Drover AI Achieves $5.4 Million Series A Led by Vektor Partners to Scale Its Innovative Applications of Computing Vision in Micromobility

  • Drover AI is a pioneer in the use of on-board computer vision and machine learning in the large and growing micromobility sector, enabling enhanced safety and regulatory compliance, while also providing opportunities to explore value-add based on unique insights generated by the data. are being created.

  • Drover AI’s technology is the first company to be widely deployed on more than 5,000 shared scooters on 3 continents with leading operators such as Spin (owned by Tier), Voi, Beam, Dott and Helbiz,

  • Drover AI will use the funds to scale up the delivery of existing orders and accelerate the integration of its new PathPilot Lite technology with vehicle and IoT manufacturers for next-generation micromobility vehicles.

BIG SKY, Mont., Aug 2, 2022 /PRNewswire/ — Drover AI Announces It’s Closed on a $5.4 million Series A funding round, led by Vektor Partners and with follow-up participation from Seed investors including Avesta Fund, Masik Enterprises and Kurt Jaggers. They join existing investor 500 Global to support the scale-up of its innovative computer vision and artificial intelligence solutions in micromobility.

E-scooter equipped with PathPilot from Drover AI

Drover AI has pioneered the use of on-board computer vision (CV) and machine learning (ML) in the micromobility sector with its first product, the PathPilot. The first application has brought improved safety and regulatory compliance thanks to PathPilot’s ability to do what no other technology to date can reliably do: detect sidewalks, streets and bike paths as you drive and validate proper parking compliance at the end of rides. Edge-based CV/ML not only provides unprecedented real-time contextual location awareness, but also provides opportunities to explore added value for cities and operators based on unique insights created by vision-based data collected from mobile assets.

“We are fortunate to have received the support of Vektor Partners for our mission to leverage computer vision and artificial intelligence for the benefit and long-term success of micromobility,” said Christian Scheder-Bieschin, co-founder and CEO of Drover AI. “Vektor’s team imparts real strategic knowledge of the mobility space, as well as an understanding of the tremendous potential value that exists in harvesting vision-based data from micromobility vehicle fleets.”

“Micromobility is a large market and will continue to grow rapidly this decade. Drover’s technology solves several pain points for cities, micromobility operators and drivers at the same time, making urban transportation safer and cleaner while creating significant economic value by reducing costs and enabling new business models,” said Chris Riley, Partner and co-founder at Vektor Partners. “Working closely with cities has become a crucial element in building a sustainable micromobility service offering. We are very excited to support the Drover team on this journey.”

Since its inception in early 2020, Drover AI has wasted no time proving their technology and establishing themselves as the leader in space, with over 5,000 PathPilot units currently in use on shared scooters in the US, EU and Asia with leading operators such as Spin (owned by Tier), Voi, Bolt, Beam, Dott and Helbiz. Drover partners have used PathPilot technology to differentiate their capabilities from more traditional positioning and tracking solutions, while cities have also welcomed the enhanced safety and regulatory compliance enabled by the breakthrough technology. As awareness of this technology grows among various stakeholders, Drover benefits from the opportunity to more deeply integrate its technology with vehicle and IoT module manufacturers for future iterations of micromobility vehicles.

“The response to our technology and subsequent demand we’ve seen from the market far exceeds our own early assumptions,” he said. Alex Nesic, co-founder of Drover. “Not only do we have continued interest from shared scooter operators around the world, Europe and Asiawe are also involved with manufacturers of all types of micromobility form factors, with an interest in incorporating our proprietary CV/ML technology to meet growing rider and pedestrian safety initiatives,” added Alex.

“With the real-world fleet deployment of our PathPilot technology, we are also beginning to assess the opportunities for the significant amount of unique urban data we capture and collect, including how best to work with cities and other stakeholders to enable smart city initiatives,” noticed. Christian Scheder-Bieschin. “Never before has there been such a scalable and sustainable way to measure and use this form of urban transport more effectively.”

About Drover AI

Drover specializes in advanced AI-based IoT solutions for last-mile transportation designed to improve the performance of fleets while exceeding the regulatory requirements of the cities that host them. Drover’s product, PathPilot, delivers cost-effective granular infrastructure distinction even in the absence of often unreliable GPS data, enabling unparalleled location awareness and the ability to take corresponding actions. Drover enables a safe and intelligent experience through technology to help ensure the long-term success of micromobility as a sustainable and integral part of urban transport.

About Vector Partners

At Vektor Partners, we invest in the mobility revolution. The transportation world is undergoing dramatic changes – we’re working with the company founders who are leading these changes. From LondonPalo Alto and Berlinwe are perfectly positioned to invest in a new generation of founders who will transform technology for the mobility sector in the 21st century.

Visit: www.vektorpartners.com

For more information:
Visit: www.drover.ai
Email: [email protected]

Photo: https://mma.prnewswire.com/media/1870247/Vektor_Partners_Drover_AI.jpg

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SOURCE Vektor Partners

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