Teraki today announced it has closed $11 million (nearly €9.9 million) in Series A funding to address the problem of exploding data demand in tightly constrained electronics components such as those embedded in automotive systems. This follows the company’s strong momentum in customer engagements and expanded market opportunities, and brings the total capital invested to $16.3 million.
Teraki based in Berlin, is a team of experienced Data scientists, Physics PhDs and Software developers working to deliver embedded software for sensor data pre-processing. The AI powered solution enables low-powered hardware to significantly reduce data in real-time of Telematic, Camera and LiDAR sensors while enabling our customers to detect events and objects with high accuracy. The efficient and accurate edge processing is deterministic and certifiable conform automotive safety standards.
The company’s breakthrough AI and edge data processing software makes applications and algorithms run 10X more efficiently in cars and Internet of Things (IoT) devices, while preserving the data quality and accuracy required for training and running machine learning models. Teraki enables edge devices to do more without increasing hardware resource requirements and costs.
Why this investment?
The investment round is led by Horizons Ventures, joined by strategic investors including a leading Japanese technology company; US-based State Auto Lab Funds; Bright Success Capital; and Castor Ventures. Existing investors Paladin Capital Group and innogy Ventures also participated.
The investment will be used to accelerate Teraki’s current focus on the $395 billion automotive electronics market, as well as to expand into sectors facing a similar rise in data demands in tightly constrained computing and communications components, including IoT, drones, robotics and others. The company’s partnerships with Microsoft and Infineon highlight the relevance of Teraki software to these markets for leading cloud players and global producers of edge chipsets. Other uses of the funds include further growing the current team of 40 employees, expanding into the U.S. and Asia, and accelerating the product roadmap. As part of the expansion into Asia the company recently opened offices in Seoul and Tokyo.
Teraki has quickly proven itself as a leading innovator in Berlin’s rapidly expanding AI and Edge Computing space. Teraki has a number of engagements with automotive OEMs, Tier 1 suppliers and semiconductor customers.
Reserves presence at CES 2020
Teraki will present its unique Intelligent Signal Processing product at CES 2020 in booth 9520, LVCC Northern Hall, January 7 – 10 in Las Vegas. There it will demonstrate Sensor Fusion of LIDAR and camera streams, accurately detecting objects in real time on a low-powered computing device complying with the highest quality requirements for data collection in automotive.
— Press release
Stock photo from Zapp2Photo/Shutterstock
Stay tuned to Silicon Canals for more European technology news.