Portland sensor technology startup PreAct Technologies raised a $14 million Series B round that will help the company expand beyond its current automotive industry customers.
The round was led by new investor I Squared Capital. Existing backers State Farm Ventures, Luminate and Traylor Capital also participated.
The company has its roots in military R&D and has developed a suite of sensors and software for affordable LiDAR solutions. Initially, the company focused on automotive Driver Assist Systems and crash avoidance and preparation. But it is expanding to other industries that need quick and accurate mapping of surroundings.
“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 (software development kit) 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, health care, robotics and more,” said Paul Drysch, CEO of PreAct Technologies in a written statement.
The company has raised a total of $41 million from investors, according to the research firm Crunchbase. Its last batch of funding was a $13 million Series A in 2021. The company is still growing and has six open roles listed on its website, with the majority in Portland.
In addition to the Portland HQ, the company has offices in the Washington, D.C., area, Rochester, New York, and Barcelona, Spain.
