Israeli smart dashcam company Nexar today announced the completion of a $52 million Series C financing round led by Corner Ventures with participation from Samsung NEXT, La Maison, Micron Ventures, Sompo, Atreides Management, and previous investors Aleph, Mosaic Ventures, Ibex Investors, and Nationwide. This brings the vision-based software company's total funds raised to date to nearly $100 million.
Nexar has also announced the launch of a new data product called Nexar Virtual Camera to monitor the impact of CVovid-19 in places like hospital entrances and crowded car parks.
The company has seen major growth in the US over the past year. Nexar's US-based network of drivers using the company's vision-powered dash cameras has grown tenfold since late 2018 and spans more than 70 million miles every month across more than 1,000 cities. As a result, Nexar now covers more than 90% of freeways and more than 50% of non-residential US roads every week. The data generated from this user growth has allowed Nexar to build a robust portfolio of vision-based data services for cities and the private sector.
Nexar's Series C funding will support the growth and development of data services like these, as well as fuel the company's global expansion. Today, Nexar announced a partnership with Japanese insurance giant Mitsui Sumitomo Insurance Co. (MSI) to put Nexar tech into hundreds of thousands of vehicles in Japan. In the coming months, Nexar will also roll out a curbside mapping pilot in Europe with one of the world's largest automotive manufacturers.
Nexar cofounder and CEO Eran Shir said, "Our vision-based technology is bringing automated safe-driving alerts to our users, while at the same time generating on-demand roadway insights that are being used right now by our public and private sector partners. As we look to expand beyond the US into new markets, we are realizing the future that we set out to build - a connected network that can actually make our roads more efficient and save lives."
Published by Globes, Israel business news - www.globes-online.com - on April 30, 2020
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