US-based automotive perception technology developer DeepScale has raised $15m in a series A round co-led by Next47, a corporate venturing subsidiary of industrial product maker Siemens.
The round was co-led by asset manager Point72 Asset Management, with contributions from venture capital firms Autotech Ventures and Trucks Venture Capital.
DeepScale is developing deep learning-based technology to enhance the perception of autonomous vehicles and driver assistance systems designed to work with low-wattage processors commonly used by the automotive industry.
The technology relies on a deep neural network to interpret data from sensors so that autonomous vehicles can more easily contextualise their physical surroundings.
DeepScale has formed strategic agreements for its technology with partners including automotive electronics producers Hella-Aglaia Mobile Vision and Visteon. The series A proceeds will allow it to expand its engineering workforce as it aims to refine its technology.
The round follows the $3m DeepScale raised in a March 2017 seed round backed by Autotech Ventures, Bessemer Venture Partners, Greylock Partners, ME Cloud Ventures and angel investors Ali Partovi, Andy Bechtolsheim and Lip-Bu Tan.