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- Potential secures additional $2 million to bring AI-based terrain perception technologies to market
- Expanded seed fund will support innovation programs with automakers around the world as they move toward production-scale deployment
FREDERICTON, NB, May 2, 2024 /PRNewswire/ -- Potential (Potential Motors Inc), a Canadian automotive technology company developing advanced driver assistance systems for off-road environments, today announced that it has raised C$2 million in a successful expansion of the seed round. This increase is in addition to the two previous seed capital rounds, with a total of $8.5 million raised since May 2020.
Investors in the expansion include Brightspark Ventures, Build Ventures and NBIF (the New Brunswick Innovation Foundation), with Farpointe joining for the first time. They join existing investors, including Marc Benioff's TIME Ventures.
The latest funding will be used to boost the commercialization of Potential's AI-based perception solutions in the automotive, motorsports, mining and defense sectors, following years of intense R&D.
Potential has already partnered with a major recreational off-road vehicle manufacturer (CFMOTO Powersports Inc) and completed its first innovation project for a global automotive brand. The company has another pilot project underway in the automotive sector in the second quarter and other projects in the study phase.
Potential's core technology is called Terrain Intelligence. This software platform uses forward-facing sensors (such as cameras) to interpret terrain shape, slope, surface type, obstacles, and other data. The platform can deliver multiple outcomes, from presenting data to drivers to self-selecting vehicle control settings such as driving mode, suspension and differential settings, torque levels, etc.
Unlike current driver assistance systems, which rely on reactive technologies, Potential enables proactive control before reaching dangers.
Sam Poirier, CEO of Potential, explained: "Potential's expertise in off-road terrain, computer vision and AI will make vehicles safer, faster, more agile and more comfortable in extreme environments. Our solutions can also improve on-road results. , so our technology could be used in all types of vehicles. I am pleased to welcome back existing partners and new investors at this critical milestone in our journey."
Mark Skapinker, Managing Partner at Brightspark Ventures, said: "When we first invested in Potential, we were excited by Sam's vision of a future where AI and terrain perception technologies play key roles in performance, safety and efficiency. By renewing our investment, we also renew our vote of confidence in Sam's leadership and Potential's technology."
Jeff White, CEO of NBIF, commented: "Our new funding commitment demonstrates the confidence we continue to have in Sam's vision and the opportunities at Potential."
About Potential
Potential (Potential Motors Inc.) is an automotive technology company designing the future of advanced driver assistance systems for off-roading and extreme environments, combining computer vision and artificial intelligence to read the road ahead.
www.potentialmotors.com
Media Contact: Jay Nickerson, jaynickerson@potentialmotors.com
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