Recogni, the US-headquartered developer of a vision cognition system for autonomous vehicles, has raised $48.9m in a series B round that included several corporate venturers.
Tire maker Continental joined Toyota AI Ventures, BMW i Ventures, Robert Bosch Venture Capital and Fluxunit – Osram Ventures, on behalf of carmakers Toyota and BMW, industrial equipment producer Robert Bosch and lighting product manufacturer Osram respectively, in the round.
Venture capital firm WRVI Capital led the round, which also featured VC firms GreatPoint Ventures and Mayfield Fund, and DNS Capital, the investment office for the business enterprise of Gigi Pritzker, Michael Pucker and their immediate family.
Recogni’s technology utilises artificial intelligence to help autonomous vehicles take in more information about their surroundings. The funding will help it bring its artificial intelligence perception platform to market.
Rouven Spinner, investment partner at Continental, said: “Our shared focus and complementary expertise enable us to see the value of Recogni’s vision cognition technology.”
Luis Llovera, managing director at Robert Bosch Venture Capital, added: “[Recogni’s] AI-powered vision platform will enable tier 1 [car component suppliers] and [original equipment manufacturers] to accelerate the transition from just safety features to full autonomy.”
Recogni had previously received $25m in an August 2019 series A round that was led by GreatPoint Ventures and backed by automotive component manufacturer Faurecia, Toyota AI Ventures, BMW i Ventures, Fluxunit and DNS Capital.
