Potential Motors Inc., a Fredericton, NB, Canada-based automotive technology company developing advanced driver assistance systems for off-road environments, raised additional $2M in funding.
The round, which brought the total amount to $8.5M, included participation from Brightspark Ventures, Build Ventures, NBIF (the New Brunswick Innovation Foundation), and Farpointe.
The company intends to use the funds to drive commercialization of its AI-powered perception solutions in automotive, powersports, mining and defense sectors.
Led by CEO Sam Poirier, Potential is an automotive technology company designing advanced driver-assistance systems for off-road and extreme environments, combining computer vision and AI to read the path ahead. Its core technology is Terrain Intelligence, a software platform that uses forward-facing sensors (such as cameras) to interpret terrain shape, incline gradient, surface type, obstacles and more. It can deliver multiple outputs, from presenting data to drivers all the way through to self-selecting vehicle control adjustments such as drive mode, suspension and differential settings, torque levels and more.
Potential has already partnered with a major manufacturer of recreational off-road vehicles (CFMOTO Powersports Inc) and delivered its first innovation project for a global automotive brand. The company has another pilot project in the automotive sector underway in Q2, with further projects at scoping stage.
Commenting on the news, Sam Poirier said: “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 improve outcomes on the road too, so our technology could be used in all sorts of vehicles. I’m pleased to welcome back existing partners as well as new investors at this critical milestone in our journey.”
FinSMEs
02/05/2024