiary of insurance firm Intact Financial, also participated in the round, as did VC firms Drive Capital and Real Ventures.
Algolux is developing computer vision analytics software for autonomous vehicles and devices that relies on machine learning algorithms to weigh automation training data against key performance indicators to improve the performance of vision systems.
The series A funding will be allocated to product development as Algolux looks to expand internationally. GM Ventures investment manager Jason Nolte will join the company’s board of directors in connection with the round, as will Drive Capital partner Mark Kvamme.
Algolux received $825,000 of seed money from startup studio Playground Global in September 2017, after closing a $2.6m series A round led by Real Ventures in 2014 that included unnamed angel investors. Its backers also include startup foundry TandemLaunch.