PreAct Technologies Closes 2nd Round of $20 Million Series B Led by iSquared Capital
Series B Total of $20 Million to Drive Research & Development of AI-Based Computer Vision Solutions, Expansion Into Industrial and Other Non-Automotive Applications
Portland, OR (PRUnderground) April 25th, 2023
PreAct Technologies, a market leader in near-field software-definable flash LiDAR technology, today announced the second close of the company’s Series B funding round. Led by I Squared Capital, PreAct raised a total of $20 million in the series B with participation from previous investors State Farm Ventures®, Luminate, and Traylor Capital among other new and existing investors. In addition, the company has established its new European headquarters in Barcelona, Spain.
In January of this year, PreAct acquired AI-driven computer vision and gesture recognition company, Gestoos, which combines the company’s powerful AI algorithm development platform with PreAct’s best-in-class flash LiDAR to create a unique environment to quickly solve difficult use cases such as in-cabin and cargo monitoring. Marrying a powerful AI algorithm development platform with PreAct’s LiDAR gives the company a greater ability to intelligently process sensor data on the edge, as well as being less reliant on system integrators to deliver new applications or differentiated software-defined services.
“The amount of interest we are seeing from industries such as robotics, agriculture and healthcare has been mind-blowing – it’s clear that there is a strong need for powerful AI-based computer vision technology that is both affordable and able to stand the test of time by being fully software definable,” said Paul Drysch, CEO of PreAct Technologies. “Our team is excited and ready to meet the needs of customers in a variety of use cases that, until now, have been too difficult and too expensive to address.”
Markets such as automotive, healthcare, smart buildings, consumer electronics, robotics and trucking require ever more powerful sensors capable of quickly and accurately mapping their surroundings. PreAct’s mission is to support these users with reliable and affordable systems that can be quickly tailored to integrate with their existing software stacks and continually upgraded to enable new use cases for enhanced system monetization.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager with over $36 billion in assets under management focusing on utilities, digital infrastructure, energy, transport, environmental infrastructure and social infrastructure in North America, Europe, Latin America and Asia. Founded in 2012, the firm has offices in Miami, London, New Delhi, Hong Kong, Singapore, Taipei and Sydney.
About PreAct Technologies
About PreAct Technologies
PreAct Technologies is the market leader in near-field software-definable flash LiDAR technology. Its patent-pending suite of sensor technologies provide high resolution, affordable LiDAR solutions to a wide range of industries including automotive, healthcare, ITS, industrial, consumer electronics, robotics and trucking. The firm is headquartered in Portland, Oregon, with offices in Ashburn, Virginia, Rochester, NY and Barcelona Spain. For sales inquiries, please contact email@example.com. For more information, visit www.preact-tech.com.