Israeli data startup Tactile Mobility, which develops virtual sensing technologies for the autonomous vehicle industry, announced that it will have two new investors joining the previously Porsche led $9 million round. The company reports that Nexteer Automotive and The Group Ventures will help bridge the gap until the Israeli firm’s next funding round. The exact investment numbers have yet to be published, but the round expansion does bring the company's total fundraising efforts to over $20 million.
"Having the support and vote of confidence from Nexteer – an automotive leader in intuitive motion control – and The Group Ventures – a VC that consistently invests in and promotes industry-leading companies – is sure to strengthen our position in the market, and we couldn't be more delighted" said Eitan Grosbard, VP of Business Development at Tactile Mobility.
The company's software gives automotive manufacturers a tool to develop the next generation of autonomous vehicles with an improved “feel of the road”. The platform collects first-order data using vehicles' built in, non-visual sensors including wheel speed, wheel angle, RPM, paddles position, gear position, and then analyzes it to yield actionable insights in real-time.
Tactile Mobility claims that these insights provide a clear-cut, highly-accurate description and analysis of the continually evolving state of vehicle-road dynamics. Furthermore, the company demonstrates its data prowess with high-quality data analysis that covers a wide array of actionable insight, from road planning and management to tracking tire conditions and vehicle ware, and even for insurance purposes.
"Nexteer's collaboration with Tactile Mobility is a perfect complement to our existing global software business model and focus on motion control software. We are looking forward to building-out even more of our software offerings that maximize over-the-air updates and connectivity for even safer, more reliable driving," said Robin Milavec, Senior Vice President, Executive Board Director, Chief Technology Officer (CTO) and Chief Strategy Officer (CSO), Nexteer Automotive.
"Tactile Mobility is creating a new category of automotive virtual sensors that has the potential to have a massive impact on driving and road safety. Together with the strong commercialization traction Tactile Mobility already has in place, and the caliber of investors they've assembled, we have little doubt that Tactile Mobility will quickly cement themselves as an industry leader in the sensor industry. We are thrilled to have been given the opportunity to contribute and be part of what promises to be an exciting journey," said Sion Balass, Managing Partner of the Group Ventures.
Tactile Mobility was co-founded in 2012 by Boaz Mizrachi, Yossi Shiri, and Alex Ackerman. After establishing global partnerships with municipalities in Germany, UK, and the U.S., among others, in addition to technological collaborations with leading vehicle manufacturers, such as BMW and Porsche, the Israeli startup looks to invest the newly acquired funds in market growth, and to strengthen support among vehicle manufacturers, insurers, tire manufacturers and more across the US, Europe, and Asia.
"We are seeing a burgeoning demand for our unique tactile sensing technology as well as our data which offers a true to life picture of the state of our road and mobility ecosystem in real-time. This funding will enable us to continue to harness the potential of that data with our partners - be they cities, municipalities, insurers, OEMs or Tier-1 suppliers," adds Grosbard.