The company’s AI software monitors brain activity using unconscious, uncontrollable, muscular sub-movements, tracking sources from steering wheels.
Swedish multinational vehicle manufacturer Volvo’s cars tech fund has announced an investment in Israeli driver monitoring company CorrActions, which monitors brain activity using unconscious, uncontrollable, muscular sub-movements. By tracking these movements through its AI software from sources like steering wheels and smartphones, Corractions can detect a wide range of cognitive states including fatigue, inattention, anxiety, and intoxication from alcohol and drugs.
Volvo’s strategic investment in CorrActions is part of a Series A financing round expected to reach $6 million. Other investors in the round include OurCrowd and Next Gear Ventures. CorrActions, which graduated from the OurCrowd Labs/02 Jerusalem incubator raised $2.7 million in a seed financing round in 2021. The company was founded in 2019 by chairman Zvi Ginosar and CSO Eldad Hochman.
“With the Tech Fund, we aim to be a strategic partner of choice for exciting start-ups that can help boost our position as a tech leader in our industry,” said Alexander Petrofski, head of the Volvo Cars Tech Fund. “CorrActions fits the bill perfectly and focuses on a mission that is close to our heart: making cars and the people in and around them safer.”
Volvo said that the CorrActions technology has the potential to be a highly relevant complement to its future safety systems.
Published by Globes, Israel business news – en.globes.co.il – on April 24, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Volvo credit: PR
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