May 31, 2013      

LETA Capital has announced it’s investing $500,000 in RoboCV, a Russian developer of vehicle autopilot solutions.

The funds will be directed to development of existing “autopilot systems” for warehouses and to develop a pre-series prototype for automobiles.

?We managed to make something rare enough for Russia: gather the high-class team of technical experts, among them are mathematics, programmers, engineers, who make serious applied R&D, created commercially in demand product,” says RoboCV CEO Sergey Maltsev. “On the whole, intellectual robotics, and in particular autopilot systems for transport, will significantly change in the near 5-10 year both in common people lives and in industrial production. This is, of course, a great opportunity for RoboCV.”

According to RoboCV estimates, autonomous vehicles will get wide distribution on the global B2B market during the next two years, and by 2016 this market will comprise $800M. RoboCV says it hopes to have at least 10 percent of this market, with commercially-ready developments for the B2B market by 2016.