It’s been a good day for some of Israel’s leading smart-mobility tech firms as Otonomo and now Nexar – both founded in 2015 – have each announced impressive Series C funding rounds. But at $52 million, Nexar’s is even larger than Otonomo’s.
Based in Tel Aviv, Nexar offers a crowd-fueled, AI-enhanced dashcam and companion app that have been increasingly adopted by drivers in the US. The company claims its network has reached more than 1,000 cities across America, with its users’ data covering over 90 percent of freeways and more than half of all non-residential American roads every week.
This latest funding round was led by Corner Ventures, and included participation from Samsung NEXT Ventures, La Maison, Micron Ventures, Sompo, and Atreides Management, as well as returning investors Aleph, Mosaic Ventures, Ibex Ventures, and Nationwide. The cash injection brings the company’s total funding to date to $96.5 million.
Nexar is earmarking the fresh funds towards its growth and global expansion. Together with the investment, the company announced a new partnership with an unnamed automaker to launch a pilot project in Europe, and another with Mitsui Sumitomo Insurance Co. to put its tech into “hundreds of thousands of vehicles” in Japan.
It’s also launching a new product to help monitor the impact of the Coronavirus, which itself apparently hasn’t adversely affected its own financing.
“At all times, but especially in times like these, it’s important for there to be a free flow of accurate, real-time information on what’s happening out there, in the real world,” said CEO Eran Shir. “Nexar will continue to break new ground to make this possible everywhere.”