Hyundai Motor Company's corporate venture portion has recently made an investment for an unknown amount into allegro.ai, an Israel-based creator of computer vision technology based around deep learning.
The partnership with allegro.ai will allow Hyundai to “speed up deployment of AI technology in many business areas,” improving the quality of its products and creating “a safer driving environment,” Hyundai CRADLE and allegro.ai said.
Founded in 2016, allegro.ai offers software that simplifies the process of developing and managing solutions and products, such as autonomous vehicles, drones, security and logistics systems, that are powered by artificial intelligence and deep learning. The software also allows customers to update their devices and their learning capabilities while in use, so every device can continue to improve its operations.
“Deep learning computer vision is one of the core technologies that can be applied to autonomous driving to navigate roads and make quick decisions in real-time – and allegro.ai is clearly an innovation leader in that field,” said Ruby Chen, head of Investment at Hyundai CRADLE Tel Aviv.
“Our investment in allego.ai is a further step in enhancing our presence in the Israeli market, a global leader of technological innovation in the fields of automation, artificial intelligence and deep learning,” he said. “This is our fifth investment in an Israeli company and our activities will continue to grow the coming year.”
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