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Prophesee raises $28M for its machine vision solutions

Prophesee has announced it has closed $28 million in funding, bringing its total funding to date to $68 million.

The company’s patented neuromorphic-based sensors and algorithms mimic how the human eye and brain work to improve efficiency in various applications. This investment round was led by the European Investment Bank and includes staged investments from commercial backers. Existing investors iBionext, 360 Capital Partners, Intel Capital, Robert Bosch Venture Capital and Supernova Invest.

The funds will be used to drive the further development and commercialisation of its Metavision sensor and underlying neuromorphic algorithm innovations. These aim to deliver high-performance and predictive maintenance applications in industry 4.0. A future version of this sensor will be aimed at the automotive and consumer markets, including autonomous driving and ADAS as well as uses in VR/AR and IoT.

“Our event-based approach to vision sensing and processing has resonated well with our customers in the automotive, industrial and IoT sectors, and the technology continues to achieve impressive results in benchmarking and initial industrialisation engagements. This latest round of financing will help us move rapidly from these successes to broader market adoption,” said Luca Verre, cofounder and CEO of Prophesee.

“Our agreement with the EIB gives us a flexible and practical way to access capital we need and having the backing of our original investors further strengthens our ability to take advantage of the market opportunities we see in key sectors.”

Bernard Gilly, chairman of iBionext added, “Prophesee continues to execute on its strategy to deliver a truly disruptive and game-changing innovation to the world of machine vision. Rooted in several years of development and strengthened with key commercial partners, the Company is now poised to achieve much wider industrial penetration. Together with the existing investors, the strong support of the EIB gives the Company the resources needed for its growth and makes us even more confident in its success.”

Author
Charlotte Hathway

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