MILPITAS, Calif., June 22, 2021 (GLOBE NEWSWIRE) -- SafeAI, a global leader in autonomous heavy equipment, today announced $21 million in Series A funding led by Builders VC following a year of significant company growth. The new capital will be used to advance the companys interoperable autonomous technology through accelerated research and development, and fuel global expansion to meet rising demand for autonomous heavy equipment.
We are at a tipping point for autonomous heavy equipment, said Bibhrajit Halder, founder and CEO at SafeAI. Weve proven that autonomy makes work sites significantly safer and more productive; now, we are on the cusp of mass adoption. Together with our valued partners, customers and investors, were poised to deploy autonomy in off-road industries like construction and mining, at scale, to rethink the way heavy industry operates.
Heavy industry is a massiveand growingglobal market, ripe for disruption. The construction equipment market alone is valued at $140 billion, and expected to increase to $175 billion by 2025; construction-related spending accounts for a staggering 13% of global GDP, or $11.5 trillion. But there remains significant room for growth; in construction alone, higher productivity could create an estimated $1.6 trillion in additional value. With just 25% of the infrastructure needed by 2050 in existence today, autonomy can bridge this productivity gap with greater efficiency and 24/7 operations. SafeAI is at the forefront of this transformation.
New investors LTC, DG Ventures, MACA and Vimson Group, and existing investors Autotech Ventures, Brick and Mortar Ventures, Embark Ventures, Monta Vista Capital and Obayashi Corporation, also participated in the round. The funding comes on the heels of a year of rapid growth for SafeAI, including new partnerships with Obayashi, Goodyear and Macnica, and expansion into Australias booming mining market. To learn more about SafeAIs technology and partnerships, visit. www.safeai.ai. To join SafeAIs growing team, visit https://safeai.ai/careers/.
About SafeAI
SafeAI is a global autonomous heavy equipment leader 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. By building a software platform with the most advanced, industry-specific AI, SafeAI enables equipment owners to transform existing machines into self-operating robotic assets. Obayashi Corp. and Foundamental have made strategic investments in SafeAI, and the company currently operates with Obayashi Corp in Cupertino, CA. SafeAI is based in Milpitas, CA.
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