Here’s the 31-page pitch deck that a self-driving car startup run by Samsung and Intel alumni used to raise an $88 million Series C
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
- A self-driving car tech company led by Intel and Samsung alumni just raised a $88 million Series C.
- The startup is competing in an autonomous driving space dominated by players like Waymo and Cruise.
- Read the 31-page pitch deck StradVision used for its latest raise.
Automakers are hustling to get self-driving technology on the roads, but it’s a task easier said than done. A burgeoning startup in the space just raised $88 million to help them do so quicker, more safely, and at a lower cost.
StradVision, founded in 2014 in Seoul, South Korea, with North American headquarters in Detroit, is figuring out ways to help self-driving cars see and avoid things on the road without a human behind the wheel. The firm wants to lead in what could be a $43 billion global advanced driver-assistance system and autonomous driving software development market by 2030, according to McKinsey.
Making vehicles autonomous has been more difficult than many anticipated, even with billions of dollars of investment being spent and dozens of companies racing to crack the technology’s code. It’s why autonomous fleets are still years away from deployment, despite players like Waymo, Aurora, Cruise, and others launching pilots at a small scale.
“We need to define every situation, every case that you can run into while you’re driving,” StradVision COO Sunny Lee told Insider. “That is a very demanding and expensive technology.”
Earlier this month, Lee’s 300-plus-person company snagged $88 million in a Series C round led by auto supplier giant ZF and tech company Aptiv. ZF has previously invested in startups like Apex.AI, while Aptiv has invested in those like TTTech.
With this latest raise, StradVision has brought in a total of $129 million.
StradVision says the money will go toward further development of its vision tech that can help cars detect and recognize driving anomalies more easily and faster than today’s technologies — and more affordably. The “camera perception software” can be used in more basic automated systems for features like adaptive cruise control and lane-keep assist, and in systems with higher levels of autonomy requiring no driver.
Although some faith in AVs has waned in recent years, the space remains active in terms of investment: Rival firm Pony.ai just signed an undisclosed Series D that it says values it at $8.5 billion. Mobileye, the self-driving car unit of Intel, has been expected to do a massive IPO this year. Supplier giant Magna bought the tech and IP of AV shuttle company Optimus Ride.
StradVision wants to capitalize on that activity. It’s considering expanding beyond automotive applications, but in the near-term, is targeting mass deployment in vehicles in the coming years.
StradVision shared the pitch deck it used to pitch its vision. Confidential information has been redacted.