Overland AI, a Seattle, WA-based company which specializes in off-road ground vehicle autonomy for the defense sector, raised $10M in Seed funding.
The round was led by Point72 Ventures with participation from Shasta Ventures, Ascend VC, Pioneer Square Labs, Voyager Capital, and Cubit Capital.
The company intends to use the funds to expand operations and development efforts expanded development and testing of its OverDrive software.
Led by CEO Byron Boots, Overland AI specializes in autonomous ground mobility for complex and contested off-road environments. Its OverDrive software is a vehicle-agnostic solution that enables autonomous navigation of off-road terrain in any environmental conditions at speeds up to 45 mph.
The U.S. Army and Defense Innovation Unit (DIU) recently awarded a $18.6 million ceiling prototype Other Transaction (OT) agreement to the company to adapt its OverDrive technology to drive autonomous vehicles capable of traversing complex terrain in contested areas. In addition, Overland AI was recently selected as a performer on Phase II of the DARPA RACER program to continue advanced capability development and demonstration of OverDrive in operationally-relevant terrain. The demonstrations feature OverDrive integrated into heavy tracked platforms similar in size to forthcoming robotic and optionally manned combat/fighting vehicles, and the lightweight wheeled vehicles already in use.
FinSMEs
20/05/2024
