PreAct Technologies Raises $14 Million in Series B
Lead by I Squared Capital, New Funding Will Drive Research & Development and Expansion Into Industrial and Other Non-Automotive Applications
Portland, OR (PRUnderground) January 5th, 2023
PreAct Technologies, a market leader in near-field software-definable flash LiDAR technology, today announced $14 million in the first close of Series B funding led by I Squared Capital. Additional participation in this round included State Farm Ventures®, Luminate, and Traylor Capital among other new and existing investors.
“PreAct has experienced significant growth over the past year, as more industries are discovering the power of high quality 3D data that can be tailored to users’ needs via software and backed by a powerful SDK to include an AI development platform, and this new funding round will allow us to capitalize on the overwhelming interest we are getting from multiple industries including agriculture, healthcare, robotics and more,” said Paul Drysch, CEO of PreAct Technologies. “I’m proud of our team and even more excited to provide the market with real solutions to their most pressing sensor use case problems.”
As the industry’s first sensor designed from the start to be software-definable and paired with a comprehensive SDK enabling ready integration with existing software stacks and other systems, PreAct’s family of sensors provide high-quality point clouds at a much lower cost than other LiDARs on the market. PreAct’s patent pending sensors and software complement or may even replace many of the short-range sensors like radar, ultrasound, and cameras, estimated to be a $30 billion/year market.
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.