August 2, 2022, BIG SKY, Montana – Drover AI reports that its USD 5.4 million Series A fundraising round was headed by Vektor Partners and included participation from Avesta Fund, Masik Enterprises, and Kurt Jaggers, among other Seed investors, has concluded. They join previous investor 500 Global in assisting with expanding the company’s avant-garde computer vision and artificial intelligence solutions for micro-mobility.
Scheder-Bieschin, co-founder and CEO of Drover AI:
“We are fortunate to have Vektor Partners’ backing in our effort to use artificial intelligence and computer vision for the long-term development of micro-mobility. The Vektor team brings real strategic expertise of the mobility market and an appreciation for the enormous potential value derived from collecting vision-based data from fleets of micromobility cars.”
Alex Nesic, co-founder of Drover:
“The market’s acceptance of our technology and the ensuing demand greatly exceeds our early expectations. We collaborate with manufacturers of all different micromobility form factors and have ongoing interest from shared scooter operators in Europe and Asia. We are interested in using our patented CV/ML technology to fulfill expanding rider and pedestrian safety initiatives.”
Chris Riley, Partner, and Co-Founder at Vektor Partners:
“The market for micro-mobility is substantial and will expand quickly over the next ten years. In addition to making urban transportation safer and cleaner, Drover’s technology also unlocks enormous economic value by lowering costs and enabling new business models. It addresses a variety of problems for cities, micro-mobility operators, and riders at the same time. Thus, collaborating closely with cities is now essential to developing sustainable micro-mobility service offers. We are ecstatic to be able to assist the Drover crew on this expedition.”
More about the startup:
Drover specializes in cutting-edge AI-based IoT solutions for last-mile mobility that go above and beyond the legal requirements of the cities where they operate. PathPilot, a device from Drover, provides precise infrastructure differentiation at a reasonable cost even in the absence of frequently inaccurate GPS data, enabling unmatched location awareness and the capacity to take appropriate action. To secure the long-term viability of micro-mobility as a viable and essential component of urban transportation, Drover uses technology to create a safe and intelligent experience.
With over 5,000 PathPilot units currently in use on shared scooters across the US, EU, and Asia with industry-leading operators like Spin (owned by Tier), Voi, Bolt, Beam, Dott, and Helbiz, Drover AI has wasted literally no time in demonstrating their technology and establishing itself as the leader in the space.
Cities have appreciated the improved safety and regulatory compliance made possible by the ground-breaking technology, while drover partners have leveraged PathPilot to set their capabilities apart from more conventional positioning and tracking systems. Drover is taking advantage of the chance to more thoroughly integrate its technology with auto and IoT module makers for upcoming iterations of micromobility vehicles as knowledge of this technology spreads among multiple stakeholders.
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