Artificial Intelligence based IoT solutions provider Drover AI secured $5.4 Million in Series A funding

Drover AI

Drover AI, a Montana-based provider of advanced Artificial Intelligence-based IoT solutions for last mile transportation, has now secured $5.4 million in a Series A funding round.

Drover AI was founded by the Christian Scheder-Bieschin. AI startup specializes in advanced Artificial Intelligence based IoT solutions for last-mile transportation designed to elevate the performance of fleets while exceeding the regulatory requirements of the cities that host them.

Drover’s product, PathPilot, delivers cost-effective granular infrastructure distinction even in the absence of often unreliable GPS data allowing for location awareness and the ability to take corresponding actions.

Drover AI has established itself as the leader in the space, with currently as of now 5000 PathPilot units in operation on shared scooters across the EU, US, and Asia with industry-leading operators like Dott, Voi, and Beam.

Executive Opinion

Christian Scheder-Bieschin, co-founder and CEO of Drover AI, said, "We are very fortunate to have secured the support of Vektor Partners on our mission to leverage computer vision and artificial intelligence for the benefit and long term success of micromobility. The team at Vektor contributes genuine strategic knowledge of the mobility space as well as an understanding of the huge potential value that exists in harvesting vision-based data from fleets of micromobility vehicles."

Chris Riley, Partner, and Co-Founder at Vektor Partners said, "Micromobility is a big market, and it will continue to grow rapidly throughout this decade. Drover's technology solves various pain points for cities, micromobility operators, and riders simultaneously, helping make urban transportation safer and cleaner while at the same time unlocking significant economic value by reducing cost and enabling new business models. Working closely together with cities has hereby become a crucial element in establishing sustainable micromobility service offerings. We are very excited to be able to support the Drover team on this journey."

Drover AI's Latest Funding

The round was backed by the Vektor Partners with follow-on participation from the seed investors Avesta Fund, Masik Enterprises, and Kurt Jaggers, who joined the existing investor 500 global.

The AI startup, as of now, has plans to use the new funds to scale up its innovative solutions for computer vision and AI in micro-mobility, notes the announcement.
PC: Pixabay

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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