LETA Capital invests $500K in “autopilot for vehicles”

LETA Capital invests $500K in “autopilot for vehicles”The company “RoboCV” develops solutions in the sphere of autopilot for vehicles of different class. The main company’s product is a line of autopilot systems X-MOTION, created on the basis of machine vision, platformless INS sensors and GLONASS/GPS. Developed by the company algorithms of the environment map building and navigation on this map, recognition of challenges and building of transport motion path allow the system completely replace a driver in B2B applications.

Since April 12, 2012 the company “RoboCV”, LLC is a resident of a space cluster in the “Skolkovo” Innovation Center.

LETA Capital announces about investments in RoboCV, LLC, Russian developer of “Autopilot for vehicles”. The total amount of investments comprised $500K. Ayttracted funds will be directed to development of existing autopilot for storage equipment, and to development of a pre-series prototype for automobiles.

Sergey Maltsev, director general of the “RoboCV”: “We managed to make something rare enough for Russia: gather the high-class team of technical experts, among them are mathematics, programmers, engineers, who make serious applied R&D, herewith creating commercially in demand product. On the whole, the intellectual robotics, and in particular, autopilot systems for transport, will significantly change in the near 5-10 year both common people lives, and industrial production look. This is, of course, the great opportunity for “RoboCV”: we have appeared on the market in time, fledging period. Everything is possible just yet”.

According to “RoboCV” experts’ estimates, intellectual systems of autopilot will get a wide distribution on the global market B2B during 2 next years, and by 2016 capacity of this market will comprise $800M. The “RoboCV” plans to have at least 10% of this market. Commercially ready developments for the B2B market the company will have a bit later, by 2016.

Senior investment manager of the Venture Fund “LETA Capital” Sergey Toporov: “The team of the “RoboCV” is professionals in their field, who managed to make just appearing market of transport equipment robotics in a commercial product. We see great perspectives of this market in the long-term period, and we believe that demand on different type’s vehicles autopilot solutions will grow up. Important factor of making investment in the company “RoboCV” became their ability to earn money on this market already now, that is to develop their product as really in demand by a consumer. He first current and potential clients are international companies, ready to scale successful experience of storage equipment application, which is robotized by “RoboCV” all over the existence geography. We hope that the company “RoboCV” will become one of the largest robotics corporations”.

It is important to note, that in the beginning of the month, the company “RoboCV has launched the alfa-version of the system X-MOTION for storage equipment robotics. On the large storage 6 robotized units of storage equipment started their work in a beta mode. Established system X-MOTION completely replaces a driver, because takes decisions about equipment moving in real time based on data, received from machine vision sensors: video cameras and laser scanners.

“Storage equipment – is the first step in products line of transport equipment robotics on the whole. Solutions, developed within the limits of this product, smoothly lay down in the technological development map, which will allow in the near future entering new branches”, - explains the senior investment manager of the Fund “LETA Capita;” Sergey Toporov.