PreAct Technologies, Luminate NY’s fourth cohort winner, has raised $14 million in the first close of a Series B funding round. The monies are expected to propel research and development and expansion into new markets.
Led by I Squared Capital, the round also included State Farm Ventures, Luminate NY, Traylor Capital and other investors. I Squared Capital is an infrastructure investment manager with more than $36 billion in assets under management. It focuses on investments in utilities, digital infrastructure, energy, transport, environmental and social infrastructure around the world.
PreAct Technologies, which won the coveted $1 million prize at the Luminate finals in 2021, has developed a sensor with many software-enabled functions. For example, TrueSense sensors make it possible to angle car seats away, deploy airbags earlier, and raise the car suspension just before a crash occurs to vastly reduce injuries and deaths.
The system is designed to replace short-range sensors like radar, ultrasound, and cameras used for Advanced Driver Assistance Systems, self-driving, and convenience features—a $30 billion market. PreAct Technologies’ patent-pending sensors and software complement or may even replace many of the short-range sensors, the company says.
Paul Drysch, CEO of PreAct Technologies, says the company has experienced significant growth as industries discover the capabilities of high-quality 3D data. Backed by a powerful software development kit that can include an artificial intelligence platform, the technology can find a place in multiple markets beyond the automotive industry.
“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,” Drysch says. “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.”
Markets such as automotive, health care, smart buildings, consumer electronics, robotics and trucking require sensors that are capable of quickly and accurately mapping their surroundings, company officials say.
PreAct Technologies hopes to support these users with reliable and affordable systems that can be integrated with their existing software stacks. They can be upgraded to include new uses—resulting in revenue streams for PreAct Technologies.
Based in Portland, Ore., PreAct Technologies has offices in Ashburn, Va., and Rochester. Luminate winners commit to establishing operations in Rochester for at least 18 months.
PreAct Technologies is expected to create 60 jobs here, Luminate officials said a few months ago. It has committed to setting up its pilot high-tech manufacturing here.
For Luminate NY, PreAct Technologies’ new funding is a win. As of October, the Rochester-based accelerator program for commercial applications using optics, photonics and imaging technologies had invested roughly $15 million in 54 startups. Companies in its portfolio share a net worth of more than $400 million. These businesses are establishing U.S. operations or run some aspect of research and manufacturing in the Rochester region.
Smriti Jacob is Rochester Beacon managing editor. The Beacon welcomes comments and letters from readers who adhere to our comment policy including use of their full, real name. Submissions to the Letters page should be sent to [email protected].