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Tern AI raised $4.4 million in a seed round led by Scout Ventures, Shadow Capital, Bravo Victor VC, and Veteran Fund to provide a low-cost navigation alternative to GPS.

Jun 12, 2024•about 1 year ago

Amount Raised

$4.4 Million

Round Type

seed

AustinSatellite CommunicationNavigationArtificial Intelligence

Investors

Veteran FundBravo Victor VcShadow CapitalScout Ventures

Description

Tern AI, a startup that aims to provide an alternative to GPS, has raised a $4.4 million seed round from Scout Ventures, Shadow Capital, Bravo Victor VC, and Veteran Fund. The company has developed an Independently Derived Positioning System (IDPS) that can recognize position without relying on satellite signals.

Company Information

Company

Tern AI

Location

Austin, Texas, United States

About

Tern AI is a startup focused on providing an alternative to GPS, aiming to reduce reliance on GPS by offering a low-cost navigation alternative. The company's technology, Independently Derived Positioning System (IDPS), uses AI to parse through sensor data from vehicles and smartphones to provide a consistent and precise position without relying on satellite signals.

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Funding Insights

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VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers