Tern AI Awarded Department of Transportation Contract following $4.4M Seed Funding Round.
AUSTIN, Texas, July 25, 2024 /PRNewswire-PRWeb/ -- Tern AI, a leader in intelligent position recognition, has successfully completed its seed funding round, raising $4.4 million from top-tier dual-use venture capital firms. This funding will accelerate the development of Tern AI's cutting-edge Independently Derived Positioning System (IDPS™), marking the next step beyond stand-alone GPS in vehicles and personal devices.
Advancing its mission, Tern AI has also been awarded a highly competitive contract by the U.S. Department of Transportation (DoT). This contract highlights the urgent need for robust positioning systems in our nation's transportation infrastructure, especially in situations where GPS signals are unavailable, unreliable or suboptimal.
Strengthening Transportation Infrastructure
The recent contract award from the U.S. Department of Transportation underscores Tern AI's commitment to enhancing the resilience of the nation's transportation networks through intelligent positioning. By providing continuous and accurate positioning data that is independent of external signals, Tern AI's IDPS™ technology will be crucial in supporting the safety and efficiency of the next generation of all vehicles, including delivery fleets, autonomous vehicles, and everyday commuters.
Industry Impact and Future Prospects
The $4.4 million in funding will expedite Tern AI's research and development, accelerate product innovation, and expand its market presence. The company's strategic initiatives include forming partnerships with personal device suppliers and automotive manufacturers, integrating IDPS™ into next-generation vehicles and smart devices, and collaborating with urban planners to develop smarter, more connected, and intelligent cities.
Tern AI's Co-Founder & CEO, Shaun Moore, commented, "We are thrilled to receive this vote of confidence from both our investors and the Department of Transportation. This funding and contract will enable us to push the boundaries of what's possible in positioning technology, ensuring that our roads and cities are safer and more efficient."
About Tern AI
Founded in 2023, Tern AI is committed to revolutionizing the navigation landscape with innovative solutions that surpass the limitations of traditional GPS. With a team of experts in artificial intelligence, machine learning, professional navigation, and automotive technology, Tern AI is uniquely positioned to pioneer advancements that enhance the safety, reliability, and efficiency of global transportation networks.
Media Contact
Shaun Moore, Tern AI, 1 000-000-0000, [email protected]
SOURCE Tern AI
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