PARIS, FRANCE--(Marketwired - October 24, 2016) - Chronocam SA, a developer of biologically-inspired vision sensors and computer vision solutions for automotive, IoT and other applications requiring vision processing, today announced it has raised $15 million in Series B financing. The funding comes from lead investor Intel Capital, along with iBionext, Robert Bosch Venture Capital GmbH, 360 Capital, CEAi and Renault Group.
Chronocam will use the investment to continue building a world-class team to accelerate product development and commercialize its computer vision sensing and processing technology. The funding will also allow the company to expand into key markets, including the US and Asia.
Chronocam's proprietary approach leverages the company's deep expertise in computer vision technology, sensor design and neuromorphic computing, which mimics the human brain. The Chronocam method uses innovative data capture techniques to greatly improve performance, dynamic range and power efficiency of cameras in a wide range of applications.
"Conventional computer vision approaches are not well-suited to the requirements of a new generation of vision-enabled systems," said Luca Verre, CEO and co-founder of Chronocam. "For example, autonomous vehicles require faster sensing systems which can operate in a wider variety of ambient conditions. In the IoT segment, power budgets, bandwidth requirements and integration within sensor networks make today's vision technologies impractical and ineffective."
"Chronocam's unique bio-inspired technology introduces a new paradigm in capturing and processing visual data, and addresses the most pressing market challenges head-on," Verre continued. "We are well-positioned to capitalize on this significant market opportunity; and we appreciate the confidence demonstrated by our investors as we roll out our technology to an increasing number of customers."
"The world is becoming increasingly connected and intelligent. And computer vision is a key enabler of this trend, particularly for the automotive industry and Internet of Things," said Wendell Brooks, senior vice president at Intel and president of Intel Capital. "Connected machines can quickly and accurately visualize their environment and act on that data in real time, for example, bringing the potential to protect lives with safer roads. We look forward to helping Chronocam bring the next generation of smart machine vision systems to market."
Chronocam is developing a unique, bio-inspired and self-adapting approach to the need for visual sensing and processing in autonomous vehicles, connected devices, security and surveillance systems. Its innovative vision sensors and systems replicate the functioning of the human eye and address the limitations of conventional vision sensors by enabling real time sensing of the relevant dynamic scene context and acquiring only what is necessary. The result is that Chronocam's vision solutions set a new benchmark for computer vision performance with unprecedented speed, dynamic range, sensor level video compression and power efficiency, at the same time. Based in Paris, Chronocam is a venture backed company with investors including 360 Capital, CEA Investissement, iBionext, Intel Capital, Renault-Nissan Group, and Robert Bosch Venture Capital. More information can be found at www.chronocam.com.
Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,457 companies worldwide, and 605 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital