2023-12-13 00:11:00
CorrActions, a start-up specializing in AI-based solutions for driver safety, has successfully completed a round A of $7.25 million in funding. The round was led by Tech Fund Volvo Cars and joined by BlackBerry, Next Gear Ventures, Mobilitech Capital, Regah Ventures, OurCrowd, NextLeap Ventures, and Stone Ventures.
Founded in 2019 by Dr. Elad Hochman and Zvi Ginoser, CorrActions has raised a total of $10 million since its inception. The company’s CEO, Ilan Rheingold, has extensive experience in the industry, having previously served as Chief Business Officer at Sony and as a Business Unit Manager at Broadcom.
CorrActions has developed an AI-based software solution that detects the cognitive state of the driver and passengers. By monitoring brain activity using sensors present in the vehicle, such as steering wheel sensors and seat sensors, the technology can identify factors such as drunkenness, fatigue, and distraction. This allows the vehicle to adjust safety measures, such as increasing braking distance or reducing speed, to protect the driver.
One of the key advantages of CorrActions’ solution is its strict adherence to driver privacy, as it does not require any personal identifiable information to identify the cognitive state of the driver. The software can be installed in vehicles via wireless communication, including through the BlackBerry IVY vehicle platform.
Ilan Rheingold, CEO of CorrActions, expressed his excitement about the support from strategic investors, stating, “The successful recruitment indicates that the industry recognizes the potential of the AI-based technology we developed for monitoring brain activity. With the support of the strategic investors, we are prepared to expand the adoption process of the solution in vehicles. Through the identification of anomalies in the cognitive state of the driver and passengers, we strive to significantly improve road safety and revolutionize the driving experience.”
Anuj Shah, Senior Director of Investments and Strategy at BlackBerry, commented on the partnership, saying, “We are excited to partner with CorrActions and support the vision to improve road safety through its technology. The machine learning algorithms developed by CorrActions are already integrated into our BlackBerry IVY platform and they simplify the installation of the solution in vehicles.”
Investors such as Tali Rosenwax from Next Gear Ventures and Orly Gruper from Mobiltech Capital also expressed their excitement about the unique and promising solution offered by CorrActions, emphasizing the importance of improving road safety and shaping the future of the experience of using vehicles.
With the newly secured funding, CorrActions plans to expedite the implementation of its solution in vehicles and continue its mission to improve road safety through its innovative, AI-based technology.
#CorrActions #raised #prevent #accidents #technology #monitor #drivers #brain #activity