EL DORADO HILLS, Calif., Oct. 06, 2016 (GLOBE NEWSWIRE) -- THINCI Inc.-an innovative deep-learning, vision processing startup, developing groundbreaking machine learning technology announces a round of funding led by global automotive supplier DENSO ...
EL DORADO HILLS, Calif., Oct. 06, 2016 (GLOBE NEWSWIRE) -- THINCI Inc.-an innovative deep-learning, vision processing startup, developing groundbreaking machine learning technology announces a round of funding led by global automotive supplier DENSO International America, Inc. Financing from Magna International Inc., and other individual investors will accelerate the final development of THINCI's innovative silicon and software technology that will improve electronics for enabling driver assistance and autonomous driving, for improving efficiency of thermal systems, and for optimizing the productivity of the powertrain. The technology will also find ready application in a wide variety of everyday products. These include personal electronics as well as products that will enable smarter home, office, commercial places of business, industrial concerns, and even the infrastructure of the modern world.
"We are thrilled that DENSO, Magna, and other investors have contributed to the next round of financing for THINCI," said CEO Dinakar Munagala. "This new investment is the first to include major institutional investors. It signals a vote of confidence in THINCI's trailblazing solution that our angel investors first saw in their initial venture backing. It also confirms our belief that the innovation we've developed can reinvent the wide range of products that surround us everyday, creating devices that are uniquely different from what already exists and spawning entirely new markets. THINCI was formed to not only create a new deep learning and vision processing architecture, but a different form of enterprise; one that provides enabling technology in the form of silicon and software that greatly speeds up the ability of our customers to add vision processing and deep learning capability that will transform their end product."
"DENSO has been researching new developments in the area of computer vision processing, and our investment in ThinCI represents a strong belief that ThinCI's technology will soon become a key component of next generation autonomous driving systems that require advanced computing techniques combined with deep learning capabilities," said Tony Cannestra, DENSO International America's Director of Corporate Ventures. "DENSO is excited to become an investor of ThinCI, and we look forward to supporting ThinCI's technology development, including working with both ThinCI and our OEM customers to deploy the technology into the industry."
"We believe collaboration with startups and different industries is an absolute must when it comes to creating future mobility solutions," said Swamy Kotagiri, Chief Technology Officer at Magna. "We are excited to combine the work ThinCI is doing in the area of processing and software with Magna's overall understanding of automotive systems and experience as a leader in providing semi-autonomous functionality, innovative powertrain solutions and other related systems to automakers around the world."
"It is clear that deep machine learning technology will affect almost all aspects of our lives," declared Dado Banatao, Managing Partner, Tallwood Venture Capital and Chairman of the Board of THINCI Inc. "I am very confident THINCI's implementation of vision and deep machine learning will be the preferred solution in this space. DENSO's investment is another sign of the rapidly building interest in this groundbreaking technology."
About THINCI Inc.
THINCI Inc. is a venture-backed, deep-learning vision processing start-up based in El Dorado Hills, California with teams in California and Hyderabad, India. The company was founded by a highly skilled management team with years of experience in massively parallel processing architectures and the software structures to execute on these computing engines. The company is currently in the final phase of producing its deep learning and vision processing solution comprising silicon and software that can be integrated into a wide range of applications, including advanced driver assistance systems in automotive; intelligent agents for personal electronics that enhances photos and video, explains the real world elements surrounding the user, protects the user from potential danger, and more; smart home automation systems that detect and prevent hazards, intelligently manages home energy consumption, and provides the optimum indoor climate. THINCI's technology is also applicable in commercial applications, for example, providing personalized suggestions to shoppers entering a store; in industrial applications for authenticating access, determining potential problems in operating equipment and more; in smart cities, by intelligently managing traffic lights based on real time traffic conditions, collecting and analyzing real-time video surveillance on city streets and the list goes on.
DENSO Corp., headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions and employs nearly 140,000 people. Consolidated global sales for the fiscal year ending March 31, 2014, totaled US$39.8 billion. Last fiscal year, DENSO spent 9 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges.
Currently in North America, DENSO employs more than 17,000 people at 32 consolidated companies and affiliates. Of these, 28 are manufacturing facilities located in the U.S., Canada and Mexico. In the U.S. alone, DENSO employs more than 14,000 people in California, Michigan, North Carolina, South Carolina, Tennessee, Kentucky, Georgia, Iowa, Ohio, Alabama and Arkansas. DENSO's North American consolidated sales totaled US$7.9 billion for the fiscal year ending March 31, 2014.
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About Magna International
We are a leading global automotive supplier with 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. We have over 152,000 employees focused on delivering superior value to our customers through innovative products and processes, and World Class Manufacturing. We have complete vehicle engineering and contract manufacturing expertise. In addition, our product capabilities include body, chassis, exterior, seating, powertrain, electronic, active driver assistance, vision, closure and roof systems and modules. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com. These figures include manufacturing operations, product development, engineering and sales centers and employees in certain equity-accounted operations. For further information about Magna, visit our website at www.magna.com.
"As being engaged in computing and computer architecture in the past 35 years, it is always exciting seeing a new innovative solution that is solving a new problem like computer vision, deep learning in a new elegant and programmable way delivering not only great performance but allows flexibility for the user to create solution," said David Perlmutter Managing Partner, Eucalyptus growth capital. "I am looking forward to the great products DENSO, Magna and others will bring using this great solution."
"ThinCI has embarked on a ground breaking innovative approach to enhance machine learning technologies," said Kurt J. Lauk, Co-Founder, CEO Globe Capital Partners and former executive and member of Board of Management at Daimler-Chrysler. "In addition ThinCI is guided by highly experienced Silicon Valley entrepreneurs. The team around Dinakar Munagala is experienced in this field and highly dedicated. The multitude of applications gives ThinCI a broad range of development in many fields."
About the Investors
Besides the lead institutional investor DENSO International America, Inc. and Magna International Inc., THINCI's new round include a number of major individual investors that contributed to the company's seed round. These include the following:
- Dado Banatao, Chairman ThinCI Board of Directors and Managing Partner, Tallwood Venture Capital
- Dadi Permutter, former Chief Product Officer and Executive Vice President, General Manager of Intel Architecture Group of Intel Corp.
- Paul Achleitner, Chairman Supervisor Board Deutsche Bank and Member of Supervisory Board Daimler AG.
- Peter Löscher Chairman of the Board and Chairman of the Strategy Committee of giant Swiss-based corporation Sulzer Ltd. and former CEO of Siemans.
- Jürgen Hambrecht, chairman of the Supervisory Board of BASF SE and Member of Supervisory Board of Daimler AG
- Gerhard Roiss, Member of the Strategy Committee and Board of Directors of Sulzer, Ltd. and former CEO of oil and gas company OMV AG.
- Kurt Lauk, Co-Founder, CEO Globe Capital Partners and former executive and member of Board of Management at Daimler-Chrysler.
- J. Roberto C. Delgado, Founder and Group Chairman of Transnational Diversified Group, a Philippines based Logistics, Shipping, and Information and Communications Technology Services provider that employs nearly 20,000 globally.
- Sashi Reddi, Serial Entrepreneur and Managing Partner SRI Capital
- George Yang, Chief Technical Officer for outsourcing services provider teleNetwork.
Contact: Jonah McLeod THINCI (510) 449-8634 email@example.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ThinCI, Inc. via Globenewswire
Source(s) : ThinCI, Inc.