Portland automotive tech startup PreAct Technologies announced a $13 million funding round to further boost its collision safety system.
The round was led by the State Farm Ventures, the investing arm of the insurance company, and including existing backer Singapore-based fund Elev8.vc. Other investors in round included Gotham Partners, Traylor Capital and Stargazer Ventures.
PreAct is building technology in the growing areas of Advanced Driver Assistance Systems and collision avoidance. However, where other systems work to avoid collisions or after a crash has occurred, PreAct’s technology kicks in before the collision happens but once it is too late to be avoided.
This means preparing safety systems like seatbelts and airbags up to 600 milliseconds before imminent collision. The company uses sensors and cameras placed around the car and software to predict and prepare.
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“At PreAct Technologies, we are focused on developing a reliable, high-speed detection, near-field sensing and perception system that will enable the world's first mass production, pre-crash airbags and other safety countermeasures,” said CEO Paul Drysch in a written statement. “This system will not only help prevent millions of serious injuries and fatalities, but will also save the economy around $120 billion each year.”
The company has 18 employees and it is hiring. It is planning to add 15 more people, mostly in the Portland area but a some in the Washington, D.C., area and New York as well.
"These will all be engineering roles that will support taking our product from its current state to a production-ready product over the next nine months. We have multiple customers waiting to integrate our cameras and software into their vehicle systems. The money and staffing will also allow us to accept more customers," said Drysch in an email.
It is also moving into its own office and workshop in Southeast Portland to accommodate growth.
In addition to the venture round, the company announced it was awarded a $1 million prize from the New York-based accelerator Luminate. The accelerator works with optics, photonics and imaging technology. The prize was awarded to build a manufacturing base in New York for the company’s TrueSense technology.
PreAct’s technology is based on years of military research to underpin its TrueSense sensors. The work began under research and development firm Artis, which is run by PreAct co-founder Keith Brendley. PreAct has the exclusive rights to the Artis technology. That work was used to develop a system to protect military vehicles from projectiles.
The company’s TrueSense system can work with existing ADAS technology or replace it, according to PreAct.
“PreAct’s technology is a potential advancement for car safety and will help to reduce serious injuries and fatalities,” said Michael Remmes, vice president of State Farm Ventures in a written statement. “Moreover, utilizing the valuable driving behavior data that this technology detects may help create a more complete picture of driver risk.”
