Gothenburg, Sweden-based Annotell has raised $24 million in a Series A financing round to meet growing customer demand and further develop its analytics and annotation platform that enables carmakers to validate the performance of self-driving vehicles’ perception systems.
In a self-driving car world, i.e. one where the human, or, perceptive, element is removed from the equation and replaced with a combination of software and hardware, there are a lot of numbers that need to be crunched before said vehicle even leaves the showroom floor. And crunching takes time. A lot of time.
We think of it as ‘the vision test required for your car to get its driver’s license’." - Daniel Langkilde, Annotell CEO and co-founder.
Annotell combines a software package made up of market-leading data quality analytics, data quality assurance, perception performance analytics, and ground-truth production, with expertise in development cost reduction practices, and in so much, is shortening the production timeline for autonomous vehicles’ essential perception systems,
“Today, more than 1.3 million people die in traffic every year. Our goal is to make sure autonomy lowers that number, and that requires safe perception. You cannot drive with your eyes closed, after all,” explained Annotell co-founder and CEO Daniel Langkilde. “Our software platform makes it possible to develop and validate safe perception systems by making sure it is done based on the right data."
Launched in 2018, the 70 team-member strong company has already inked deals with the likes of Volvo Group and Zenseact, and has deals with a number of OEM’s and self-driving companies waiting in the wings.
The company's $24 million Series A funding round was led by Jaan Tallinn’s Metaplanet and Europe’s largest Japanese deeptech fund, NordicNinja. Existing investors Ernström & Co. and Sessan AB also participated in the round, bringing Annotell’s total capital raised to over $31 million.