PreAct Technologies closes $20m series B Led by iSquared Capital

Led by I Squared Capital, PreAct raised a total of $20 million in the series B with participation from previous investors State Farm Ventures, Luminate, and Traylor Capital among other new and existing investors. In addition, the company has established its new European headquarters in Barcelona, Spain. 

In January of this year, PreAct acquired AI-driven computer vision and gesture recognition company, Gestoos, which combines the company’s powerful AI algorithm development platform with PreAct’s best-in-class flash LiDAR to create a unique environment to quickly solve difficult use cases such as in-cabin and cargo monitoring. Marrying a powerful AI algorithm development platform with PreAct’s LiDAR gives the company a greater ability to intelligently process sensor data on the edge, as well as being less reliant on system integrators to deliver new applications or differentiated software-defined services.

“The amount of interest we are seeing from industries such as robotics, agriculture and healthcare has been mind-blowing - it’s clear that there is a strong need for powerful AI-based computer vision technology that is both affordable and able to stand the test of time by being fully software definable,” said Paul Drysch, CEO of PreAct Technologies. “Our team is excited and ready to meet the needs of customers in a variety of use cases that, until now, have been too difficult and too expensive to address.”

Markets such as automotive, healthcare, smart buildings, consumer electronics, robotics and trucking require ever more powerful sensors capable of quickly and accurately mapping their surroundings.  PreAct’s mission is to support these users with reliable and affordable systems that can be quickly tailored to integrate with their existing software stacks and continually upgraded to enable new use cases for enhanced system monetization.