Financing to help with further commercialization and market

CHARLOTTESVILLE, Va., Oct. 25, 2016 /PRNewswire/ -- Perrone Robotics, Inc. ("PRI") announced today that is has received funding from Intel Capital, Intel's strategic investment and M&A organization. PRI is a robotics software company that has developed a complete full-stack and real-time capable robotics software platform for autonomous ("self-driving") vehicles and general-purpose robotics. The modular framework allows customers to rapidly develop partially and fully autonomous vehicle and robotics applications, and enables continuous improvements in systems capabilities, including the seamless addition of new sensors, controls, maneuvers, and behaviors.

After having been first fielded in PRI's autonomous vehicle in the 2005 DARPA Grand Challenge and then the 2007 DARPA Urban Challenge, PRI's MAX software has been deployed in many autonomous vehicle and robotics applications. Examples reach from Neil Young's LincVolt vehicle over LIDAR-based applications at tollbooths on highways to crash testing and crash avoidance robotics systems with a major insurance institute. The funds will be used to further market and commercialize PRI's robotics software platform offerings.

Intel Corporation and PRI have also entered into a business collaboration agreement, under which they will collaborate regarding certain technical, marketing and sales activities.

As part of this collaboration, Perrone will also work closely with Intel's portfolio of automotive assets, including identifying software synergies with Intel subsidiary Wind River.

Paul Perrone, PRI's CEO, said:

"We are very pleased to have received this funding from Intel Capital, and to be working collaboratively with Intel Corporation. The funds received will significantly expand our company's ability to market and commercialize our product by allowing us to tap into the Intel ecosystem, and forge new alliances with technology partners and other players in the driverless car industry."

Marques McCammon, General Manager for Connected Vehicle Solutions at Wind River, said:

"In order for the industry to advance complex initiatives such as autonomous driving, it is essential to that we take a platform-centric approach that will enable collaboration across the ecosystem. Wind River is excited to share its automotive expertise and work with innovators like PRI to further advance the automated driving landscape."

About Perrone Robotics

Perrone Robotics is a robotics software company that has developed a full-stack, modular, real-time capable robotic software platform for autonomous vehicles and general-purpose robotics. Its patented MAX software product enables rapid development of autonomous vehicles and other autonomous robotics applications. Since the early applications of the technology in the 2005 DARPA Grand Challenge and 2007 DARPA Urban Challenge, MAX has evolved in its application and use across a wide range of autonomous vehicle platforms. The company's MAX-Auto software product is a purpose-built platform that is targeted at the self-driving vehicle market.

About Intel Capital

Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,457 companies worldwide, and 605 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.