Sydney computer vision startup Visionary Machines has raised A$7.5 million in a seed round led by Folklore Ventures, with co-investment by Our Innovation Fund (OIF).
Existing backer Significant Capital Ventures reinvested, along with Thorney Investment Group and IQT International Australia, the Sydney-based of In-Q-Tel.
Folklore partner Hannah Field will join the startup’s board
Founded in 2019 by Australian computer vision technology experts Dr Rhys Newman and Dr Samson Lee, with serial entrepreneur Gary Aitchison, Visionary Machines is revolutionising 3D spatial sensing using camera arrays that allow machines to see, navigate, measure distance and perceive objects more effectively.
The funding allows the company to accelerate development of its technology in a machine vision market expected to be worth US$21 billion by 2028.
The business has also enlisted Silicon Valley-based Amir Mashkoori as its new CEO to drive the go-to-market strategy. He will continue to be based in California
Mashkoori said: “With the backing and validation of our strong investor syndicate, we’re focused on building out our world-class team to execute on our vision for safer and smarter autonomous navigation.”
Folklore’s Hannah Field said Visionary Machines is uniquely positioned to transform autonomous mobility and safety, and become a global leader in spatial sensing.”
“From day one, we’ve been blown away by the talent and expertise of the founders and their development of a ground-breaking technology that will advance the reliability and fidelity of 3D ranging,” she said.
The startup’s goal is to enable machines to see so they can navigate, measure distances, perceive objects and intelligently interact with the world around them. The cameras enable machines to see the world in full-colour high-fidelity 4D.
The technology has the potential to play a leading role in the future of autonomous vehicles and how moving objects navigate the world.
The company is headquartered in Sydney and has offices in Oxford and Silicon Valley.