Connected car firm Autotalks increases Series D round to $40 million

Israel’s Autotalks, a company developing communications tech for connected cars, has extended its Series D round to $40 million.

The company had initially raised $30 million in March. The additional $10 million comes from existing investors and the Mirai Creation Investment Fund, which includes Toyota, and is managed by the SPARX Group.

Autotalks build chipsets for V2X (vehicle to everything) communications for cars and recently branched out into motorcycles. It is preparing for mass production in 2019.

“The funding round will allow Autotalks to prepare and expand its operations for the upcoming start of mass productions as well as continue to develop communication solutions for both connected and autonomous cars,” commented Hagai Zyss, CEO of Autotalks.

“Mirai Creation Fund believes that automobiles are no longer only concerned with the safety of driving, but rather there is a possibility that automobiles will become a hub to even gather vehicle information,” said Shuhei Abe, CEO of new investor SPARX Group.