The autonomous vision technology developer raised the cash in a GM Ventures-led round that included fellow corporate venturing unit Intact Ventures.
Algolux, a Canada-based autonomous vision technology spinout of Columbia University, raised $10m in a series A round on Tuesday led by carmaker General Motors’ strategic investment arm, GM Ventures.
Intact Ventures, the corporate venture capital subsidiary of insurance firm Intact Financial, also participated in the round, as did VC firms Drive Capital and Real Ventures.
Algolux is developing computer vision analytics software for autonomous vehicles and devices that relies on machine learning algorithms to weigh automation training data against key performance indicators to improve the performance of vision systems.
The series A funding will be allocated to product development as Algolux looks to expand internationally. GM Ventures investment manager Jason Nolte will join the company’s board of directors in connection with the round, as will Drive Capital partner Mark Kvamme.
Algolux received $825,000 of seed money from startup studio Playground Global in September 2017, after closing a $2.6m series A round led by Real Ventures in 2014 that included unnamed angel investors. Its backers also include startup foundry TandemLaunch.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
