Autotech Startup Cognata Raises $18.5 Million
The Israel-based company develops a simulation program for training artificial intelligence-based systems
Meir Orbach : 2018-10-17T15:59:30..
Israel-based autotech company Cognata Ltd. has raised $18.5 million in a series B round led by existing investors Airbus Ventures, E.Merge Group, and Maniv Mobility, and new investor Global IoT Technology Ventures. The round brings Cognata's total equity funding to $23.5 million.
For daily updates, subscribe to our newsletter by clicking here.Founded in 2016 and based in Rehovot, a town in central Israel, Cognata develops an artificial intelligence-based system capable of simulating various situations a self-driving car may encounter within a specific city. The system is meant to reduce the time and resources required for testing the vehicles in real-life situations.
Cognata intends to use the funding to increase its employee count, currently at 30 people, and expand its presence in China, Germany, the U.S., and Japan.