Machines with Vision Secures £1.3 million in Pre-seed Investment Round
The Edinburgh-based technology startup says it will use this fresh investment to expand its team and accelerate the launch of its precise localisation technology product.
Machines with Vision has secured funding worth £1.3 million from a pre-seed investment round and secured major industry partner contracts.
The investment will enable the company to hire new staff, accelerate the launch of its precise localisation technology product over the next 12-months and tap into a market worth £30 billion.
The firm, located at Edinburgh’s Codebase tech incubator, will expand its technology team following the investment round to deliver projects for a number of high-profile industry partners, which include Network Rail, Jaguar Land Rover and Deutsche Bahn.
Machines with Vision provides location-as-a service for autonomous driving, digital rail and delivery robots. Launched in 2016, the company offers “precise positioning to within a couple of centimetres by fingerprinting and mapping the ground surface beneath a vehicle.”
Investors include well-known technology entrepreneurs such as Gareth Williams, Matt Farrugia, Chris Wade and Rob Dobson, as well as the University of Edinburgh’s investment arm, Old College Capital.
Commenting on the funding announcement, Machines with Vision CEO Anthony Ashbrook said: “This investment will allow us to build the team to realise our vision of becoming a core technology provider to the transport industry.”
Gareth Williams added: “I was impressed by the team’s ambition, early industry traction and clear plan to become a serious player in the future of autonomous transportation.”
Earlier this month, the company announced it had been selected to take part in the latest cohort of Digital Catapult’s Machine Intelligence programme, which the firm said will enable it to access expertise to “further develop our AI solutions for the future of transportation.”