Volvo Cars Tech Fund invests in AI start-up CorrActions
When we develop our safety technology, it’s always based on understanding human behaviour and rooted in decades of safety research. Our aim is to help you be a better driver and reduce the risk of a crash happening – eventually, we aim for cars that no longer crash.
With that in mind, we’ve now made a strategic investment in CorrActions, an Israeli deep-tech brain monitoring AI start-up, which has developed a technology that the company believes will disrupt brain activity monitoring and may help us understand drivers even better.
The AI-powered software built by CorrActions can detect abnormalities in the cognitive state of drivers and passengers, based on micro muscle movements that reflect brain activity. By using existing sensors in, for example, the steering wheel, such movements can hint at a variety of cognitive symptoms, including a driver being distracted, intoxicated or overly tired.
Through the Volvo Cars Tech Fund, our corporate venture capital arm, we’re leading CorrActions’ latest funding round after testing their software and aim to continue collaborating going forward. Our Tech Fund makes strategic investments to help start-ups to thrive and jointly accelerate the transformation of the global mobility industry in areas such as safety, electrification, digitisation and new ways to access a car.
“With the Tech Fund, we aim to be a strategic partner of choice for exciting start-ups that can help boost our position as a tech leader in our industry,” said Alexander Petrofski, Head of the Volvo Cars Tech Fund. “CorrActions fits the bill perfectly and focusses on a mission that is close to our heart: making cars and the people in and around them safer.”
CorrActions piqued our interest because they clearly try to solve the same issues as our safety engineers. Our decades of research teach us that distraction and tiredness are facts of life, and that you may not always be at your best when driving, for whatever reason. And in traffic, it takes only a few seconds for the unthinkable to happen.
The CorrActions technology has the potential to be a highly relevant complement to our future safety systems. As a result, we’ve decided to take a stake in CorrActions to support the further development and commercialisation of its technology.
The investment made by our Tech Fund is part of a Series A funding round by CorrActions. Further financial details will not be disclosed.
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Volvo Cars in 2022
For the full year 2022, Volvo Car Group recorded an operating profit of SEK 22.3 billion. Revenue in 2022 amounted to SEK 330.1 billion, while global sales reached 615,121 cars.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.
Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
As of December 2022, Volvo Cars employed approximately 43,200 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).
For further information, please contact:
Volvo Cars Media Relations
+46 31-59 65 25
Volvo Cars Investor Relations
+46 31-793 94 00
About CorrActions
CorrActions is disrupting the brain-computer-interface, providing highly accurate software-only brain activity monitor, using AI analysis of unconscious muscle motion that is reflecting brain signals activity. CorrActions enables reliable brain activity monitoring on the go based on data from motion sensors available in any digital device. CorrActions enables automotive manufacturers to understand drivers’ and passengers’ cognitive symptoms such as fatigue, inattention, anxiety, alcohol, motion sickness, drugs influence, etc. with high accuracy, using data that is already available in vehicles without any changes to hardware.
For further information, please contact:
Leah Stern
Partner, Global Communications @OurCrowd
UK: +44-747-019-6826