PreAct Technologies, a company specializing in near-field software-definable flash Light Detection and Ranging (LiDAR) technology, has closed a second tranche of Series B funding round with a $20 million raise. Additionally, Barcelona, Spain, now serves as the company’s new European headquarters.
State Farm Ventures, Luminate, and Traylor Capital also participated in the round I Squared Capital led. PreAct plans to invest the money in computer vision solutions based on artificial intelligence (AI) and growth into non-automotive industries and other applications.
PreAct acquired Gestoos, an AI-driven computer vision and gesture recognition company, in January 2023. Gestoos combines PreAct’s best-in-class flash LiDAR with the company’s powerful AI algorithm development platform to create a novel environment for quickly resolving challenging use cases like in-cabin and cargo monitoring.
“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.
PreAct aims to provide high-resolution, affordable LiDAR solutions to a wide range of industries
PreAct Technologies, an organization specializing in near-field software-definable flash LiDAR technology, is run by CEO Paul Drysch.
An extensive range of industries, including automotive, healthcare, ITS, industrial, consumer electronics, robotics, and transportation, can benefit from its patent-pending sensor technology suite, which offers high-resolution, low-cost LiDAR solutions.
PreAct aims to provide these users with dependable, reasonably priced systems that can be readily customized to interact with their current software stacks and are continuously updated to support new use cases for improved system monetization.
More potent sensors that can swiftly and correctly map their surroundings are needed in the automotive, healthcare, smart buildings, consumer electronics, robotics, and trucking industries.
PreAct is better able to handle sensor data intelligently on edge thanks to combining a powerful AI algorithm development platform with LiDAR. The company relies less on system integrators for new applications or unique software-defined services.
“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,” said Paul Drysch.
