Teraki, a Berlin, Germany-based provider of edge processing software for the Automotive and IoT industries, closed a $11m Series A funding.
The round was led by Horizons Ventures, joined by strategic investors including a Japanese technology company; US-based State Auto Labs Fund – managed by Rev1 Ventures; Bright Success Capital; and Castor Ventures. Existing investors Paladin Capital Group and innogy Ventures also participated.
The company intends to use the funds to accelerate its current focus on the automotive electronics market, as well as to expand into sectors facing a similar rise in data demands in constrained computing and communications components, including IoT, drones, robotics and others, grow the current team of 40 employees, grow in the U.S. and Asia, and accelerate the product roadmap. As part of the expansion into Asia they recently opened offices in Seoul and Tokyo.
Led by Dr. Daniel Richart, CEO and co-founder, Teraki provides edge processing software for the Automotive and IoT industries. The company’s Intelligent Signal Processing technology enables the extraction of more information without increasing hardware requirements to compute and store data in cars and devices. The system processes telematics, video and 3D point cloud signals using an ultra-low footprint for its embedded software.
The Teraki DevCenter automates the continuous training and updating of signal processing, ensuring the AI models of its customers maintain the highest accuracy and efficiency during the full life cycle of a car.
The company’s product is used for predictive maintenance, crash detection, object detection, sensor fusion, AD and ADAS applications and other use cases.
Teraki has a number of engagements with automotive OEMs, Tier 1 suppliers and semiconductor customers.