Prosperity7 Ventures, the diversified growth fund of Aramco Ventures joins Sinovation, Xiaomi and other strategic multi-national OEM investors in Prophesee's Series C round to accelerate the development and commercialization of AI-enabled neuromorphic vision solutions in mobile, industrial and consumer markets
PARIS, Sept. 23, 2022 /PRNewswire/ -- Prophesee, the inventor of the world's most advanced neuromorphic vision systems, today announced the completion of its Series C round of funding with the addition of a new investment from Prosperity7 ventures. The round now totals €50m, including backing from initial Series C investors Sinovation Ventures and Xiaomi. They join an already strong group of international investors from North America, Europe and Japan that includes Intel Capital, Robert Bosch Venture Capital, 360 Capital, iBionext, and the European Investment Bank.
With the investment round, Prophesee becomes EU's most well-funded fabless semiconductor startup, having raised a total of $127M since its founding in 2014.
Prosperity7 Ventures, the diversified growth global fund of Aramco Ventures - a subsidiary of Saudi Aramco, is on constant search for transformative technologies and innovative business models. Its mission is to invest in the disruptive technologies with the potential to create next-generation technology leaders and bring prosperity on a vast scale. It currently has $1B under management and holds diversified investments across various sectors, including in deep tech and bio-science companies.
"Gaining the support of such a substantial investor as Prosperity7 adds another globally-focused backer that has a long-term vision and understanding of the requirements to achieve success with a deep tech semiconductor investment. Their support is a testament to the progress achieved and the potential that lies ahead for Prophesee. We appreciate the rigor which they, and all our investors, have used in evaluating our technology and business model and are confident their commitment to a long-term relationship will be mutually beneficial," said Luca Verre, co-founder and CEO of Prophesee.
The round builds further momentum for Prophesee in accelerating the development and commercialization of its next generation hardware and software products, as well as position it to address new and emerging market opportunities and further scale the company. The support from its investors strengthens its ability to develop business opportunities across key ecosystems in semiconductors, industrial, robotics, IoT and mobile devices.
Event cameras address the challenges of applying computer vision in innovative ways
"Prophesee is leading the development of a very unique solution that has the potential to revolutionize and transform the way motion is captured and processed." noted Aysar Tayeb, the Executive Managing Director at Prosperity7. "The company has established itself as a clear leader in applying neuromorphic methods to computer vision with its revolutionary event-based Metavision® sensing and processing approach. With its fundamentally differentiated AI-driven sensor solution, its demonstrated track record with global leaders such as Sony, and its fast-growing ecosystem of more than 5,000 developers using its technology, we believe Prophesee is well-positioned to enable paradigm-shift innovation that brings new levels of safety, efficiency and sustainability to various market segments, including smartphones, automotive, AR/VR and industrial automation." Aysar further emphasized "Prophesee and its unique team hit the criteria we are constantly searching for in startup companies with truly disruptive, life-changing technologies."
Prophesee's approach to enabling machines to see is a fundamental shift from traditional camera methods and aligns directly with the increasing need for more efficient ways to capture and process the dramatic increase in the volume of video input. By utilizing neuromorphic techniques to mimic the way that human brain and eye work, Prophesee's event-based Metavision technology significantly reduces the amount of data needed to capture information. Among the benefits of the sensor and AI technology are ultra-low latency, robustness to challenging lighting conditions, energy efficiency, and low data rate. This makes it well-suited for a broad range of applications in industrial automation, IoT, consumer electronics that require real-time video data analysis while operating under demanding power consumption, size and lighting requirements.
Prophesee has gained market traction with key partners around the world who are incorporating its technology into sophisticated vision systems for uses cases in smartphones, AR/VR headsets, factory automation and maintenance, science and health research. Its partnership with Sony has resulted in a next generation HD vision sensor that combines Sony's CMOS image sensor technology with Prophesee's unique event-based Metavision® sensing technology. It has established commercial partnership with leading machine vision suppliers such as Lucid, Framos, Imago and Century Arks, and its open-source model for accessing its software and development tools has enabled a fast-growing community of 5,000+ developers using the technology in new and innovative ways.
About Prosperity7 Ventures
Prosperity7 Ventures is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco, the world's leading integrated energy and chemicals company. The fund's name derives from "Prosperity Well," the seventh oil well drilled in Saudi Arabia and the first to strike commercial oil, paving the way to prosperity. Bringing forward this pioneering history, Prosperity7 invests globally with a long-term view in breakthrough technologies and transformational business models that bring prosperity and positive impacts on a vast scale.
Official website: https://www.prosperity7vc.com/
Prophesee is the inventor of the world's most advanced neuromorphic vision systems. The company developed a breakthrough Event-Based Vision approach to computer vision. This new vision category allows for significant reductions of power, latency and data processing requirements to reveal what was invisible to traditional frame-based sensors until now. Prophesee's patented Metavision® sensors and algorithms mimic how the human eye and brain work to dramatically improve efficiency in areas such as autonomous vehicles, industrial automation, IoT, security and surveillance, and AR/VR. Prophesee is based in Paris, with local offices in Grenoble, Shanghai, Tokyo and Silicon Valley. The company is driven by a team of more than 100 visionary engineers, holds more than 50 international patents and is backed by leading international equity and corporate investors including 360 Capital Partners, European Investment Bank, iBionext, Intel Capital, Prosperity7 Ventures, Robert Bosch Venture Capital, Sinovation, Supernova Invest, Will Semiconductor, Xiaomi.
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