Recogni Inc., an artificial intelligence startup that specializes in creating technologies to support autonomous vehicles, reported that it managed to raise investment funds for $102 million.
The mentioned company received funding after expanding its activities to develop chips for generative AI.
The startup, based in San Jose, California, raised investments in the framework of a Series C funding round led by Celesta Capital and GreatPoint Ventures. HSBC Holdings Plc and Tasaru Mobility Investments, a subsidiary of Saudi Arabia’s sovereign wealth fund, also participated in this round. In total, the startup has raised investment funds for $175 million as of today.
Recogni was founded in 2017. The startup specializes in creating chips with which autonomous vehicles detect objects with greater accuracy. In recent years, there has been a decrease in the level of investor interest in projects related to self-driving cars. This trend has formed against the background of several failures of large companies in the relevant area of activity.
PitchBook data indicates that startups in the sphere of autonomous vehicles in the United States raised $1 billion in 2023. Two years earlier, the amount of received investments was equal to $11.2 billion.
Recogni retains the ability to raise financing against the background of negative realities. The company designed an accelerator chip that can be used not only in autonomous systems but also in the development of artificial intelligence models. At the same time, the startup does not yet have any intentions to stop operating in the area of self-driving cars.
Recogni will use the received financing to produce and market the chip, called Scorpio. This microcircuit will focus on a process called inference, in which a trained artificial intelligence model generates predictions based on new data.
As we have reported earlier, Marqo Raises $12.5 Million.
