Hyundai CRADLE, Hyundai Motor Company’s corporate venturing and open innovation business has announced its strategic investment in allegro.ai, a technology company specialising in deep learning (DL) – based computer vision. The company says its partnership with allegro.ai will allow to speed up deployment of AI technology in many business areas. This is said to improve the quality of Hyundai’s products, thereby increasing customer satisfaction while creating a safer driving environment.
Founded in 2016, allegro.ai offers the first end-to-end DL lifecycle management solution focused on deep learning as it applies to computer vision. The company’s platform professes to simplify the process of developing and managing deep learning-powered solutions – such as autonomous vehicles, drones, security, logistics and others.
“Deep learning computer vision is one of the core technologies that can be applied to autonomous driving to navigate roads and make quick decisions in real-time – and allegro.ai is clearly an innovation leader in that field,” says Ruby Chen, head of investment at Hyundai CRADLE Tel Aviv. He adds, “Our investment in allegro.ai is a further step in enhancing our presence in the Israeli market, a global leader of technological innovation in the fields of automation, artificial intelligence and deep learning. This is our fifth investment in an Israeli company and our activities will continue to grow the coming year”.
“We are proud to partner with Hyundai and share Hyundai’s belief that AI empowers the industry to provide greater road safety, autonomy, to better understand customers’ needs and to help broaden their experiences,” says Nir Bar-lev CEO and co-founder of allegro.ai. “Whether a company is developing autonomous vehicles, drones, security, or other types of applications, allegro.ai makes it easy for them to manage their data-sets and build deep learning-based solutions while guaranteeing complete and confidential control of their data.”