Israeli deep learning computer vision startup allegro.ai has received a strategic investment from Hyundai CRADLE, the automotive company's corporate venturing and innovation arm. The amount of funding raised has not been disclosed, and neither was the exact scope of the partnership between the companies.
The product of allegro.ai, a platform that streamlines the development and management of deep-learning powered products, is expected to “improve the quality of Hyundai’s products,” the companies stated in a press release.
“Deep learning computer vision is one of the core technologies that can be applied to autonomous driving to navigate roads and make quick decisions in real-time—and allegro.ai is clearly an innovation leader in that field,” said Ruby Chen, head of investment at Hyundai CRADLE Tel Aviv. “Our investment in allegro.ai is a further step in enhancing our presence in the Israeli market, a global leader of technological innovation in the fields of automation, artificial intelligence and deep learning. This is our fifth investment in an Israeli company and our activities will continue to grow the coming year.”