Chronocam announces $15 million series B funding from Intel capital, iBionext, Robolution capital, CEA investissement, Renault, and Robert Bosch venture capital
Chronocam, a developer of biologically-inspired vision sensors and computer vision solutions for automotive, IoT and other applications requiring vision processing,announced it has raised $15 million in Series B financing. The funding comes from lead investor Intel Capital, along with iBionext, Robert Bosch Venture Capital GmbH, 360 Capital, CEAi and Renault Group.
Chronocam will use the investment to continue building a world-class team to accelerate product development and commercialize its computer vision sensing and processing technology. The funding will also allow the company to expand into key markets, including the US and Asia
Chronocam’s proprietary approach leverages the company’s deep expertise in computer vision technology, sensor design and neuromorphic computing, which mimics the human brain. The Chronocam method uses innovative data capture techniques to greatly improve performance, dynamic range and power efficiency of cameras in a wide range of applications.
“Conventional computer vision approaches are not well-suited to the requirements of a new generation of vision-enabled systems,” said Luca Verre, CEO and co-founder of Chronocam. “For example, autonomous vehicles require faster sensing systems which can operate in a wider variety of ambient conditions. In the IoT segment, power budgets, bandwidth requirements and integration within sensor networks make vision technologies impractical and ineffective.”
“Chronocam’s unique bio-inspired technology introduces a new paradigm in capturing and processing visual data, and addresses the most pressing market challenges head-on,” Verre continued. We are well-positioned to capitalize on this significant market opportunity; and we appreciate the confidence demonstrated by our investors as we roll out our technology to an increasing number of customers.”
“The world is becoming increasingly connected and intelligent. And computer vision is a key enabler of this trend, particularly for the automotive industry and Internet of Things,” said Wendell Brooks, senior vice president at Intel and president of Intel Capital. “Connected machines can quickly and accurately visualize their environment and act on that data in real time, for example, bringing the potential to protect lives with safer roads. We look forward to helping Chronocam bring the next generation of smart machine vision systems to market.”
Source: http://www.chronocam.com/