Algolux, a Montreal, QC, Canada-based computer vision software company, raised $18.4M in Series B funding.
The round was led by Forte Ventures and Drive Capital with participation from Investissement Quebec, Castor Ventures, Nikon-SBI Innovation Fund, GM Ventures, Generation Ventures and Intact Ventures. As part of the funding round, Louis Rajczi, Partner at Forte Ventures, and Alistair Mitchell, President at Generation Ventures have joined the Algolux Board of Directors. Alan MacIntosh, Board Partner at Real Ventures, will be moving to a Board Observer role.
The company intends to use the funds to achieve the following three goals:
- Accelerate adoption of its products across mobility markets
- Grow its engineering and customer enabling teams to scale worldwide support
- Expand to additional vertical markets enabled by camera applications
Led by CEO Allan Benchetrit, Algolux provides computer vision and image optimization solutions that address the mission-critical issue of safety for ADAS and autonomous vehicles. It uses computational imaging to design algorithms that treat the camera as part of the overall perception stack. 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.
Algolux is also announcing the appointment of Matthias Schulze as Vice President Europe and Asia. Schulze, an ADAS veteran with over 20 years of management experience, will help accelerate Algolux’s go-to-market strategy.
The company also has offices in Palo Alto and Munich.