BREAKING NEWS

Porsche invests in Israeli auto tech firm Tactile Mobility

Porsche invests in Israeli auto tech firm Tactile Mobility
Tjhe Porsche logo is seen on a wheel of the 2020 Porsche 911 Speedster as it is revealed at the 2019 New York International Auto Show in New York City, New York, U.S, April 17, 2019. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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TELAVIV (Reuters) – Israeli automotive technology startup Tactile Mobility said on Tuesday it secured $9 million in funding from Porsche <PSHG_p.DE>, Union Tech Ventures and previous investors.

Tactile Mobility said it plans to use the funds, which could grow to $14 million, to further develop its technology and data offerings and expand marketing operations.

Tactile Mobility develops software that uses a vehicle’s non-visual sensors, including wheel speed, wheel angle, RPM and gear position to help smart and autonomous vehicles “feel” vehicle-road dynamics and road conditions below their tires.

In addition, the company said it crowdsources data regarding vehicle-road dynamics from vehicles equipped with its software to create a representation of each vehicle’s characteristics that can help maximize vehicle longevity, and a road conditions and hazards map layer.

The company is collaborating with several manufacturers including Ford and Porsche as well as with municipalities and road authorities in the United States, Europe, and Asia.

(Reporting by Tova Cohen; Editing by Steven Scheer)

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