Hyundai Invests in Deep Learning Startup allegro.ai
5 November, 2018
Founded in 2016, allegro.ai offers end-to-end DL lifecycle management solution focused on deep learning as it applies to computer vision
Hyundai Motor’s venture fund, Hyundai CRADLE, announced a strategic investment in allegro.ai from Ramat Gan, near Tel Aviv who developed deep learning (DL) – based computer vision software platform. Founded in 2016, allegro.ai offers end-to-end DL lifecycle management solution focused on deep learning as it applies to computer vision. The company’s platform simplifies the process of developing and managing deep learning-powered solutions – such as autonomous vehicles, drones, security, logistics and others.
“Our investment in allego.ai is enhancing our presence in Israel,” said Ruby Chen, Head of Investment at Hyundai CRADLE Tel Aviv. “This is our fifth investment in Israeli companies. Our investments will continue to grow the coming year.” Hyundai Motor Employs more than 110,000 employees worldwide and sold more than 4.5 million vehicles globally.
Last April, Allegro has closed its Series A fundraising round, led by MizMaa Ventures, with participation of Robert Bosch Venture Capital GmbH (RBVC), Samsung Catalyst Fund and Dynamic Loop Capital, bringing total investment to $11 million.
We are proud to partner with Hyundai and share Hyundai’s belief that AI empowers the industry to provide greater road safety, autonomy, to better understand customers’ needs and to help broaden their experiences,” said Nir Bar-lev CEO and Co-founder of allegro.ai (photo above). “Whether a company is developing autonomous vehicles, drones, security, or other types of applications, we make it easy for them to manage their data-sets and build deep learning-based solutions while guaranteeing complete and confidential control of their data.”
Posted in tags: deep learning