PLEASANTON, Calif., March 7,
2024 /PRNewswire/ -- Neural Propulsion Systems (NPS),
a pioneer in software-defined radar, today announced it secured a
$17.5 million Series B funding round.
The round is led by Cota Capital with contributions from GM
Ventures, the venture capital arm of General Motors Co. (NYSE: GM),
and RTX Ventures, the venture capital arm of RTX (NYSE: RTX). This
collaboration marks a transformative step in enhancing roadway
safety (benefiting pedestrians, drivers and all other traffic
participants) and defense radar systems.
NPS will use the investment to further develop and apply its
award-winning Atomic Sensing Platform to automotive radar
technology. The platform provides significantly enhanced, reliable
radar resolution and groundbreaking precision. The improved
performance stems from a new mathematical framework known as the
Atomic Norm (AN), revolutionizing how the raw sensor data is
processed into relevant information.
"This investment confirms the value of our vision and
technology," said Dr. Behrooz
Rezvani, Founder and CEO of NPS. "By harnessing the
potential of our newly developed radar technology, we can
potentially achieve performance enhancements that are over 10 times
greater than current radar capabilities, putting us at the
forefront of revolutionizing the $28
billion radar market. Our radar software works with all
radar hardware and significantly improves the performance of
existing sensing platforms with lower cost and more
efficiency."
The NPS software-defined radar, SDR, achieves near maximum
likelihood performance in detection — meaning, the NPS proprietary
software achieves close to what is theoretically possible with
existing radar sensors. This advancement in radar technology
enables clearer and earlier detection.
"Behrooz and his team are achieving new benchmarks for advanced
radar sensing technology," said Bobby
Yazdani, Founder and Partner of Cota Capital. "We recognize
the significant impact NPS can have in the fields of mobility and
defense systems, and our investment reflects Cota Capital's
commitment to ground-breaking innovation."
The National Highway Traffic Safety Administration's (NHTSA)
proposed rule changes in May 2023 aim
to significantly reduce roadway fatalities by strengthening
regulations around automatic emergency braking (AEB) and pedestrian
AEB (PAEB). NPS's technology is poised to further assist companies
and suppliers in meeting these new standards, using less complex
and more reliable sensors.
"NPS's continued focus on enhancing defense radar systems
exemplifies the commitment that is needed to transform the
aerospace and defense landscape," said Dan
Ateya, President and Managing Director at RTX Ventures. "To
protect against tomorrow's threats, RTX Ventures looks to invest in
companies working to solve the most complex challenges today and
the NPS automotive radar technology does just that."
About Atomic Sensing Platform and Atomic Norm Tensor
Processing Software
The NPS Atomic Sensing Platform for
automotive market is powered by the patented Atomic Norm Tensor
Processing Software to achieve disruptively high resolution,
precision and reliability. NPS ANTP radar SW performance is based
on a new mathematical framework, the Atomic Norm, that transforms
how sensor data is processed and understood. AN Radar SW technology
achieves revolutionary, never-before-seen radar performance that
solves industry-level challenges and opens the door for the future
of ADAS, autonomous driving and next-generation aerospace and
defense systems.
About Cota Capital
Cota Capital backs the bold. Cota
is a technology investment firm that partners with exceptional
teams to build and grow timeless companies that enable the future.
Cota delivers Knowledge Capital, a differentiated combination of
deep operational expertise, know-how, impactful and data-driven
market insights and intelligence, and a vast industry network.
Together, these elements are put to work to empower Cota
entrepreneurs to execute their vision, unlock scale, minimize risk
and bring enduring ideas to life. For more information, please
visit www.cotacapital.com.
About Neural Propulsion Systems (NPS)
Founded in 2018
by Silicon Valley luminaries, NPS develops digital imaging radar
technology. Based on a radar algorithm system capable of running on
a multitude of hardware platforms, the NPS Atomic Norm Radar SW
achieves performance that reaches the information-theoretic limits
of what is mathematically possible, enabling groundbreaking
applications in the mobility and defense industries. Find NPS on
the Web, X and LinkedIn.
All product and company names may be
trademarks or registered trademarks of their respective holders.
Use of them does not imply any affiliation with or endorsement by
them.
Media Contact:
Gary
Bird
FortyThree, Inc.
831.888.9011
nps@43pr.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nps-completes-17-5m-series-b-funding-for-software-defined-radar-led-by-cota-capital-with-key-strategic-investment-from-gm-ventures-and-rtx-ventures-302082398.html
SOURCE Neural Propulsion Systems