IVEX Raises €5 Mn to Advance AI-Powered Vehicle Safety Testing

The funding round was backed by existing investors The Faktory and Dedicated.lu along with private investors. IVEX plans to use the new investment to support its technology development and international growth.

IVEX has also strengthened its board with Jan Leuridan, Omar Mohout, Simon Alexandre and co-founder Quentin de Clercq. They will join co-founder and CEO Mario Torres on the board as the company works to grow its automotive safety testing business.

Torres, co-founder and CEO of IVEX, said, “Vehicle safety testing generates enormous amounts of data, but much of its analysis still depends on repetitive manual work. AI and rigorous mathematical algorithms allows us to make the testing process significantly faster and more scalable while keeping engineers in control and ensuring that every result remains traceable to the original data. With this funding, we can deepen the capabilities of our platform and bring IVEX technology to North America and Asia.”

IVEX was founded in 2018 as a spin-out from KU Leuven. The company aims to help automakers build safer vehicles.

IVEX provides technology for vehicle testing, safety analysis, validation and safety scoring. Its technology mainly focuses on Advanced Driver Assistance Systems (ADAS) and autonomous driving systems.

Modern vehicles use many cameras, sensors and other systems. Testing these technologies requires engineers to review large amounts of data to check how safely the vehicle performs in different situations.

Traditionally, engineers had to manually review road-test videos, identify road signs and road conditions, check the information shown on the dashboard, and see whether the vehicle responded correctly.

IVEX says this manual process is difficult to scale because more testing means engineers have to spend more time reviewing the data. The company was created to make this process faster and more efficient.

Its platform uses computer vision, AI and cloud technology to automate key parts of vehicle safety testing. It can understand the vehicle’s surroundings, identify things such as speed limits and road signs, read dashboard information and compare different data sources automatically.