State start-up company Buffalo Automation is developing unmanned ship technology and recently announced that it has received US$0.9 million in seed financing, which exceeds the company’s target of US$700,000 in financing set at the beginning of the year. The investment helped the company expand its pilot project for the innovative AutoMate system. This system integrates real-time sensor data on waterways with static information such as charts to help the ship autopilot.
This technique is similar to the autopilot system. Currently, the field of automated driving has gathered high-tech companies such as Waymo and Otto, as well as traditional car manufacturers such as General Motors and Ford. AutoMate can improve the safety of commercial shipping and recreational cruises by discovering obstacles (such as other boats and wrecks) in the water as early as possible, and can also use algorithms to find more efficient routes to save fuel. 90 deg elbow lr
The company, led by CEO and co-founder Thiru Vikram, is currently running the AutoMate system with three shipping companies (two North American Lake Carriers and one international container ship company).
Buffalo Automation was founded in 2015 by a student at the State University of New York at Buffalo. This round of funding has become a new milestone for the company. At the beginning of the establishment, the company was considered one of the most promising start-up companies in New York and won the championship of the Henry A. Panasci Jr. Technology Entrepreneurship Competition (Panasci TEC) in 2016. In the same year it was obtained from Launch NY and Z80. Labs' $25,000 investment.
The State University of New York at Buffalo promoted the development of Buffalo Automation by providing business guidance and fostering entrepreneurship on campus. The school mentors provided technical support for the study of the company’s ship automation in the early stages of the project. Currently, the company’s team members are graduates from Buffalo.
Liesl Folks, dean of the School of Engineering and Applied Sciences and member of Buffalo Automation's advisory board, said: “Buffalo Automation showed the wisdom and entrepreneurial spirit of graduates from the State University of New York at Buffalo. Autopilot technology has always been of great interest to automakers. In the field, Buffalo Automation brings this technology to the water and is committed to helping ships navigate more safely. With the support of universities and other partners, the company has developed an innovative system that has brought about the extreme Big interest." slip on flange
The company's latest round of financing was led by Jacobs Family, the owner of Delaware North, through its investment firm Deeridge Group LLC, along with investors including Gerald Lippes (founder and senior partner of Lippes Mathias Wexler Friedman) and Ted Pierce (Gaylord Smythe LLC. Investment Manager) and John Somers (President and CEO of Harmac Medical Products). Z80 Laboratories conducted a follow-up investment of US$100,000 45 sr elbow
Jerry Jacobs Jr., co-CEO of Delaware North, stated: “The innovation and entrepreneurship on the campus of the State University of New York at Buffalo is booming. Buffalo Automation is a good example of this. We have excellent leadership and maturity of the company. The spirit of innovation is impressive."
Jon Spitz, general manager of Z80 Labs, said: "Buffalo Automation Vikram and his team have made good use of the technology and entrepreneurial resources provided by the school. We are very pleased to support his next stage of development."
Lipsis Mathias Wexler Friedman's chairman and CEO and manager of Buffalo Capital Partners, Scott E. Friedman, said: “I am very excited to work with Vikram from the early days and watch him and his team continue to grow Buffalo Automation and develop it in the future. A bigger market."