An Ireland based accident prevention technology enterprise, Provizio announced securing US$ 6.2 million funding on 6th November 2020.
The round was led by investors Bobby Hambrick (Founder: AutonomousStuff), ACT Venture Capital, founders of Movidius and (EIC) European Innovation Council. They are planning to invest the funds for the development and growth of their AI driven platform.
The AI-on-the- edge technology that prevents accidents
The ‘guardian angel’, augmented startup provides a technology based platform that uses five- dimensional sensors and AI driven technology to prevent accidents. Their proprietary technology includes machine learning, vision sensors, foresight and ultra long range radar capabilities that helps in prevention of collisions due to high speeds and works suitably in all weather conditions. They have a determined team of robotics vision, radar sensor and AI development experts who actively develop technology to solve the unique challenge of accident prevention.
The CEO of Provizio, Barry Lunn said, “We have an amazing team which is growing daily. The first step towards automatic accident prevention is artificial intelligence and the 5D radar artificial intelligence on-the-edge technology that Provizio offers is the first step towards it.” The enterprise was among the eight Irish SMEs which received Horizon 2020 investment for developing their innovations in technology further.
Provizio says, “Around 1.3 million road deaths are caused each year with 50 million injuries which cost €2 trillion. And 94% of the road accidents are caused due to human errors. The braking systems we currently have can just measure 40m ahead or reaction time of 1 sec at the motorway speeds. The efficiency needs to be 10 times more than the present point to protect people driving the vehicle. The market for ADAS (Advanced driver assistance system) will scale from US$ 27 billion in 2020 to US$ 83 billion in 2030.”
The Provizio proprietary technology predicts, perceives and prevents accidents in real time. The incorporation of long-range imaging sensors and artificial intelligence on the edge has embedded their vision of safety first thinking to ideally transform vehicle safety.
About Provizio
The Limerick, Ireland headquartered enterprise was founded in 2019 by Denver Humphrey, Luke Curley, Eamonn Boland, Steve Christie and Barry Lunn. Professor Jeff Mishler and Dr. Scott Thayer are also a part of Provizio who are officially from Carnegie Mellon Robotics. Carnegie Mellon Robotics has developed early autonomous technology for some renowned names like Google, Argo, Aurora, Uber and Waymo.
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