Headquartered in Limerick, Ireland, Provizio is an accident prevention technology company that uses AI software and a five-dimensional sensory platform to prevent accidents. Recently, the company secured $6.2 million (approx £4.6 million) in seed funding.
Backers included Bobby Hambrick, the founder of Autonomous Stuff and Movidius, the European Innovation Council (EIC), and ACT Venture Capital. The company is planning to use the funding to expand its operations and its business reach.
Speaking on the investment, Bobby Hambrick, founder AutonomouStuff (Hexagon HEXA B) comments “It’s not so often a team of this calibre, with a market of this scale and a mission of this magnitude comes about so I’m delighted to have been an advisor from the outset and now an investor in the future of Provizio.”
94% of accidents are caused by human error
According to the company, around 1,350,000 road deaths happen every year and 50,000,000 injuries at an annual cost of over $2 trillion. Notably, 94% of those accidents are caused by human error, errors that current accident prevention systems cannot stop.
Also, car safety focus has until now largely been on a reactive basis or with prescriptive safety measures, these merely minimise damage to passengers, they do not stop the crash from occurring.
To prevent accidents advanced driver-assistance systems (ADAS) need to have greatly increased range and object discrimination capability to see danger long before they currently do.
Accident prevention platform
As a solution, Provizio develops an accident prevention platform that embeds safety-first thinking to radically transform vehicle safety with a proprietary Accident Prevention Technology (APT) platform. They perceive, predict, and prevent automotive accidents in real-time using proprietary long-range imaging sensors and AI on-the-edge.
Barry Lunn, CEO of Provizio added “One point three five road deaths to zero drives everything we do at Provizio. We have put together an incredible team that is growing daily. AI is the future of automotive accident prevention and Provizio 5D radars with AI on-the-edge are the first step towards that goal.”