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Steven Cohen's Point72 invests in driver-less car software

Thursday, April 05, 2018

Komfie Manalo, Opalesque Asia:

Steven Cohen's Stamford, Connecticut-based hedge fund Point72 Asset Management is investing in a Silicon Valley startup that is developing an artificial intelligence software for driver assistance and autonomous driving

Cohen spearheaded the $15 million investment round of DeepScale, a Mountain View, California based firm which is developing an automated driving platform with "deep neural network" software that is capable of detecting pedestrians, vehicles, and other "objects of significance" by using automotive-grade and low-power chips.

Point72 director Sri Chandrasekar commented on the move, "We've been following (DeepScale co-founder and CEO) Forrest Iandola's research on efficient deep learning for a number of years. Forrest's inventions … have already been a game-changer for putting deep learning onto smartphones. When we heard that Forrest had started a company to put small DNNs into mass-produced cars, we jumped at the opportunity to get involved."

The funding round would allow DeepScale to advance the research and development of its software. Also contributing to the fundraise were Autotech Ventures, and Trucks Venture Capital.

Iandola added, "One of our core objectives is to drastically reduce the number of deaths and injuries on the road. The company's......................

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