IVEX raises €1.2 million for the development of self-driving cars
IVEX, a company of former University of Leuven (Belgium) researchers specializing in software for self-driving cars, raises 1.2 million euros from a range of investors, including the Flemish investment company PMV, Noshaq, The Faktory, Marc Jacobs and SPDG. This will allow to accelerate the commercialization of its AI products and services for self-driving cars.
IVEX was founded in November 2017 and aims to reduce the number of road casualties to zero by 2030. Several years of research and development preceded the start-up at KU Leuven founded by Mario Henrique Cruz Torres. This resulted in products and services for manufacturers of autonomous vehicles, combining artificial intelligence techniques and mathematical methods to increase safety in the decision-making process of these vehicles.
With the funding, IVEX aims to accelerate the roll-out of its two marketable products, the Safety Co-Pilot and the Safety Assessment Tool. IVEX' Safety Co-Pilot © is used to assess every decision made by the self-driving software, against the car safety requirements. IVEX' Safety Assessment Tool © on the other hand is a tool that car manufacturers use during development of autonomous cars to accelerate testing and validation. The tool generates a thorough safety report, as an assessment of how safe the driving is.
Great potential
IVEX focuses primarily on technology applicable in self-driving cars, but the methods can also be applied within other sectors where the safety of an autonomous decision must be checked. IVEX signed agreements with Case New Holland, the second largest farm-equipment maker in the world. Within the automotive sector, IVEX's customers include Renault, and SAIC motor, China's leading producer of electric cars.
Mario Torres, CEO of IVEX explains: "The confidence of big names in the automotive sector confirms the potential of our technology. We are therefore pleased with the entry of several investors who, like IVEX, recognise the importance of accelerating the roll-out within a sector that is on the eve of a series of important developments, specifically aimed at reducing the number of road casualties through the use of new technologies.”
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About PMV
PMV is a do and dare company that shapes the economic future of Flanders. PMV finances promising companies from the very start to growth and internationalization. PMV offers tailor-made financial solutions for every entrepreneur with a solid business plan and a strong management team, by providing venture capital, loans and guarantees. An experienced and highly motivated team of 125 professionals endeavors every day to achieve the goal of creating prosperity and well-being in Flanders. PMV has a portfolio of about € 1.3 billion in assets under management. More info about PMV can be found on www.pmv.eu.
About Noshaq
Noshaq is a portfolio of 464 companies and 600 million euros of resources. Noshaq is the reference financial partner for the creation and development of SMEs in the Liege Region. Over the years, Noshaq has developed a range of financing vehicles in line with the needs and trends of the market and its strategy. Each service offered by Noshaq (capital - loan - leasing) is always determined according to the demand and needs of the owner-investor. The objective is always to have a leverage effect on the company's development.
About The Faktory
The Faktory is a private tech startup seed investment fund co-founded by Pierre L’Hoest (founder and former CEO of EVS Broadcast) and Simon Alexandre (former CEO of CETIC). The Faktory Fund supports startups mainly in the areas of Internet of Things and Software as a Service (SaaS) in B2B international markets. The industrial background of The Faktory Fund’s management and investors offers to founders a unique expertise to develop B2B startups.
About SPDG
SPDG (www.spdg.be) is the holding company of the Périer-D’Ieteren family, one of the two major shareholders of the D’Ieteren Group. Active in the automotive industry for more than two centuries, D’Ieteren currently pursues three distinct activities articulated around strong brands.
The mission of SPDG is twofold. On the one hand, SPDG takes on the professional management of its strategic shareholding in D’Ieteren. On the other hand, via SPDG Ventures, it aims to partner with entrepreneurs in ventures that have a lasting impact on society. Companies included in the investment scope relate to mobility, smart city solutions and e-health in these specific contexts.
About Marc Jacobs
As both an entrepreneur and seasonal Business Angel, Marc Jacobs supports founders that aim to have a positive impact on the world. Convinced that every business should support the greater good, he is sector-agnostic and seeks projects that leverage technologies to answer important needs.
