CerebrumX Closes Series A Funding Round Led by LG Technology Ventures and Cerence Inc. to Create AI-Driven Automotive Data Management Platform
CerebrumX will use the investment to further accelerate its Augmented Deep Learning Platform (ADLP) roll out and sales with a growing global partner ecosystem.
PRINCETON, N.J., March 4, 2021 (Newswire.com) - CerebrumX, with its industry-first, AI-driven automotive data services and management platform, announced today the closing of Series A funding led by LG Technology Ventures, the global corporate venture capital arm of LG Group that invests in tech startups, with participation by strategic investor Cerence Inc. (NASDAQ: CRNC), the leader in AI-powered mobility experiences. The investment signifies industry endorsement of CerebrumX's technology and vision and will be utilized to drive the company's aggressive plan to tap into the automotive data analytics market by accelerating investments in R&D, cloud infrastructure, and onboarding ecosystem partners.
Per McKinsey & Company's 2020 consumer survey on autonomous driving, connectivity, electrification, and shared mobility, nearly 40 percent of consumers are interested in unlocking additional features after they've purchased a vehicle, with that number rising to almost 50 percent for drivers who purchased a premium vehicle. For OEMs to capitalize on this driver desire, they need to be able to bring services from the idea stage to vehicle integration in under six weeks, accelerating the process with a safe, secure, real-time data management platform supported by an intelligent edge computing environment and powered by an ecosystem of cross-domain players.
"Increasing connectivity, autonomy, and electrification within the vehicle generates enormous data that can be leveraged to provide valuable inferences around vehicle health, consumer behaviour, emergency situations, city infrastructure planning, and more. The CerebrumX platform empowers OEMs and partners to extract complete value from the data, thus enabling additional revenue models," said Sandip Ranjhan, Co-Founder and CEO of CerebrumX. "With structured, real-time data management and intelligent compute, positioned at the edge and in the cloud, we provide a platform for automotive OEMs and ecosystem partners that is trusted and safe to develop services that redefine the consumer experience."
CerebrumX, with its augmented deep learning platform (ADLP), addresses the critical problem of volume, velocity and variety that is key to managing connected car data. ADLP ingests real-time data from vehicles and augments it with contextual data to create unique datasets that allow different stakeholders to deliver segment-specific solutions with faster time to market. It supports edge and cloud deployment models, thus addressing the key issues related to high-volume data handling along with time-critical processing. Further, ADLP's built-in AI engine provides various inference models to get otherwise complex insights on a real-time basis, thereby enabling ecosystem partners to innovate and enhance the end-consumer experience.
CerebrumX has started trials with four major OEMs globally. Its Series A investment will be used to accelerate the regional rollout of its edge and cloud platform to support low-latency, secure data access and processing. Partnerships with Cerence and LG Technology Ventures provide the ecosystem partners, including OEMs, with access to consumer syndicate insights that are critical for the adoption of the platform.
"With more than 50 million cars connected to the Cerence cloud, we're leveraging conversational, location, and vehicle data in real time to train and improve our AI models. But this data presents an immense opportunity for innovation that can improve driver safety and the in-car experience," said Prateek Kathpal, Chief Technology Officer, Cerence. "Our partnership with CerebrumX enables us to better leverage this data to create new, more intelligent use cases and services that create personalized experiences for drivers and new revenue opportunities for OEMs."
"LG Technology Ventures has a successful track record of investing in disruptive technologies with the strong focus on Automotive sector," said Michael Falcon, Managing Director at LG Technology Ventures. "It's an emerging area and we strongly believe in the vison and roadmap of CerebrumX, as well as their innovative ecosystem-based approach to create value with connected car data. The progress they have made in the last six months is amazing and it is a company to watch."
CerebrumX (www.cerebrumx.ai) Head Quartered in Princeton, NJ, USA and with offices across NA, EMEA and APAC, provides an ubiquitous data management platform spread across the Edge and Core Network to our partners (OEMs, Media, Insurers, Fleet Companies, Smart Cities/Municipalities etc) to enable the activation of connected car data that is as yet un-utilized to any significant level due to the absence to the right Automotive Ecosystem.
Aayushi Sharma (Marketing Lead)