ADASWorks, a Stuttgart, Germany-based startup announced today that it closed a Series A round co-led by Robert Bosch Venture Capital GmbH (RBVC) and Inventure. The venture capital firms were followed by the leading Hungarian seed investor OTP-Day One Seed Investment Fund and angel investor Tim Draper.
ADASWorks focuses on automotive computer vision, artificial intelligence and navigation technologies. The startup’s aim is to revolutionize the automotive industry by developing cost-effective Advanced Driver Assistance Systems (ADAS) software for next-generation application processors.
ADASWorks is a spin-off of Kishonti Kft, a global leader in performance optimization services. Comprised of automotive and software engineers, mathematicians, computer scientists, AI and robotics experts, the developer team works out of the company’s Budapest, Hungary-based office. The funding will be used for growing the company’s engineering team, building a robust testing infrastructure and productizing the current algorithms for automotive clients.
“This investment allows us to bring our integrated automotive software to market in cooperation with car manufacturers and Tier1 suppliers, making driver assistance functions more widespread and intelligent than ever before,” says Laszlo Kishonti, ADASWorks founder and CEO.
“The performance of embedded processors has been growing several hundred-times over the last few years and lets us substitute multiple systems in cars with a single chip which consumes only a few watts,” he adds.
Dr. Ingo Ramesohl, Managing Director and Partner at Robert Bosch Venture Capital GmbH, comments: “With ADASWorks we are delighted to support a company which has a high chance to achieve significant improvements in automotive computer vision systems. The automotive industry will benefit by the company’s various, very innovative applications.”
“The change that self-driving cars are making to the whole society is fundamental. ADASWorks is making key parts to the complex technical puzzle powering it,” says Ilkka Kivimäki, Partner at Inventure.
Elek Straub from Day One Capital, says: “We are pleased to welcome in our portfolio a world-class team from Hungary led by Laszlo Kishonti, who is not only a great visionary but has already proven as an entrepreneur. Considering the key drivers of the automotive industry, we believe that ADASWorks’ disruptive solutions can boost the market evolution in a valuable way.”
About ADASWorks GmbH
ADASWorks develops an integrated software framework for Advanced Driver Assistance Systems (ADAS) and autonomous cars, using low power but high-performance embedded processors. The company’s software fuses computer vision, artificial intelligence, mapping and multiple sensor technologies to achieve market leading precision and safety levels. Further information at: www.adasworks.com.
About Robert Bosch Venture Capital GmbH
Robert Bosch Venture Capital GmbH (RBVC) is the corporate venture capital company of the Bosch Group, a leading global supplier of technology and services. RBVC invests worldwide in innovative start-up companies at all stages of their development. Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all, automation and electrification, energy and environment, enabling technologies, and healthcare systems. RBVC also invests in services and business models as well as new materials that are relevant to the above-mentioned areas of business. Further information at: www.rbvc.com.
Inventure is a leading early-stage venture capital company in the Nordics and Baltics. Inventure invests in innovative and fast-growing companies, led by exceptional entrepreneurs and willing to disrupt their industries. Inventure’s team is a great mix of experienced entrepreneurs, industry experts, and investment professionals committed to help start-ups build global success stories. Inventure operates in Helsinki, Stockholm, Shanghai, and New York. Further information at: www.inventure.fi.
About OTP-Day One Seed Investment Fund
The Fund is jointly managed by two Hungarian VCs, Portfolion Ltd. and Day One Capital Ltd. Portfolion partners with companies across multiple stages. Day One Capital is an early-stage technology investor, managing privately financed funds, which seeks to find and join the most exciting Central Eastern European teams on their global mission. Further information at: www.portfolion.hu, www.dayonecapital.com.