FiveAI raises $2.7m seed funding to develop autonomous vehicles
Investment from Amadeus Capital Partners will help AI company to build ‘Level 5’ autonomous vehicles, requiring no driver involvement whatsoever
FiveAI, an artificial intelligence (AI) and autonomous vehicle start-up, has secured $2.7m worth of seed funding led by Amadeus Capital Partners, with participation from Spring Partners and Notion Capital.
Unlike earlier approaches that relied on 3D maps, FiveAI’s system uses AI and machine learning to help autonomous vehicles to safely and accurately navigate their environment.
The company has said that this approach avoids the need to survey, maintain and share maps of the world’s 37.2 million kilometres of road networks.
The funding will help FiveAI support the development of its fully autonomous system, with the goal of eventually delivering ‘Level 5’ autonomy. Currently, commercially available vehicles are rated at ‘Level 1’ or ‘Level 2’, meaning they require a human driver to monitor their environment.
Stan Boland, CEO of FiveAI, commented: “Humans use a variety of subtle cues and gestures to anticipate traffic events so our technology will do the same, ensuring equipped vehicles will be both safe and decisive in complex urban traffic environments.”
Hermann Hauser, co-founder of Amadeus Capital, said: We’re excited to support this team in building a European powerhouse for autonomous vehicle technology, through the use of machine learning and state-of-the-art university research to revolutionise the guidance systems for autonomous vehicles.”