Helm.ai Inc. announced today that it has closed a $31 million round of funding for the development of a software platform for self-driving vehicles.
Freeman Group led the Series C round. A number of publicly traded auto parts makers participated as well, including Honda Motor Co., ACVC Partners, and Amplo Ltd. To date, Helm.ai has raised $78 million from investors.
The Menlo Park, California-based Helm.ai startup offers a software platform for automakers to build self-driving vehicles. According to the company, its platform can be used to implement Level 4 autonomy. In most situations, a vehicle with Level 4 autonomy can drive without human intervention.
According to Helm.ai, its platform is also capable of supporting other use cases. In addition to powering robots, it is also used in advanced driver assistance systems, which allow cars to automate certain aspects of driving.
In contrast to many competing offerings on the market, the startup’s platform uses a different approach to artificial intelligence. As a result, the startup claims its software is reliable and reduces the costs associated with building autonomous vehicles.
Helm.ai will use the proceeds from its latest funding round to support its research and development efforts. Additionally, the startup will invest in a portion of the capital to advance its commercialisation efforts.
“Our Deep Teaching technology allows us to quickly deliver best-in-class AI software to OEMs and Tier 1s in a hardware-agnostic fashion, accelerating their time to market and enabling their path to software differentiation with high-end ADAS and L4 systems,” said Helm.ai CEO Vlad Voroninski, “This new capital will increase our AI offerings for autonomous driving and robotics applications and expand the commercialisation footprint of our cutting-edge AI software stack.”
Helm.ai’s Series C round is Freeman Group’s third investment in Helm.ai’s CEO Vlad Voroninski’s ventures. Prior to co-founding Helm.ai in 2016, Vlad served as Chief Scientist at Sift Security, a cybersecurity machine learning startup seeded by Freeman Group and acquired in 2018 by Netskope, which is now the fastest growing private cybersecurity company in the world, valued at $7.5 billion. Freeman Group, which has also invested in the Series B and Series C rounds of Helm.ai, is a private investment and asset management firm founded by serial entrepreneur and investor Brandon Freeman, who is joining the Helm.ai board of directors as part of this financing.
“Vlad was an integral part of Sift Security’s early success and has led Helm.ai’s growth and development effectively by delivering breakthrough AI software that the automotive sector is rapidly embracing,” said Freeman Group President Brandon Freeman. “Freeman Group couldn’t be more excited to have led Helm.ai’s Series C round and we will continue supporting the company’s rapid growth under Vlad’s leadership.”
Helm.ai’s Series C funding round and accolades come at a time when the autonomous vehicle sector is undergoing a paradigm shift. As competitors falter due to poor technological and market positioning, next-generation technologies and robust commercialisation approach toward L4 are opening up through the high-end ADAS market.
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