The Belgian startup IVEX, a spin-out from KU Leuven founded in 2018, has secured €5 million in a new funding round. The investment was supported by existing backers, including The Faktory and Dedicated.lu, alongside private investors. The company previously raised a Seed round in February 2023.
IVEX provides an AI-powered platform for the analysis and safety validation of Advanced Driver Assistance Systems and autonomous driving technologies. The software automates data processing, which the company claims can reduce engineering analysis time by over 95%. In one instance, the system processed 400 hours of sensor data in 8 hours.
The startup has already deployed its technology in on-road testing campaigns across more than 20 countries, including the EU, the UK, Australia, Brazil, and Japan. It has processed data from over 50 vehicle models and accumulated more than 100,000 kilometers of driving data. The company holds six patents and is ISO 27001 certified.
The company plans to use the new capital to expand its presence in North America and Asia. It intends to offer its testing and data-processing solutions to regulators, testing institutions, and automotive manufacturers in these regions. Additionally, IVEX aims to increase the number of supported NCAP protocols and scale its infrastructure.
Alongside the funding, IVEX has updated its board of directors. New members include Jan Leuridan, former CEO of Siemens Industry Software NV; Omar Mohout from Deloitte; Simon Alexandre of The Faktory; and Quentin de Clercq, who leads AI strategy at ASML in the US. They join CEO and co-founder Mario Torres.
