FiveAI is a UK-based startup, which is building Artificial Intelligent (AI) computer software regarding autonomous vehicles advancement. The startup has raised funding of $2.7 million to enable autonomous vehicle software and for extension of valuable resources including manpower. Amadeus Capital Partners along with Spring Partners and Notion Capital led the funds.
The company claims to have six founders amongst which, a Cambridge physics graduate Stan Boland is the CEO. FiveAI team wants to implement computer with Artificial Intelligence/machine technology to deliver the best solution for autonomous automobiles.
Over the seed round amount Stan shares that the reason for not much high seed funding is to balance the runway to reach the first stage of development. Only after this juncture establishment, the company will target to simulate and supervise road testing with higher funds. Further, then they will be working with OEMs for the production of the software.
This company is a first auto-industry startup of Stan. Before FiveAI, Stan co-founded Element-14 and Icera, which sold to Broadcom and NVIDIA respectively. He also had been the CEO of a British Computer manufacturer company, Acorn.
They are seeking the removal of prior 3D-mapping of the environment that has been the dominant method for an autonomous driving sector. In its place, the firm is aiming to develop an AI-based computer software stack for autonomous vehicles that function using much easier maps so that they even can navigate intelligently through complex urban areas, that too with accuracy and safety.
Stan thinks that they can work with talented software engineers from the UK Universities like Oxford, Cambridge, and Imperial. He adds that the country’s well-positioned factor is helpful to build regulatory environment for self-driving car development.
The Bottom Line
The co-founder and partner at Amadeus Capital, Hermann Hauser believes that FiveAI team is excellent and uses world-class technology. Its powered technology has even built and exited enterprises worth over $1 billion.