Japan-based autonomous driving software developer Ascent Robotics secured ¥1.1bn ($10.4m) on Monday in a series A round led by financial services firm SBI Group.
The round also featured a range of angel investors including Bart Joseph Broadman, and followed $800,000 in funding from undisclosed investors in 2016 according to Robot Report. SBI Group participated through its SBI Investment unit’s artificial intelligence and blockchain fund.
Founded in 2016, Ascent Robotics is building an artificial intelligence engine called Atlas AI that will simulate road incidents in order to teach autonomous driving programs to handle a multitude of possible events.
Atlas AI began beta testing in November 2017 and is utilising deep reinforcement learning, generative modelling and transfer learning to facilitate the development of autonomous vehicles capable of independent steering, acceleration and braking, a grade of automation known as Level 4.
The capital will help Ascent recruit more research and engineering staff as it prepares to launch new offices in Japan and internationally. It has formed a research partnership with an automotive manufacturer and three robotics technology developers but has not revealed their identities.
Ascent will begin testing the software on Japanese roads in the next few months using Lexus hybrid sport utility vehicles with a full sensor array, according to Bloomberg. It will also invest in further AI-focused research and development.