July 12, 2021

Algolux400x275Algolux, a computer vision software company, has announced raising $18.4 million in Series B funding. The new investment will be used by the Montreal-based company to accelerate market adoption of its computer vision and image optimization solutions. The round was co-led by Forte Ventures and Drive Capital, with additional funding from new investors Investissement Quebec, Castor Ventures, and Nikon-SBI Innovation Fund. Existing ventures GM Ventures, Generation Ventures, and Intact Ventures also participated.

Algolus said computer vision is still hampered by performance issues in low light and poor weather conditions, making SAE Levels and higher more challenging to support. The company’s computer vision and image optimization solutions aim to address the mission-critical issue of safety for advanced driver assistance systems (ADAS) and autonomous vehicles. Algolux uses computational imaging to design algorithms that treat the camera as part of the overall perception stack, a departure from the traditional siloed approach. The company said this leads to the resolution of harsh cases such as low-light, low contrast, and obstructions for object detection, imaging, and geometric estimation. In addition, using physical camera models reduces training data needs by an order of magnitude, the company said, which results in Algolux’s technology outperforming commercial solutions by as much as 60 points in mean average precision (mAP), the company said.

“We are thrilled to be taking this next step in the company’s trajectory and to do so with the trust and support of outstanding investors,” said Allan Benchetrit, CEO of Algolux. “Algolux is actively engaged with leading OEMs, Tier 1s, and Tier 2s globally. The consistent theme is a desire from customers to significantly improve the performance of their driving and parking vision systems in even the most challenging real-world situations.”

“We fully expect that computer vision systems will be an increasingly important part of the future safety and functionality of vehicles, and a necessary complement to other sensors like lidar and radar,” said Louis Rajczi, partner at Forte Ventures. “We understand that these camera systems must function in extremely challenging environments, including low light, poor weather and glare, and believe Algolux has developed a world-class solution that provides exceptional performance in these types of conditions.”

The company said it has three goals to achieve with the funding: accelerate adoption of its products across mobility markets; grow its engineering and customer-enabling teams to scale worldwide support; and expand to additional vertical markets enabled by camera applications.

For more details on Algolux and its offerings, visit the company’s website here.

Related video: