{"id":32598,"date":"2022-12-14T19:22:10","date_gmt":"2022-12-14T14:22:10","guid":{"rendered":"http:\/\/myanmarnewsgazette.com\/?guid=8711afbcace5a08d485c258769e7252a"},"modified":"2022-12-14T19:22:10","modified_gmt":"2022-12-14T14:22:10","slug":"safeai-raises-38-million-series-b-funding-to-accelerate-the-deployment-of-autonomous-heavy-equipment","status":"publish","type":"post","link":"https:\/\/myanmarnewsgazette.com\/safeai-raises-38-million-series-b-funding-to-accelerate-the-deployment-of-autonomous-heavy-equipment\/","title":{"rendered":"SafeAI Raises $38 Million Series B Funding to Accelerate the Deployment of Autonomous Heavy Equipment"},"content":{"rendered":"

The funding will enable SafeAI to scale globally to meet the massive\u2014and growing\u2014demand for off-road autonomy<\/h4>\n

SANTA CLARA, Calif., Dec. 14, 2022 (GLOBE NEWSWIRE) —\u00a0SafeAI<\/u><\/a>, a global leader in autonomous solutions for heavy equipment, today announced a $38 million Series B round of funding with key investors including\u00a0Builders VC<\/u><\/a>,\u00a0McKinley Management<\/u><\/a>,\u00a0George Kaiser Family Foundation<\/u><\/a>, and\u00a0Energy Innovation Capital<\/u><\/a>. Additionally,\u00a0Moog Inc.<\/u><\/a>\u00a0joined the round as a strategic investor. SafeAI retrofits construction and mining vehicles with aftermarket hardware and proprietary autonomy software that delivers significant gains in increased worksite productivity, safety and cost savings. The company will use the funding to accelerate their autonomous vehicle technology roadmap, and to scale operations globally to service and deploy their growing customer base.<\/p>\n

Heavy industry is an enormous global market. Based on data from Australia Mining Consultancy and Parker Bay Mining, the mining equipment industry alone is valued at close over $18 billion and expected to grow at a\u00a07% CAGR<\/u><\/a>. But, the industry is threatened by productivity inefficiencies, safety issues and delays that derail project timelines and budgets. Autonomy addresses these issues head-on by delivering greater efficiency and 24\/7 productivity\u2014yet, less than 5% of mining vehicles worldwide are leveraging it. SafeAI is designed to meet this significant and increasing demand. With its scalable retrofit approach, SafeAI enables off-road heavy equipment owners to convert\u2014not replace\u2014aftermarket vehicles and fleets with autonomous technology, regardless of manufacturer or vehicle type. This scalable approach is critical to supporting accessibility and faster deployment of autonomous technology, and in reducing the barriers to entry to a wider swath of market participants.<\/p>\n

\u201cThere is a massive opportunity for autonomous technology within heavy industry; we believe SafeAI is the company to lead the charge,\u201d said Mark Blackwell, General Partner at Builders VC. \u201cSafeAI has developed their solution for scale and impact in a highly addressable off-road market that has an immediate need and proven traction. With a solution that is more broadly accessible to the industry, yet still powerful enough for the largest mining companies, SafeAI is set up to deliver industry transformation at scale.\u201d<\/p>\n

With the new capital, SafeAI is focused on scaling their global operations team to support their growing customer base and on delivering contractual milestones. In addition, the company will continue advancing development of its industry-leading autonomous technology solution and investing in its developer and engineering teams, with a particular focus on hiring top-tier talent within the autonomous vehicle engineering space, including a Chief Technology Officer to lead the efforts. SafeAI is also expanding its global footprint into new geographies to meet the growing demand for off-road autonomy.<\/p>\n

\u201cMoog Inc. is focused on enabling productivity, safety and sustainability when performance really matters. Our autonomy solutions transform equipment into high integrity robots, enabling autonomous operations in challenging environments,\u201d said Joe Baldi, Director of Strategy and Partnerships for the construction sector of Moog Inc. \u201cThrough this investment in SafeAI, we can collaborate to accelerate the adoption of autonomy for heavy equipment and help companies across construction and mining realize the benefits to their operations\u201d<\/p>\n

