Damon Motorcycles Raises $2.5M
Two-wheel technology company Damon has raised $2.5m from Round 13 Capital, Techstars, Extreme Venture Partners and Pallasite Ventures.
Founded in 2017, the Canadian company uses sensors, robotics and AI to expand the reach of a rider’s senses in 360º and deliver enhanced situational awareness. Unlike the traditional driver-assistance systems (ADAS) found on cars, Damon’s Advanced Warning System for Motorcycles understands the ‘cageless’ conditions and unique vehicle dynamics of motorcycles that add to a rider’s vulnerability. Damon’s forward, side and rear detection algorithms inter-communicate to form a complete 360º ‘birds’ eye’ view of what’s happening around the motorcycle at all times.
Damon’s algorithms are tested over “thousands of virtual and real-world miles” before a motorcycle can consistently detect and anticipate accidents on all sides of the rider in all environmental and traffic conditions. With cellular connectivity, possible collision scenarios are recorded. The data is then sent automatically to a dedicated cloud platform where a sophisticated AI engine continually learns and creates new algorithms. Eventually, updates are sent back to the bike’s onboard processor with the rider alerted to the availability of an update. Such updates result in a faster, more sophisticated system, alerting the rider to potential hazards in a seamless, self-learning loop.
“We are focused on the forgotten category of 1.5 billion vulnerable road users, and to fulfill our vision, we put data-driven thinking at the epicentre of the company. We are building a radical riding experience where the joy and simplicity of riding is augmented by technology, and our goal is to usher in a world with no fatal accidents on Damonized vehicles by 2030.” – Damon Motorcycles founder and CEO Jay Giraud.
“We typically do not do seed deals, but occasionally we come across a founder and a plan that we think can be a potential game changer – and we felt strongly that Damon fit this definition. We were impressed with the company founder, the idea itself and the problem it’s solving, and we’re thrilled to be onboard.” – Managing Partner at Round 13 Capital Bruce Croxon.