Pruna compresses AI models to make them more efficient. Check out the pitch deck the startup used to raise $6.5 million.
- today, 3:11 AM
- businessinsider.com
- 0
The Motor City is harnessing its legacy of automotive ingenuity to propel its mobility ecosystem into the modern world.
Essential to this is Detroit’s historic Corktown neighborhood, home of the Detroit Smart Parking Lab (DSPL) and Michigan Central, a 30-acre innovation district which serves as a powerful convening place and real-world test bed for mobility solutions that advance a more sustainable, equitable future.
DSPL similarly acts as a catalyst for attracting early-stage mobility prototypes to Detroit, demonstrating the value of a cyclical ecosystem that supports all levels of incubation.
Representative of these evolutionary ideals, the tech-infused DSPL originally operated as a traditional parking garage, serving The Assembly, a mixed-use residential development. In 2021, Bosch, Ford, and real estate developer Bedrock partnered to install gigabit-speed internet and advanced electrical infrastructure.
These adaptions were pivotal in allowing Bosch to test and demonstrate America’s first live deployment of its Autonomous Vehicle Parking (AVP) system at a location typical of real-world parking. Building on this momentum, the lab secured public endorsement via the Michigan Economic Development Corporation—which, during the past two years has provided more than $1 million in grants for 20 startups at DSPL.
“The DSPL was built with a very specific reason in mind. Yes, the automobile was born in Detroit, and with constantly evolving technology, this platform ensures that entrepreneurs can develop, test, and apply innovation right here in the Motor City,” says Bedrock CEO Kofi Bonner.
ItsElectric emphasizes DSPL’s ability to attract, retain, and grow mobility technology. After entering the Detroit mobility ecosystem in August 2022 with a prototype to supplement EV charging with building infrastructure, it was named Fast Company’s Next Big Things in Tech, secured additional funding and moved its headquarters to Newlab. To this day, the ItsElectric team continues to grow and is preparing for a full-fledged product deployment later this year.
This accelerated pace of innovation has provided a pathway for the flow of nearly $500 million in 2023 startup funding, outpacing similarly scaled locations. Moreover, Pitchbook named Detroit as the second-fastest-growing venture capital ecosystem globally.
“Michigan has always been a state of innovators, and we are proud that mobility solutions of the future are being made right here,” said Michigan Lt. Gov. Garlin Gilchrist II. “Our continued partnership and support for the Detroit Smart Parking Lab will further position Michigan as a leading destination for high-tech education, testing, and training of next-generation mobility solutions right from the Motor City.”
But Detroit’s ability to innovate expands further than Corktown. In April, a consortium of partners, including Bedrock, Michigan Central, the City of Detroit, and the Michigan Office of Future Mobility and Electrification (OFME) announced The Connect. A free, zero-emission shuttle program that will seamlessly link communities from Corktown to the east riverfront using autonomous shuttles.
With the success of the DSPL, Bedrock, Bosch, Cisco, and KODE Labs entered into a partnership to launch the Urban Technology Xchange (UTX) in downtown Detroit in late 2023.
UTX provides a physical ecosystem along Woodward Avenue for startups to develop and deploy new-built environment technology, many utilizing AI. Downtown Detroit’s largest employer, Rocket Mortgage, is leading the development of AI Tech to revolutionize the future of mortgage lending, all from the city’s core.
Technology has become a critical part of the economy. Cities that embrace its growth will be positioned to prosper. In Detroit, a focus on mobility, building on its automaking legacy, is the natural starting point. More organizations, investors, and entrepreneurs need to step up and help to shape the future of transportation in the near and long term.
No comments