The funding comes on the heels of a year of momentous growth for SafeAI, including partnerships with\u00a0MACA<\/u><\/a>\u00a0to deploy 100 mining trucks,\u00a0Siemens<\/u><\/a>\u00a0on a collaboration for vehicle electrification and autonomy, and\u00a0Obayashi Corporation<\/u><\/a>\u00a0on developing solutions for construction. SafeAI has also continued to expand its staff within the U.S., Australia, Japan and India, more than doubling its headcount in 2022 to over 90 people. Additionally, the company grew its executive team this year to spearhead the next chapter of growth with new hires Anil Rachakonda, Senior Vice President (SVP) of Strategy & Partnerships,\u00a0Sudhanshu Singh<\/u><\/a>, Senior Vice President (SVP) of Global Operations, and\u00a0Rob Song<\/u><\/a>, Chief Financial Officer.<\/p>\n

\u201cAutonomy has existed in mining for more than two decades\u2014but its growth has stalled when it needed to skyrocket. I founded SafeAI to change that,\u201d said Bibhrajit Halder, founder and CEO at SafeAI. \u201cWe\u2019ve designed a flexible, interoperable, scalable retrofit model to enable companies across heavy industry to uplevel their operations. The mining industry has been successfully implementing Autonomy on a limited scale for years. Our approach is purpose-built to finally accelerate autonomous accessibility and deployment on a significant scale. This funding is just the beginning of our next chapter of expansion and growth.\u201d<\/p>\n

Existing investors\u00a0Autotech Ventures<\/u><\/a>,\u00a0Brick & Mortar Ventures<\/u><\/a>,\u00a0Embark Ventures<\/u><\/a>,\u00a0Newlab<\/u><\/a>, and\u00a0Vimson Group<\/u><\/a>\u00a0also invested in the new round of funding. To learn more about SafeAI, visit\u00a0www.safeai.ai<\/a>. To join SafeAI\u2019s growing team, visit\u00a0https:\/\/safeai.ai\/careers\/<\/u><\/a>.<\/p>\n

About SafeAI<\/strong>
\nSafeAI is a global autonomous solutions provider for heavy equipment leaders focused on advancing modern industry. SafeAI retrofits heavy equipment for autonomous applications in mining and construction to serve a massive ecosystem of industry players with complex needs. SafeAI enables equipment owners to transform existing machines into self-operating robotic assets with aftermarket hardware, advanced, proprietary autonomous technology and a scalable framework for deployment. SafeAI is headquartered in Santa Clara, CA and has offices in Perth, Australia, Tokyo, Japan and Delhi, India.<\/p>\n

Contact<\/strong>
\nLaunchSquad for SafeAI
\nsafeai@launchsquad.com<\/u><\/a><\/p>\n

GlobeNewswire Distribution ID 8714004<\/p>\n","protected":false},"excerpt":{"rendered":"

The funding will enable SafeAI to scale globally to meet the massive\u2014and growing\u2014demand for off-road autonomy SANTA CLARA, Calif., Dec. 14, 2022 (GLOBE NEWSWIRE) \u2014\u00a0SafeAI, a global leader in autonomous solutions for heavy equipment, today announced a $38 million Series B round of funding with key investors including\u00a0Builders VC,\u00a0McKinley Management,\u00a0George Kaiser Family Foundation, and\u00a0Energy Innovation [\u2026]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"yoast_head":"\nSafeAI Raises $38 Million Series B Funding to Accelerate the Deployment of Autonomous Heavy Equipment - Myanmar News Gazette<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myanmarnewsgazette.com\/safeai-raises-38-million-series-b-funding-to-accelerate-the-deployment-of-autonomous-heavy-equipment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SafeAI Raises $38 Million Series B Funding to Accelerate the Deployment of Autonomous Heavy Equipment - 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