Sberbank to hold 30% stake in driverless cars venture

Source: Sberbank

Sberbank and Cognitive Technologies are teaming up to develop pilotless technologies by establishing Cognitive Pilot.

Cognitive Pilot products and solutions are set to be used to develop digital economy projects in transportation, agriculture, computer vision, and artificial intelligence.

The parties have signed legally binding documents and are scheduled to close the deal in December 2019. Sberbank is getting a 30% interest in the company, with 70% of shares to be held by the founders and chief executives at Cognitive Technologies, which will be headed by its founder Olga Uskova.

Cognitive Pilot will be working on advanced driver-assistance systems (ADAS) based on artificial intelligence and autonomous control solutions for land vehicles and industrial devices. The advantages of Cognitive Technologies’ solutions are their high reliability and precision in all weathers and climates due to computer vision relying on deep learning neural networks and millimeter band, along with the fact that some of the company’s solutions already enjoy market demand.

Lev Khasis, First Deputy Chairman of the Executive Board, Sberbank:

“The world is about to face mainstream use of unmanned solutions and we are interested in Sberbank Group and our entire country being in the forefront of this trend. Cognitive Technologies already has products for transport, agriculture and automotive industries that are very popular among both Russian and foreign clients. This year, Sberbank has become the ultimate AI developer in Russia and we are sure that the expertise in unmanned technology will enjoy demand and contribute to the faster development of AI competence in Russia.”

Olga Uskova, СЕО, Cognitive Pilot:

“Cutting down the number of road fatalities is one of the challenges of the new century. Saving people’s lives is what drives our team, and our technology level enables us to solve this task even today. It makes us feel like superheroes. The partnership with Sberbank will extend and speed up the use of our systems.”

Cognitive Technologies carries out projects to create systems for autonomous operations of agricultural machinery, locomotives, trams, and develops components for self-driving cars. Hyundai Mobis, Russian Railways, Rusagro Group, Transport Systems PC, and largest international producers of vehicles are among Cognitive Technologies’ clients. The company’s technologies have also been recognized at professional international forums and exhibitions, including at Tech.AD Berlin 2019 where it won in the “Most Innovative Active Safety or ADAS Technology / Product / Service” category.

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