Headquartered in Limerick, Eire, Provizio is an accident prevention expertise firm that makes use of AI software program and a five-dimensional sensory platform to stop accidents. Lately, the corporate secured $6.2 million (approx £4.6 million) in seed funding.
Backers included Bobby Hambrick, the founding father of Autonomous Stuff and Movidius, the European Innovation Council (EIC), and ACT Enterprise Capital. The corporate is planning to make use of the funding to increase its operations and its enterprise attain.
Talking on the funding, Bobby Hambrick, founder AutonomouStuff (Hexagon HEXA B) feedback “It’s not so typically a workforce of this calibre, with a market of this scale and a mission of this magnitude comes about so I’m delighted to have been an advisor from the outset and now an investor in the way forward for Provizio.”
94% of accidents are brought on by human error
In response to the corporate, round 1,350,000 highway deaths occur yearly and 50,000,000 accidents at an annual price of over $2 trillion. Notably, 94% of these accidents are brought on by human error, errors that present accident prevention methods can not cease.
Additionally, automobile security focus has till now largely been on a reactive foundation or with prescriptive security measures, these merely minimise injury to passengers, they don’t cease the crash from occurring.
To stop accidents superior driver-assistance methods (ADAS) must have enormously elevated vary and object discrimination functionality to see hazard lengthy earlier than they at present do.
Accident prevention platform
As an answer, Provizio develops an accident prevention platform that embeds safety-first pondering to radically rework car security with a proprietary Accident Prevention Expertise (APT) platform. They understand, predict, and stop automotive accidents in real-time utilizing proprietary long-range imaging sensors and AI on-the-edge.
Barry Lunn, CEO of Provizio added “One level three 5 highway deaths to zero drives every part we do at Provizio. We’ve got put collectively an unbelievable workforce that’s rising day by day. AI is the way forward for automotive accident prevention and Provizio 5D radars with AI on-the-edge are step one in the direction of that objective.”