Hyundai invests in Israel-based deep learning startup
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An Israeli deep learning startup has caught the attention of automaker Hyundai, and now it’s on a mission to bring AI into vehicle management.
Allegro.ai develops deep learning-based computer vision. It was founded in 2016 and emerged from ‘stealth mode’ in April 2018, after raising an $11 million Series A funding round.
Hyundai’s investment will allow allegro.ai to speed up deployment of AI technology in many business areas, including Hyundai’s driving technology.
“Computer vision can be used in an extremely wide range of uses,“ the company explains. “From understanding the results of medical examinations and clinical trials, through finding defaults in manufactured products (visual quality control), spotting guns, to creating better solutions in smart cities, retail, security, health, robotics and many other fields.”
“As a result, we cannot get AI right until we get computer vision right. And the most quick, effective and cost-effective way to create and implement computer vision solutions is through the use of deep learning.”
Allegro.ai offers an end-to-end deep learning lifecycle management solution. It simplifies the process of developing and managing deep learning solutions such as autonomous vehicles, drones, security, logistics, and many others.
"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,” comments Hyundai CRADLE Tel Aviv head of investment, 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".
Allegro.ai CEO and cofounder Nir Bar-Lev adds that his company shares Hyundai’s belief that AI empowers the industry. He adds it can provide better road safety and autonomy, better understand customer needs and help to broaden their experiences.
“Whether a company is developing autonomous vehicles, drones, security, or other types of applications, allegro.ai makes it easy for them to manage their data-sets and build deep learning-based solutions while guaranteeing complete and confidential control of their data,” Bar-lev says.
Before establishing Allegro.ai in 2016, Bar-Lev spent 10 years at Google where he played a key role in establishing Google's R&D centre in Israel. He also headed Google's advertising business in EMEA and led a digital payment solutions business unit.