OurCrowd, a top venture investor in Israel that offers smaller investors the opportunity to participate in VC rounds, has backed the funding round for CorrActions.
According to a statement by Israel-based CorrActions, the funding was led by Volvo Cars Tech Fund, along with BlackBerry, and VCs Next Gear Ventures, Mobilitech Capital, Regah Ventures, NextLeap Ventures, and Stone Ventures.
CorrActions is developing AI [artificial intelligence] based software for cars and drivers to assess the ability or state of drivers to improve safety. The company explains that its platform analyzes “micro-muscle movements that reflect brain activity, using existing human-motion sensors in vehicles such as the steering wheel, in-cabin radars, seats, and other devices.” The software is said to be able to detect issues like fatigue, distraction, and impairment. The service is said to be privacy-focused and does not entail any Personal Identifiable Information (PII). The integration into existing supply and manufacturing processes is described as simple to incorporate. The service is expected to be used in the BlackBerry IVY vehicle platform,
CorrActions reports that it is engaged with multiple automakers to implement its solution in their vehicles. The solution expects to allow fleets to reduce insurance costs, improve delivery times, and increase driver safety.
CorrActions was founded by Dr. Eldad Hochman, a neuropsychologist and scientist, and Zvi Ginosar, a business executive. The company’s CEO, Ilan Reingold, is a former Chief Business Officer at Sony and General Manager at Broadcom.
Reingold said the success of the Series A round is a testament to the industry’s acknowledgment of the technology.
“With the support of our strategic investors, including Volvo Cars and BlackBerry, we are poised to further drive the adoption of our solution in production vehicles. By detecting abnormalities in drivers’ and passengers’ cognitive states, we aim to significantly enhance road safety and revolutionize the driving experience.”
Autonomous and other driving tech has been a focus of OurCrowd as well as AI startups. OurCrowd typically allows smaller investors to participate directly in an offering at $10,000. OurCrowd is also currently raising money for an AI Fund that is seeking $50 million.
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