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- 5 months ago
Berlin, Germany-based Teraki is counting on it. The four-year-old startup — the brainchild of former Max Planck Institute of Quantum Mechanics researcher Daniel Richart and physicist Markus Kopf — supplies edge processing software that allows apps and algorithms to operate at higher efficiencies than they would normally. In fact, the cofounders claim their embedded solution for automotive electronics and IoT scenarios enables 10 times the telematics, 3D point cloud, and video data extraction without increasing hardware requirements.
It was enough to convince investors to contribute to Teraki’s latest funding round, which came to $11 million and was led by Horizons Ventures. State Auto Insurance’s Rev1 Ventures participated in the oversubscribed round, along with Bright Success Capital, Castor Ventures, Paladin Capital Group, and Innogy Ventures.
CEO Richart said the fresh funds — which bring Teraki’s total raised to $16.3 million — will accelerate ongoing automotive efforts as the company expands into segments like drones and robotics and will bolster the expansion of its team of 40 employees and the acquisition of clients in the U.S. and Asia.