Potential

02 May 2024

We have raised new funds to underpin innovation programs with global automotive manufacturers as momentum builds toward production-scale deployment of our AI-powered terrain perception technologies.

Today, we’re excited to announce that we have raised $2M CAD in a successful extension to our seed round. This builds on two previous seed round commitments, for a total of $8.5M raised since May 2020.

Investors in the extension include returning partners Brightspark Ventures, Build Ventures and NBIF (the New Brunswick Innovation Foundation), with Farpointe joining for the first time. They join existing investors, including Marc Benioff’s TIME Ventures.

This latest funding will be used to drive commercialization of our AI-powered perception solutions in automotive, powersports, mining and defense sectors, following several years of intensive R&D and strategic technical recruitment.

“I’m so pleased to welcome back existing partners as well as new investors at this critical milestone in our journey.”

— Sam Poirier, CEO

We have already partnered with a major manufacturer of recreational off-road vehicles and delivered our first innovation project for a global automotive brand. We’re in dialogue with five other leading automotive companies for innovation programs in 2024, and we have another pilot project in the automotive sector underway in Q2, as we prepare for full-scale deployment in production vehicles.

Our core technology is called Terrain Intelligence. This software platform uses forward-facing sensors (such as cameras, radar or lidar) to interpret terrain shape, incline gradient, surface type, obstacles and more. The platform can deliver multiple outputs, from presenting data to drivers all the way through to self-selecting vehicle control adjustments such as drive mode, suspension and differential settings, torque levels and more.

Unlike today’s driver assistance systems, which rely on reactive technologies such as wheel sensors, we enable proactive control, in advance of reaching hazards.

“We were excited by Sam’s vision of a future where AI and terrain perception technologies play key roles in performance, safety and efficiency.”

— Mark Skapinker, Brightspark Ventures

We have designed our technology to run using conventional hardware, such as onboard cameras already found on nearly all modern vehicles. In fact, 75% of the feature set of Terrain Intelligence can be enabled with a single, standard onboard camera. By leveraging the power of AI, Terrain Intelligence gets smarter with every mile driven and is agile enough to run on vehicles of any size.

“Potential is developing export-ready advanced technology in Atlantic Canada that could be used in every vehicle across the globe.”

— Jeff White, NBIF

Sam Poirier, CEO at Potential: “Since 2018, Potential has been developing expertise in off-road environments, computer vision and AI, to make vehicles safer, faster, more agile and more comfortable in extreme environments. But because our solutions can improve outcomes on the road too, our technology could be used in every single vehicle that rolls off the production line, as well as in mission-critical, special purpose vehicles. I’m so pleased to welcome back existing partners as well as new investors at this critical milestone in our journey.”

Mark Skapinker, Managing Partner at Brightspark Ventures: “When we first invested in Potential in 2020, we were excited by Sam’s vision of a future where software-defined vehicles are the norm, and where AI and terrain perception technologies play key roles in performance, safety and efficiency. These predictions are starting to become reality. By renewing our investment, we’re also renewing our vote of confidence in Sam’s leadership and Potential’s technology.”

Jeff White, CEO at NBIF: “Potential is developing export-ready advanced technology in Atlantic Canada that could be used in every vehicle across the globe. Sam has already built an impressive team and successful pilots; our new funding commitment demonstrates the continued confidence we have in Sam’s vision and Potential’s opportunities.”