Exciting Startups Unveiled at Fall 2020 Demo Day!
Table of Contents
- Introduction
- The Problem of Distracted Driving
- The Personal Experience
- The Need for Improvement
- Introducing Aware AI
- Founding Story
- The Concept of Digital Twin
- The Importance of Simulation Software
- Limitations of Traditional Testing Methods
- The Benefits of Simulation Software
- Aware AI's Success with Government Contracts
- Collaboration with the United States Air Force
- Contract with National Institute of Standards and Technology
- Expanding into the Commercial Market
- Following the Palantir Playbook
- The Lucrative Commercial Opportunity
- The Value Proposition of Aware AI
- Faster and More Cost-Effective Testing
- Unique Combination of Speed and Effectiveness
- The Business Model
- Selling Aware as a Software Subscription
- Estimated Market Opportunity
- The Team behind Aware AI
- Background and Expertise of Adam Beal
- Dr. Ben Sawyer's Experience in Automotive Design
- Advisory Support from Dr. Michael Paley and Mr. Rob Cleese
- Growth Plans and Achievements
- Capital Efficiency and Ambitious Goals
- Recognition and Traction in the Industry
- Conclusion
Improving Vehicle Safety with Aware AI
Welcome to Marvel 5G Demo Day! In this article, we will introduce Aware AI, a pioneering company focused on improving vehicle safety through the use of advanced technology. With a personal experience serving as the driving force behind their mission, the founders of Aware AI have created a unique solution that has gained recognition and traction in the industry.
The Problem of Distracted Driving
The Personal Experience
Aware AI's CEO and co-founder, Adam Beal, was involved in a life-changing accident that emphasized the need for improved vehicle safety. While sitting at a stoplight, he witnessed a car barreling towards him with the driver visibly distracted. The impact of the collision propelled Adam's head through the back window of his car. Fortunately, he walked away from the accident relatively unharmed, but the experience remained ingrained in his memory.
The Need for Improvement
While awareness of the need to reduce distractions while driving is widespread, many aspects of vehicle distraction are determined during the vehicle design process. Aware AI was founded by two individuals with complementary skill sets and a shared passion for solving this problem. In 2018, they launched Aware AI with a mission to Create a new class of digital twin, or digital engineering artificial intelligence.
Introducing Aware AI
Founding Story
Aware AI's Journey began in 2018, driven by the personal experience of Adam Beal and his co-founder, Dr. Ben Sawyer. Adam, with a deep background in science and technology, had been involved in the automotive industry for over 15 years. Dr. Sawyer, an award-winning scientist with expertise in automotive design and driver safety, brought his entrepreneurial spirit to the table.
The Concept of Digital Twin
Aware AI's solution revolves around the concept of a digital twin. They have developed highly accurate simulation software that can predict how people will Interact with their cars. By utilizing the digital designs created by engineers during the earliest stages of vehicle design, Aware AI can provide valuable feedback to improve the safety and usability of cars.
The Importance of Simulation Software
Limitations of Traditional Testing Methods
Current testing methodologies for assessing the safety and usability of vehicles involve costly and time-consuming real-world testing. Engineer teams build prototypes and have people physically interact with them, thereby limiting the effective testing period. Additionally, human safety and usability testing, which incorporates eye tracking, is both expensive and slow.
The Benefits of Simulation Software
Aware AI's simulation software offers a faster, more cost-effective alternative to traditional testing methods. Engineers can predict various interactions, such as how long it takes for someone to program their favorite radio station and the amount of time they will divert their Attention from the road. By providing early-stage digital designs, Aware AI enables comprehensive feedback to enhance vehicle safety and operability.
Aware AI's Success with Government Contracts
Collaboration with the United States Air Force
The United States Air Force has been actively utilizing Aware AI's technology to advance their own operations. Aware AI has completed two contracts with the Air Force and is currently under contract with the National Institute of Standards and Technology. These collaborations have not only helped grow Aware AI's business but have provided opportunities to capitalize on the technology's potential.
Expanding into the Commercial Market
Having experienced success in the government sector, Aware AI is now looking to follow in the footsteps of Palantir and target the lucrative commercial market. They are seeking partnerships with automakers and requesting $350,000 to secure their first paying automaker and protect their intellectual property.
The Value Proposition of Aware AI
Faster and More Cost-Effective Testing
Aware AI's simulation software has proven to be 5700 times faster and 600 times less costly than traditional human safety and usability testing with eye tracking. This efficiency enables engineers to receive feedback quicker, reducing the product development cycle and time-to-market.
Unique Combination of Speed and Effectiveness
Compared to competing alternatives, Aware AI stands out as the only tool that provides both speed and effectiveness. While other solutions may be fast but lack accuracy or vice versa, Aware AI combines accuracy and efficiency, giving automakers a competitive AdVantage.
The Business Model
Aware AI sells their simulation software as a subscription-Based service. They offer a desktop-based application and also plan to provide a cloud-based option. Market research suggests that the recurring annual opportunity for their software subscription is estimated to be around $8 billion. Aware AI aims to capture 3 percent of the market within three years.
The Team behind Aware AI
The Aware AI team boasts a solid foundation of expertise and experience. CEO Adam Beal's strong scientific and technological background, coupled with his extensive automotive industry knowledge, drives the company forward. Co-founder Dr. Ben Sawyer brings his entrepreneurial spirit and deep understanding of automotive design and driver safety. The team is further strengthened by esteemed advisors, including Dr. Michael Paley, former CEO of Aptoma, and Mr. Rob Cleese, former chief at Air Force Research Labs.
Growth Plans and Achievements
Aware AI's passion for solving the problem of distracted driving has not gone unnoticed. They have received nominations for multiple awards and gained significant traction in the industry. While government contracts have been a stepping stone for business growth, Aware AI's focus has shifted towards the commercial market. With their capital efficiency and ambitious yet achievable goals, they are poised for success.
Conclusion
Aware AI is revolutionizing vehicle safety through the use of simulation software. Their accurate and efficient solution provides valuable feedback to engineers during the earliest stages of vehicle design. With a strong team and recognition within the industry, Aware AI is well-positioned to capitalize on the commercial market and drive positive change in automotive safety.
