A company founded in Dublin City University five just over five years has secured funding of €1.5 million that will enable it bring to market camera and safety systems for cyclists and motorcyclists.
The products set to be launched later this year are intended to aid cyclists and motorcyclists in the way advanced driver assistance systems (ADAS) technology has enhanced safety and convenience for drivers in vehicles.
Luna Systems has to date rolled out AI-assisted software, but the new funding will ensure it can bring its own hardware products to market, including a rear facing camera for a bike, attached to a phone app, like rear-facing cameras in cars.
It will also this year launch a dual AI camera system designed for integration by e-bike and motorcycle manufacturers. It will provide a suite of safety features, including collision warning, blindspot detection and headway monitoring, among other features.
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Luan's products will create a new category for cycling safety when they are launched. The radar cycling products will provide in-ride vehicle proximity warnings, like those common in cars.
It will also use AI for evidence recording as well as post-ride mapping of incidents for blackspot identification. The consumer product is geared towards road and commuter cyclists with the goal of helping cyclists feel safer and more confident as they navigate traffic.
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The fundraising resulting in the latest investment was led by cycling-focused VC firm Fundracer Capital and EIT Urban Mobility, and supported by Enterprise Ireland.
Andrew Fleury, chief executive of Luna Systems, said just like ADAS technology in cars, advanced rider assistance systems (ARAS) will become commonplace for cyclists and motorcyclists in the years to come.
"Six in ten people are still too afraid to cycle in their area. Fear of mixing in traffic is a crucial barrier preventing people from getting on a bike - especially in a busy city," he said.
"ARAS can help the bike industry to capture new segments, especially the commuter cycling segment, where the element of fear is highest. In most countries, people will wait years for the perfect cycling infrastructure.
“Meanwhile, technology is here that can play a huge role to bridge that gap, helping everyone to feel safer as they move through their city. This funding enables us to accelerate our hardware development and push on with our mission.
“We are extremely grateful to all of our shareholders and honoured that Fundracer has come on board. Each of the Fundracer team has made an incredible contribution to the industry, and we are thankful to be able to benefit from their guidance. We are equally appreciative to EIT Urban Mobility and Enterprise Ireland for their continued support and trust.”
