PreAct, a company specializing in near-field sensors for automotive applications, secures $14 million in funding.

Thu Jan 5, 2023 - 4:10am GMT+0000

PreAct, a startup based in Portland, Oregon, specializing in near-field sensor technology for enhancing vehicle situational awareness and responsiveness, has secured $14 million in funding to advance its research and development efforts.

Originally established to safeguard military vehicles from missile threats, PreAct transitioned into an independent company in 2018 with a strategic focus on the automotive sector. Over the past year, the company has demonstrated substantial growth and is currently generating revenue.

The latest infusion of capital will enable PreAct to expand its presence into diverse industries, including agriculture, healthcare, and robotics, according to CEO Paul Drysch. The company presently maintains a workforce of 30 employees and aims to fill 20 additional positions.

PreAct was founded by Paul Drysch, who boasts a distinguished background, having led four other automation firms before establishing PreAct. The leadership team also includes COO Kurt Brendley, formerly the head of business development at the research and development firm Artis, and Chairman Keith Brendley, who serves as the president of Artis.

This financing round marks PreAct’s second significant capital raise, following a $13 million funding round in November 2021. To date, the company has accumulated a total of $28 million in funding. The Series B round was spearheaded by I Squared Capital and saw participation from notable investors such as State Farm Ventures, Luminate, and Traylor Capital, among others.