Mix Waze and Mobileye together, and you will get Nexar
25 January, 2018
Nexar from Tel Aviv has Raised $30 Million in Series B Funding, to build a large scale Smartphone-based ADAS system with vehicle-to-vehicle cellular network
Since 2016 Nexar from Tel Aviv deepening its cellular-based Vehicle-to-Vehicle network that present a new idea in the growing market Advanced driver assistance systems (ADAS). Unlike Intel’s Mobileye which demands specialized hardware, Nexar’s system is based on the widespread availability of cameras, sensors and computing resources on smartphones. The company has launched an iOS and Android app that collect data from the smartphones sensors, including its cameras and off-the-shelf dashcams, to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers.
Above the local application, Nexar operates cellular V2V communication that connect the cars to the AI system on the cloud. This system produce alerts and insights and transmit them to the relevant near by cars and other costumers such as municipalities, insurance companies and fleet managers. This broad information sharing system creates a practical V2V-like network, similar to Waze.
Last week Nexar has closed a $30 million round of funding led by Ibex Investors with participation from Alibaba Innovation Ventures, US-based Nationwide Insurance and the previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures. This round brings the total raisings of the company to $48 million. In a recent post on the company’s blog, the co-founder and CEO Eran Shir, wrote that the company will provide critical data to insurance carriers and fleet providers, such as collision reconstruction and first notice of loss reports, which help expedite driver assistance, claims and prevent fraud.
“Our primary goal has always been to use AI-based systems to make driving smarter and safer,” Shir wrote. “Since the launch of Nexar’s app in 2016, drivers in 740 cities across 160 countries have driven more than 100 million miles with Nexar, with 10 million miles driven in the last month alone. In New York City, Nexar is used by more than 10% of the city’s ride-sharing drivers, and drivers using Nexar have seen a 30% reduction in collisions.”
Following the funding round, Nexar announced two additions to its executive team. Yoad Shraybom, the former CFO of The Walt Disney company in Israel, Turkey, and Greece, will be joining Nexar, as Chief Financial Officer. He will lead financial planning and accountability activities as the company grows its business operations. Veteran technology executive Marc Gaffan, will be Chief Business Officer.
Nexar’s website: www.getnexar.com
Posted in: News