OurCrowd Joins In $7.25 Million Funding Round For CorrActions, AI Driver Safety Startup
Summary
OurCrowd, a top venture investor in Israel that offers smaller investors the opportunity to participate in VC rounds, has backed the funding round for CorrActions.According to a statement by Israel-based CorrActions, the funding was led by Volvo Cars Tech Fund, along with BlackBerry, and VCs Next Gear Ventures, Mobilitech Capital, Regah Ventures, NextLeap Ventures, and Stone Ventures.CorrActions is developing AI [artificial intelligence] based software for cars and drivers to assess the ability or state of drivers to improve safety. The company explains that its platform analyzes micro-muscle movements that reflect brain activity, using existing human-motion sensors in vehicles such as the steering wheel, in-cabin radars, seats, and other devices. The solution expects to allow fleets to reduce insurance costs, improve delivery times, and increase driver safety.CorrActions was founded by Dr. Eldad Hochman, a neuropsychologist and scientist, and Zvi Ginosar, a business executive. The companys CEO, Ilan Reingold, is a former Chief Business Officer at Sony and General Manager at Broadcom.Reingold said the success of the Series A round is a testament to the industrys acknowledgment of the technology.Autonomous and other driving tech has been a focus of OurCrowd as well as AI startups. OurCrowd typically allows smaller investors to participate directly in an offering at $10,000.