PreAct Raises $14M In Series B Funding Led By I Squared Capital To Sell Near-Field Sensors
The application of near-field sensors has been proven in industrial field tests and PreAct's funding is evidence that their impact can extend into other industries like healthcare and transportation.
PreAct, a Silicon Valley-based company that specializes in developing and manufacturing near-field sensors, has raised $14M in Series B funding. The Round was led by I Shared Capital.
This is exciting news for the future of sensor technology and its potential to revolutionize a variety of industries. With the recent news that PreAct has raised an impressive $14M in Series B funding, it is clear that there is a growing demand for near-field sensors and the possibilities that they offer.
Through its innovative near-field sensors, PreAct has the potential to transform industries such as healthcare, transportation, and manufacturing.
What Is Near-Field Sensor Technology?
Near-field sensor technology involves the use of sensors that are designed to detect and collect data from very close range, typically within a few centimeters or inches of the object being measured.
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This technology allows for highly accurate and real-time data collection, enabling industries to optimize operations for efficiency and cost savings.
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The potential applications for near-field sensor technology are vast and varied, ranging from healthcare to transportation and manufacturing.
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The purpose of near-field sensors is to identify and quantify magnetic and electric fields that are present nearby.
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These sensors work by applying a magnetic or electric field to a conductor, like a wire or a coil, which results in electromagnetic induction.
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The strength and direction of the field can be determined by measuring the electrical signal that is produced.
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In a wide variety of applications where accurate measurements of magnetic and electric fields are necessary, near-field sensors are helpful.
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For instance, they are employed in medical imaging technologies like MRI as well as scientific studies to examine the characteristics of materials.
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In the electronics sector, near-field sensors are also utilised for non-destructive testing, material evaluation, and quality control of electronic circuits.
The growing demand for near-field sensors and the success of companies like PreAct demonstrate that this innovative technology is not a passing trend, but rather an essential component in the future of various industries.
About PreActs Acquisition of funds:
PreAct, a Portland, Oregon-based firm, with offices in Ashburn, Virginia, Rochester, New York, and Barcelona, Spain.
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It secured $14 million to support its R&D efforts. In November 2021, PreAct collected $13 million. The amount of funding received so far is $28 million.
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PreAct uses near-field sensors to assist vehicles sense their environment and react.
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The startup, which was first created to shield military vehicles from missiles, separated as a standalone business in 2018 and is now focusing on the automotive industry. The fresh capital round will be used to target markets in the robotics, healthcare, and agricultural sectors.
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More sectors of the economy realise the value of high-quality 3D data that can be customised to users' demands through software and supported by a potent SDK that includes an AI development platform.
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Compared to other LiDARs on the market, PreAct's sensor family offers high-quality point clouds at a significantly reduced price.
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The market for short-range sensors, which is thought to be worth $30 billion annually and includes devices like radar, ultrasound, and webcams, may be supplemented or perhaps replaced by PreAct's patent-pending sensors and software.
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The goal of PreAct is to provide these users with dependable, reasonably priced systems that can be readily customised to interface with their current software stacks and are continuously updated to offer new use cases for improved system monetization.
According to the business, it is making money and has "experienced significant growth over the past year."
Who Is I Shared Capital?
I Squared Capital, is a multinational infrastructure investment company. The company, which has offices in New York, London, Hong Kong, Miami, Houston, and Singapore, was created in 2012 by former executives of Morgan Stanley's infrastructure division.
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The development, purchase, and management of infrastructure assets in industries including energy, utilities, telecommunications, and transportation are specialties of the firm.
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Over $36 billion in assets are managed by I Squared Capital, which has also made investments in infrastructure projects in over 30 countries.
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The investment strategy of the company is concentrated on generating long-term value through growth, efficiency, and operational efforts.
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Assets like power plants, renewable energy facilities, gas distribution networks, airports, toll roads, and data centres are included in its portfolio.
People Behind PreAct:
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Drysch founded the business after running four other automation firms before PreAct.
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He is accompanied by Chairman Keith Brendley, who is the president of Artis.
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COO Kurt Brendley, who previously served as the organization's head of business development at the research and development company Artis.
Who Led The Funding?
I Squared Capital led the Series B investment, which also included State Farm Ventures, Luminate, and Traylor Capital.
Future Of The Firm
With the impressive Series B funding, PreAct is set to continue its mission of developing and manufacturing innovative near-field sensor technology.
This technology holds immense potential to revolutionize various sectors and industries, enabling them to optimize operations for efficiency and cost savings.
Considering the tremendous potential of near-field sensor technology, PreAct's efforts to develop and manufacture innovative sensors is likely to revolutionize industries such as healthcare, transportation, and manufacturing in the near future.