CorrActions' system uses motion sensors found in every digital device and allows car manufacturers to understand through AI symptoms of drivers and passengers such as fatigue, lack of attention, effects of alcohol and drugs and various diseases
The Swedish car manufacturer Volvo makes a strategic investment in the Israeli start-up CorrActions through the investment fund Volvo Cars Tech Fund. Volvo is leading CorrActions' A round of funding, which has raised $2.7 million since its inception at Seed and Pre-Sid from the Labs/02 incubator of the investment platform OurCrowd, the VentureIsrael Fund, the Japanese Samurai Fund and Operator Partners. Volvo intends to continue joint activity with CorrActions, after experimenting with the software developed by the Israeli start-up.
The Israeli start-up has developed technology to prevent accidents by monitoring the driver's brain activity. The company's software technology performs AI-based analysis of unconscious muscle movements that reflect brain activity.
The CorrActions system uses motion sensors found in every digital device and allows car manufacturers to understand symptoms of drivers and passengers such as fatigue, lack of attention, effects of alcohol and drugs and various diseases. The monitoring is carried out with a high level of accuracy and uses the data already in the vehicles without the need for hardware changes. It allows the vehicle to perform actions such as limiting speed and increasing the braking distance to prevent accidents.
CorrActions, which employs 15 people, was founded in 2019 by Dr. Eldad Hochman, a neuropsychologist and scientist, and Zvi Ginoser, an experienced business manager. The company's CEO, Ilan Reingold, was previously VP of development and product at several start-up companies and then a senior business manager at Broadcom and Sony. In addition to Volvo, CorrActions works with other major car manufacturers in the world, among them: Hyundai and Volkswagen.
Volvo is one of the well-known and respected premium brands in the global automotive industry. The company, founded in 1927, sold over 2022 vehicles in more than 615,000 countries in 100. The Volvo Investment Fund was founded in 2018 to invest in technologies and companies that are changing the automotive industry, such as AI, electrification, autonomous driving, sustainability, and digital commerce.
"As we aim for a future where cars will not crash, the ability to understand the driver's mindset is critical," said Asa Haglund, head of Volvo's safety center. "This fact makes the technology developed by CorrActions very interesting for our engineers."
"The investment fund allows us to enter into a strategic partnership with exciting start-ups that can accelerate our being a technological leader in the automotive industry," said Alexander Petrovsky, head of Volvo Cars Tech Fund. "CorrActions is a perfect fit for us and focuses on a mission that is close to our hearts: to bring safer cars and safer transportation to the world."
"We and Volvo have a common value - safety," said Ilan Reingold, CEO of CorrActions. "We are excited that Volvo has recognized our capabilities and together we will change the automotive industry and immeasurably improve driver safety and the passenger experience."
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