Revving up AI’s transformation in automotive and IoT markets
At the innogy Innovation Hub, we support start-ups that look to the future and seek to revolutionise the energy and energy-related industries with cutting-edge, scalable technologies. Artificial intelligence (AI) has already changed the game in many industries as the driving force of cost-effective, accurate and data-intensive applications.
Berlin-based AI start-up Teraki is getting in on the action. The company’s breakthrough AI and edge data processing software makes applications and algorithms run 10X more efficiently in cars and Internet of Things (IoT) devices, while preserving the data quality and accuracy required for training and running machine-learning models. Teraki enables edge devices to do more without increasing hardware resource requirements and costs.
innogy Innovation Hub, through innogy Ventures, participated in Teraki’s recent $11 million Series A funding round. Other investors in the oversubscribed round, led by Horizons Ventures, included a leading Japanese technology company, State Auto Labs Fund – managed by Rev1 Ventures, Bright Success Capital and Castor Ventures. Paladin Capital Group also joined innogy Ventures as a follow-on investor. The latest injection brings Teraki’s total funding to date to $16.3 million.
Teraki will use the new funding to enhance its focus on the automotive electronics market, and propel its expansion into other sectors facing increased data demands in tightly constrained computing and communications components, including IoT, drones, robotics and others. The capital will also be used to further grow the start-up’s team of 40 employees, support its expansion into the US and Asia, and further develop its product roadmap. The company recently opened offices in Seoul and Tokyo.
“We believe that AI and machine learning will fundamentally change every industry. We invest in AI start-ups that innovate not only to meet the demands of their current customers, but also have the potential to transform the energy industry,” said Thomas Labryga, Investment Partner at innogy Ventures. “Teraki’s breakthrough technology has the potential to enable new use cases in future energy systems such as automated drone inspections, energy IoT or efficient high-frequency energy metering. We are thrilled to support the growth of Teraki as part of this global and high-profile investor group.”
“We will use these funds to propel Teraki into new areas outside of automotive with significant recurring revenues as clients start large-scale deployments of our technology,” said Dr. Daniel Richart, CEO and co-founder of Teraki. “These funds will also enable us to fulfil demand from our existing automotive manufacturing and supplier customers for high-volume production series orders.”
Teraki is the leading supplier of edge processing software for the Automotive and IoT industries. The company’s Intelligent Signal Processing technology enables applications and algorithms at high efficiently, faster and with greater accuracy.
The embedded software enables the extraction of at least 10X more information without increasing hardware requirements to compute and store data in cars and devices. Teraki processes telematics, video and 3D point cloud signals using an ultra-low footprint for its embedded software. The technology is deterministic and can be certified for safety-critical applications.
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.
Teraki’s product is used for predictive maintenance, crash detection, object detection, sensor fusion, AD and ADAS applications and other use cases.
For more information, visit www.teraki.com