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Ottometric Closes $4.9M Seed Funding Round for Automated Validation of ADAS Systems

Round led by Rally Ventures and including Goodyear Ventures, Proeza Ventures, Automotive Ventures, and key mobility funds

WALTHAM, Mass., Feb. 14, 2023 /PRNewswire/ — Ottometric, an emerging technology leader in the validation of Advanced Driver Assistance Systems (ADAS), has secured a total of $4.9 million in its seed funding round. The round was led by Rally Ventures, with participation from  leading mobility funds including Goodyear Ventures, Proeza Ventures, Automotive Ventures, Trucks VC, Reinforced Ventures and Investor Collaborative.

Ottometric was founded in 2019 by a team of automotive industry veterans from companies like General Motors, Autoliv, NVIDIA, and Optimus Ride who have been instrumental in the evolution of ADAS over the past decade, and have a deep understanding of the artificial intelligence (AI) training and validation processes. Their unique expertise in automotive electronics, AI, computer vision, and big data analytics has enabled the company to develop a breakthrough cloud software platform that automates and streamlines the ADAS development and validation process. Ottometric’s initial customers are market leaders in the ADAS industry and include two of the top ten largest Tier-1 automotive suppliers in the world.

Automotive OEMs and their suppliers spend $ billions every year developing and testing ADAS systems to meet government regulations and improve driver safety and confidence. The development and validation process creates petabytes of data from a myriad of sensors that must be analyzed and validated before the start of vehicle production.  Ottometric helps these companies save $ millions in development and validation costs while significantly reducing time to market versus traditional, painstaking manual annotation and review. Using the Ottometric platform customers can more easily find and fix bugs in ADAS software, enabling shorter development cycles, significant reduction in overall ADAS program costs, and improved system reliability. OEMs and their suppliers can now accelerate the deployment of next-generation ADAS systems to enhance their competitive advantage as well as demonstrate compliance with current and future government regulations. 

Zenas Hutcheson, Venture Partner at Rally Ventures, said “Ottometric offers unique, game-changing technology to automate ADAS testing and validation. Leveraging cloud computing, Ottometric automatically identifies critical events and anomalies that are essential for understanding real-world performance of ADAS solutions.”

Rodolfo Dieck, Managing Partner of Proeza Ventures, said “At a time when Tier-1s and OEMs are under pressure to improve the performance of their ADAS systems, Ottometric’s solution provides a step function improvement in validation efficiency and agility helping to reduce the time to production and avoid costly delays.”

“Improvements in ADAS capabilities will require new, scalable validation technologies that can help enable more reliable mobility,” said Abhijit Ganguly, Managing Director, Goodyear Ventures. “Ottometric is transforming ADAS validation and AV training, and the Goodyear team is excited to learn alongside a leading startup in this area.”

 “The ADAS market is evolving rapidly due to government regulation and consumer demand for more reliable and capable driver assistance systems,” said Joseph Burke, CEO of Ottometric.  “This funding enables us to grow the organization, expand our customer base, and accelerate our transformation of the ADAS development and validation process for the next generation of driver assistance systems.”

About Ottometric
Ottometric is a software company focused on automating and streamlining the validation and training processes for Advanced Driver Assistance Systems (ADAS).  Founded in 2019 by automotive industry veterans, Ottometric provides its automation solutions to OEMs, Tier-1 and Tier-2 suppliers whose current development and validation methods are manual-intensive, slow, and costly. Ottometric helps these companies save $ millions while significantly improving system performance and reducing time to market. The company is backed by leading venture capital firms including Rally Ventures, Goodyear Ventures, Proeza Ventures and Trucks VC.

Ottometric Secures $10M Series A Financing to Advance AI-Powered ADAS Validation

Funding Round Led by Schooner Capital will Accelerate Growth and Product Development

BOSTON, MA – Ottometric, an emerging technology leader in the validation of Advanced Driver Assistance Systems (ADAS), today announced the successful closing of its $10 Million Series A financing. The round was led by Schooner Capital, with participation from existing investors Rally Venture and Proeza Ventures, as well as new investors, including PS27 and Somersault Ventures. The new capital will support Ottometric’s rapid growth and accelerate the development of its breakthrough ADAS validation platform.

ADAS includes safety-critical features such as AEB (Automatic Emergency Braking) and LDW (Lane Departure Warning), as well as driver-assistance features such as ACC (Adaptive Cruise Control) and TSR (Traffic Sign Recognition). ADAS solutions are developed and validated using data from a complex network of sensors, including cameras, radar, lidar and ultrasonic sensors. However, the traditional validation process remains inefficient and unscalable. Automakers and suppliers typically spend over a year and up to $100M per vehicle model on ADAS development and testing to comply with government regulations and ensure safety. This process produces petabytes of data, which are currently manually analyzed before the start of vehicle production.

Ottometric’s AI-powered platform automates and streamlines ADAS development and validation, helping companies identify and fix sensor, system and software issues. Its proprietary data distillation technology classifies vast amounts of sensor data into structured insights, dramatically reducing dataset sizes while ensuring critical safety scenarios are fully captured. This significantly improves system accuracy and reduces validation costs and timelines by over 50%.

“Ottometric is tackling one of the most pressing challenges in automotive technology today: the skyrocketing cost and complexity of ADAS validation,” said Joseph Burke, Founder and CEO of Ottometric. “We are transforming a cumbersome, manual process into an automated, scalable solution that delivers actionable insights in days rather than months. This funding validates our approach and will help us scale to meet the growing demand from Tier-1 suppliers and OEMs.”

As part of the investment, Orhan Gazelle, Managing Director at Schooner Capital, will join Ottometric’s Board of Directors. “Ottometric’s AI-powered platform delivers a remarkable improvement in efficiency, reducing costs while enhancing the reliability of ADAS solutions,” said Gazelle. “We are excited to support Ottometric in helping manufacturers navigate regulatory challenges and bring safer, more advanced driver assistance systems to market faster than ever before.” 

Since raising its Series Seed in 2023, Ottometric has built strong momentum, steadily expanding its customer base of Tier-1 suppliers and OEMs while advancing its product capabilities. With Ottometric, manufacturers can accelerate the deployment of next-generation ADAS solutions to improve driver safety, gain a competitive edge and ensure compliance with evolving government regulations.

About Ottometric 

Ottometric is a software company focused on automating and streamlining the validation and training processes for Advanced Driver Assistance Systems (ADAS). Founded in 2019 by automotive industry veterans who have been instrumental in the evolution of ADAS over the past decade, Ottometric provides its automation solutions to OEMs, Tier-1 and Tier-2 suppliers whose current development and validation methods are human-intensive, slow, and costly. Ottometric helps these companies save millions of dollars while significantly improving system performance and reducing time to market. The company is backed by leading venture capital firms including Schooner Capital, Rally Ventures, Proeza Ventures, Goodyear Ventures, and Trucks VC.

Contact

Raj Seelam

marketing@ottometric.com