Swedish-based automotive manufacturer, Volvo Cars, made an announcement about its investments in 2 Israeli start-ups on Monday, employing its venture capital investment arm Volvo Cars Tech Fund.
Marking the first investment of the fund outside of Europe & the United States because it was established a year ago, Volvo will be investing in Tel Aviv-headquartered firms MDGo and UVeye.
Both firms have participated in the “DRIVE” innovation center, Tel Aviv-based, for initial-stage mobility firms, active as from 2017 & sponsored by Volvo Cars & other top-most automotive industry players.
MDGo has specialized in medical artificial intelligence to make sure there is an effective treatment of road accident victims. There wasn’t any disclosing of any type of financial details regarding the investment.
The machine learning technology of the firm integrates real-time data from vehicle sensors after an incident with medical knowledge, delivering instant predictions related to the injuries suffered by those traveling in the vehicle.
The likely shock and the data form the incident is transmitted to emergency personnel by means of a cloud-based platform, allowing the deployment of properly skilled personnel & effective treatment once first responders arrive at the scene.
A month ago, Hyundai &MDGo made an announcement regarding a partnership to co-develop connected services & improve the safety capabilities of vehicles made by the South Korean automotive giant.
The Chief Executive Officer of Volvo Cars Tech Fund, Zaki Fasihuddin stated that the technology of MDGo is aimed to do something which is close to our hearts that is saving lives.
Their mission as a firm seamlessly associates with ours at Volvo Cars, so we are delighted to provide support for the continued development of MDGo.
Volvo did a partnership with Toyota Tshusho, which is the trading arm of Toyota Group, and W. R. Berkley Corporation to lead a $31M investment round in UVeye.