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Potential (Potential Motors Inc) has received funding to drive the commercialization of AI-powered perception solutions in automotive, powersports, mining and defense sectors, following years of intensive R&D.
Potential, a Canadian automotive technology company which develops advanced driver assistance systems for off-road environments, raised $2M CAD in a successful seed round extension.
Potential’s core technology is branded Terrain Intelligence. This software platform uses forward-facing sensors (such as cameras) to interpret terrain shape, incline gradient, surface type, obstacles and more. The platform can deliver multiple outputs, from presenting data to drivers all the way through to self-selecting vehicle control adjustments such as drive mode, suspension and differential settings, torque levels and more.
Unlike today’s driver assistance systems, which rely on reactive technologies, Potential asserts that it enables proactive control in advance of reaching hazards.
Potential has already partnered with a major manufacturer of recreational off-road vehicles (CFMOTO Powersports Inc) and delivered its first innovation project for a global automotive brand. The company has another pilot project in the automotive sector underway, with further projects at scoping stage.
Building on two previous seed round commitments for a total of $8.5M raised since May 2020, investors in the latest extension include first time and returning partners, who join an array of existing investors.
Sam Poirier, CEO at Potential, commented; “Potential’s expertise in off-road terrain, computer vision and AI will make vehicles safer, faster, more agile and more comfortable in extreme environments.
“Our solutions can improve outcomes on the road too, so our technology could be used in all sorts of vehicles. I’m pleased to welcome back existing partners as well as new investors at this critical milestone in our journey.”
Mark Skapinker, Managing Partner at Brightspark Ventures, stated; “When we first invested in Potential, we were excited by Sam’s vision of a future where AI and terrain perception technologies play key roles in performance, safety and efficiency. By renewing our investment, we’re also renewing our vote of confidence in Sam’s leadership and Potential’s technology.”
Jeff White, CEO at NBIF, added; “Sam has already built an impressive team and successful pilots; our new funding commitment demonstrates the continued confidence we have in Sam’s vision and Potential’s opportunities.”
