Tel Aviv-based machine vision startup VAYAVISION has received a €2.45 million SME Instrument grant from the European Commission's European Innovation Council (EIC). The company will use the money to bring its perception software to the European market and establish a local presence.
VAYAVISION's solution for level 3, 4 and 5 autonomous vehicles (AV) collects data from the radar, lidar, and camera and fuses it together to get a comprehensive understanding of the AV's environment. VAYADrive 2.0 also uses upsampling techniques and AI tools to recognise even the smallest objects and predict their moving trajectory.
“We are grateful to the European Commission for their support and their shared vision that our environmental perception software will improve the safety of Europe’s autonomous vehicles,” said VAYAVISION CEO and co-founder Ronny Cohen. “This grant, which is a testament to the increasing demand for AV perception solutions in Europe, will enable us to bring our innovative offering to those at the forefront of the automotive revolution.”
VAYAVISION was founded in 2015 and raised an $8 million seed funding round in October 2018.