Cognata raises $18.5M as race to deploy autonomous vehicles quickens
Israel-based autotech company Cognata Ltd. has raised $18.5 million in a series B round led by existing investors Airbus Ventures, E.Merge Group, and Maniv Mobility, Airbus Ventures as well as newcomer Global IoT Technology Ventures. The round brings Cognata's total equity funding to $23.5 million.
Cognata founder and CEO Danny Atsmon told TechCrunch the company, which has 28 employees, will use the funds to double its staff and expand commercial operations. Cognata wants to increase its international presence, specifically into the U.S., Germany, China and Japan, he added.
Cognata founded in 2016 and based in Rehovot, a town in central Israel, Cognata develops an artificial intelligence-based system capable of simulating various situations a self-driving car may encounter within a specific city. The system is meant to reduce the time and resources required for testing the vehicles in real-life situations.