CPE News (6.28.2024) – Raven Connected has raised $10 million in Series A funding led by TELUS Global Ventures with participation of Export Development Canada (EDC), Celtic House Venture Partners, and Graphite Ventures.
The financing closed in May 2024. Brian Spencer Martin from TELUS has joined Raven Connected board of directors.
As part of its investment, TELUS will continue as Raven’s preferred IoT connectivity provider in Canada, offering the country’s exclusive network dedicated to enterprise IoT traffic.
Founded by Russell Ure and CEO Dan Carruthers, Ottawa based Raven Connected is at the forefront of AI and emerging IoT vehicle technology providing key insights into fleet and smart city operations.
New funding will help accelerate Raven’s initiatives to enable AI for video telematics and smart city applications with even more advanced AI and Machine Vision functionality.
photo credit: Raven Connected
News Release
Raven Connected Closes $10 Million Funding Round, Fuelling its Expansion in the Connected Vehicle Landscape
The investment, led by TELUS Global Ventures, will broaden the company’s leadership in video telematics for commercial fleet and smart city applications
June 27, 2024
Ottawa — Raven Connected announced today that it has closed a $10 Million Series A financing led by TELUS Global Ventures. Export Development Canada (EDC) has invested alongside TELUS Global Ventures and existing investors Celtic House Venture Partners and Graphite Ventures. Raven is at the forefront of AI and emerging IoT vehicle technology providing key insights into fleet and smart city operations. Since closing its seed expansion funding round in 2022, Raven has experienced rapid customer growth across a wide range of industries and applications, and has developed strong relationships with a number of key channel partners across North America.
Today’s funding will accelerate Raven’s initiatives to enable AI for video telematics and smart city applications with even more advanced AI and Machine Vision functionality. Raven will also introduce a comprehensive vehicle-to-everything (V2x) feature set that will position Raven as the aftermarket video telematics vehicle solution of choice. Funds from this round allow Raven to expand its growing suite of third party integration partners and improve road safety and insurance outcomes while accelerating the introduction of new AI models and Smart City applications built around the existing Raven Smart City Data Stream. Raven will support all of its development efforts by growing its workforce by more than 25% over the coming year.
“This funding round will contribute to Raven’s objective to democratise video telematics and expand our footprint as a leading aftermarket developer of connected vehicle technologies,” said Raven co-founder and CEO Dan Carruthers. “I am grateful to have the backing of TELUS Global Ventures, EDC and our existing investors who share in this vision. Having a Tier-1 communications infrastructure company like TELUS join our investment syndicate will enhance our scale and reach as we look to expand our technology and channel partnerships outside of North America in the year ahead.”
As part of its investment, TELUS will continue as Raven’s preferred IoT connectivity provider in Canada, offering the country’s exclusive network dedicated to enterprise IoT traffic. Raven’s cameras will not compete with other network traffic sources like mobile devices used by Canadians, resulting in increased security and reliability and limiting capacity constraints and disruptions.
“TELUS is taking bold steps to improve the lives of Canadians by investing in technologies that connect and empower individuals, businesses, and municipalities to build stronger, safer, and more efficient road networks,” said Terry Doyle, Managing Partner, TELUS Global Ventures. “With our investment and Raven’s technology, we can further advance our goal of enabling innovation and positive outcomes for Canadians – and other stakeholders around the world – by driving the next generation of V2x applications, reducing carbon emissions and making roads safer for vehicles, cyclists and pedestrians.”
EDC, Canada’s export credit agency, provided equity financing through its Investment Matching Program. “A core tenet of this program is partnership, working together with like-minded investors to extend our impact for innovative Canadian companies as they grow their operations and make an impact on the world stage,” said Lissa Bjerkelund, EDC’s Vice-President, Investments and Mid-Market Lending. “We’re delighted to support Raven Connected whose emergent AI technology is poised to make vehicles safer, smarter and more sustainable.”
Raven Connected was founded in 2016 to develop and launch one of the very first LTE-connected vehicle solutions incorporating native telematics in addition to road and cabin-facing cameras. As the adoption of video telematics continues to grow, Raven has already logged more than 3B kilometres of road-related data, including both images and video.
About Raven Connected
Raven Connected is an Ottawa-based company at the forefront of AI and emerging IoT vehicle technology. The team is revolutionising how businesses manage their fleets, providing simple-to-use, cutting-edge video telematics solutions to deliver unparalleled insights into fleet and smart city operations. Raven has instrumented tens of thousands of vehicles across North America. For more information, visit www.ravenconnected.com.
About TELUS Global Ventures
At TELUS Global Ventures we leverage deep insights from our global businesses to provide our investment partners with opportunities for tangible growth and traction. To date, TELUS Global Ventures has funded more than 150 companies that are poised for significant growth and market transformation, spanning across 10 countries and five continents.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
Media Contacts:
Natalie Jackson
Raven Connected
njackson@ravenconnected.com
François Marchand
TELUS Media Relations
francois.marchand@telus.com
EDC Media Relations
media@edc.ca