COMPREDICT Secures $15M Series B Funding Round Led by Woven Capital
New funding to scale automotive virtual sensors that replace hardware, add advanced features and enable car-centric apps as the industry shifts to software-defined vehicles.
DARMSTADT, Germany, June 25, 2024 /PRNewswire/ -- COMPREDICT, a pioneer in AI-powered solutions for software-defined vehicles, today announced a $15M Series B funding round led by Woven Capital, Toyota's growth fund, with continued support from existing investor Shift4Good. This infusion of capital will enable COMPREDICT to expand its global footprint, diversify its product offerings, and enhance large-scale deployment capabilities. By embedding its virtual sensors into more vehicles, COMPREDICT aims to unlock more data and enable any automaker to create new functionalities, enhance driving assistance systems, and boost revenue streams, all while improving the overall driver experience.
"We are thrilled to welcome Woven Capital as an investor. This is an exciting time for us as we approach large-scale series implementation with major partners and customers worldwide," said Dr. Stéphane Foulard, co-founder and CEO of COMPREDICT. "Our team is well positioned to rapidly expand and provide automakers with valuable data-driven insights. We remain committed to advancing cutting-edge AI technologies in the automotive industry and help automakers realize their vision for vehicle-centric apps and digital services that deliver value to consumers."
Traditional vehicle health and usage monitoring requires companies to add extra hardware and build extensive data pools across fleets and digital twin cloud infrastructures. COMPREDICT's innovative approach is purely software-based and uses readily available vehicle signals to create meaningful insights directly in-vehicle. The company's highly efficient AI process turns existing vehicle data into virtual sensor insights for a wide range of applications, including predictive maintenance, driver coaching and car health certificates, all while informing improved car design to better meet real-world conditions and usage. These insights provide significant value to automakers, consumers and partners alike.
As the automotive industry transitions to software-defined vehicle architectures, the computing power and software content of vehicles are set to grow rapidly. This shift will underpin advanced features like predictive maintenance, smart mobility, enhanced driving and comfort systems, and consumer-centric apps. McKinsey forecasts that the automotive software market will reach $80 billion in 2030.
"By using existing onboard vehicle signals and data to generate AI-based vehicle insights, COMPREDICT has demonstrated the vast potential of virtual sensors, a critical layer in the software-defined vehicle stack, reducing costs and unlocking revenue-generating digital services," said Betty Bryant, Woven Capital principal who is joining the COMPREDICT board. "We are thrilled to back the COMPREDICT team, a company that is uniquely combining data science and vehicle engineering expertise to bring new innovative capabilities, such as predictive maintenance for next-gen vehicles."
"COMPREDICT is a key enabler of the automotive industry's digital transformation, boosting predictive maintenance capabilities," added Matthieu de Chanville, partner at Shift4Good. "Since our initial investment in 2022, the team's progress has been remarkable. We look forward to continuing our support for their growth."
About COMPREDICT
COMPREDICT provides innovative solutions for sustainable mobility. By developing virtual sensors for mobility, COMPREDICT enables automakers around the world to optimize vehicle design, usage and maintenance while delivering greater value to customers via new features and lower cost. Learn more at compredict.ai.
About Woven Capital
Woven Capital is Toyota's growth fund dedicated to realizing the promise of mobility — how people, goods, information and energy can move. Our global team of investors connects the world's most promising innovators with the world's most trusted automotive brand. Founded in 2021, we are investing nearly $800 million in startups that create new ways to connect cities, advance automation, harness and store energy, further electrification, and make our vehicles smarter. Learn more at woven.vc.
About Shift4Good
Shift4Good is an impact venture capital fund focused on the decarbonization of the transportation sector. It aims to invest in the transport for goods and people, which alone accounts for around 20% of global CO2 emissions. Backed by top-notch institutional financial investors, but also major mobility players, Shift4Good has built a unique model to identify and support the best entrepreneurs, those capable of developing and deploying the radical innovations required by the climate emergency. Shift4Good has offices in Paris and Singapore. Learn more at shift4good.com.
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SOURCE Compredict GmbH
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