Richmond, Virginia, Jan. 28, 2022 (GLOBE NEWSWIRE) — Virginia Venture Partners (formerly Center for Innovative Technology GAP Funds), the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Moment AI through the Virginia Founders Fund. Arlington, Va.-based Moment AI is building cars for the vulnerable community. Moment AI will use this investment to hire a variety of roles, including engineering and marketing, as well as key operating and licensing costs.
Current AI software in cars is not enough to prevent accidents caused by incidents related to chronic health issues. Accidents have only decreased 3.5% from current in-car AI technology, and the average American has a car that is 12 years old, meaning the majority of cars on the road today lack any AI or enhanced safety technology at all. Combined with millions of drivers who are at higher risk of having a health event while driving, including 78% of adults over 55 years old who have at least one chronic medical condition, the risk of car accidents on the road is extremely high. Moment AI’s patent-pending AI software is built to detect several events that can occur within this population.
“For people with pre-existing medical conditions, or drivers amongst our aging population, operating a vehicle can be a challenge. The ability to get around via car is vital to many people’s daily routines, so helping people continue to drive safely is Moment AI’s mission,” said Megan Gray, founder and CEO of Moment AI. “Moment AI is grateful for the support of VIPC’s Virginia Venture Partners, and we are excited to continue expanding our technology for the benefit of all drivers.”
Moment AI will be able to detect serious health conditions like seizures, strokes, and cardiac arrest, as well as less serious yet still dangerous when behind the wheel, like drowsiness and fatigue.
“Moment AI is led by a team of scientists and engineers, who’s diverse backgrounds have set them up for building an effective AI technology,” said Alex Euler, Senior Investment Director, Virginia Venture Partners. “Megan Gray’s leadership and impressive technical background is just one of the reasons VIPC’s Virginia Venture Partners is investing in Moment AI. We see a lot of potential for this technology to have a major impact on the safety of individual drivers, both while they drive and while they are on the road with other drivers. We look forward to the future of AI technology in cars, and Moment AI’s role in its advancements.”
About Moment AI
Moment AI is building better cars for the vulnerable. For more information, visit https://www.everymoment.ai/.
About Virginia Venture Partners
Virginia Venture Partners, formerly CIT GAP Funds, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $32.4 million in capital across more than 250 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn, and Facebook.