Tech firm raises $2M more in seed funding
Potential Motors Inc., based in Hanwell, developing sensor-based driver-assistance system with artificial intelligence for off-road vehicles, working with interested manufacturers
In a world of driver-assisted parking and the development of autonomous cars, a company based in the Fredericton area is looking to bring high-tech off-road.
Potential Motors Inc. announced earlier this month that it had successfully raised an additional $2 million in seed funding in its quest to develop driver-assistance systems specifically for off-road vehicles.
In a May 2 news release, the Hanwell firm said that new funding brings its overall total for finances raised since May 2020 to $8.5 million.
The release said the additional capital “will be used to drive commercialization of Potential's AI-powered perception solutions in automotive, powersports, mining and defence sectors, following years of intensive R&D.”
But what does that mean? And what is that Potential Motors does?