IMERAI secures investment
IMERAI is pleased to announce the completion of an investment round led by Apollo Informal Investments that will support the development of a world-leading echolocation technology.
IMERAI was founded in 2018 by Alex Bowen following his graduation from Heriot-Watt University. The sensor technology was invented to mimic the way bats use reflections of sound to build an image of an environment and navigate during flight. The readings from the sensor are similar to those of video cameras, but do not capture identifiable facial features. This makes the sensor attractive to product developers who are focused on protecting user privacy.
Using the latest advances in MEMS microphones, IMERAI’s technology will enable AI to understand the physical world. Applications are being built for consumer electronics, security, building occupancy, automotive, and defence markets, allowing IMERAI to access a rapidly growing combined market currently valued in excess of $55billion.
The investment will allow the company to focus on refining the designs of the sensor by working with end-users and manufacturers and by expanding the engineering team from its base at Heriot-Watt University, Edinburgh, creating 5 new high-skilled positions over the course of the next year.
Founder and CEO Alex Bowen commented: “We’re tremendously excited to get started with building out our team to deliver sensor development kits to our end-users and manufacturing partners. Edinburgh is one of the best places in the UK for new tech hardware and IP companies to start out. There is a wealth of talent and expertise in the sensors and MEMS space at our doorstep and we are definitely going to make the most of it.”
Michiel Smith, Gatekeeper at Apollo Informal Investments added: “Apollo is always on the lookout for innovative start-ups that are looking for funding to create early traction with customers and get them ready for follow up rounds. IMERAI perfectly fitted this bill and we are excited to join Alex on his journey”
Investor Chris Barrett observed: “IMERAI’s work represents state-of-the-art ultrasound imaging and signal processing. Their solution will be of interest to the commercial sensor and robotics markets, so I’m happy to be providing seed investment alongside Apollo and Scottish Enterprise grant support for this exciting Edinburgh-based start-up.”