July 23, 2021
Do you find yourself peering through your wipers as they travel frantically to repel the onslaught of water onto your windshield? Did you ever wish your car could just “see” for you? Well buckle up, Algolux is about to change the global computer vision market and ensure that even if your eyes cannot see things in the dark, your car can. The Montréal-based computer vision startup recently raised $23 million in Series B funding, which was led by Forte Ventures and Drive Capital. This pushes Algolux’s total funding to date to more than $38 million and they’re not done yet, as CEO and president Allan Benchetrit announced that the company is in contact with other investors to potentially raise additional funds.
Algolux’s key mandate is to look past the “Goldilocks” situation of clear blue skies, where computer vision cameras have proven to be effective. Rather, Algolux aims to tackle darkness and bad visibility, something that tends to plague autonomous cars. Algolux’s key is that its platform is brand agnostic and can be embedded into existing vision systems so that image qualities in typically hard to see situations would be ameliorated.
Benchetrit mentioned to BetaKit that, “the world of cameras is actually going to evolve very quickly, but we feel like we’re, in many ways, well ahead of the curve”. While the global computer vision market is valued at $15.9 billion USD currently, it is set to balloon to over $51.3 billion USD by 2026 and Algolux is well positioned to overtake its competitors.
Algolux has already been recognized in the AI industry as a notable player and was one of five Canadian companies to make CB Insight’s fifth annual AI 100 list. So keep an eye out for Algolux, as they might soon be helping cars keep an eye out for you.
Author: Nisheet Karthikeyan