Car tech firm Nexar has raised $30 million led by Ibex Ventures with participation from new and existing backers Alibaba Innovation Ventures, Nationwide Insurance, Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures.
The AI-enabled automotive technology, which is used by consumers, insurance companies, and car makers, detects road hazards in real-time. It uses a vehicle-to-vehicle (V2V) communication network that connects with sensors and crowdsourced data that will send collision prevention alerts to drivers. The company also generates data and telematics reports for insurers to vet claims and prevent fraud.
Nexar’s has seen the most use of its app in New York City, San Francisco, Tel Aviv, and Las Vegas. In the future it will help local governments and authorities to better manage traffic and road infrastructure based on the data it has collected and analysed.
“Our primary goal has always been to use AI-based systems to make driving smarter and safer, and we’re enthusiastic about the progress we’ve made so far towards our goal of eliminating collisions on the roads,” said CEO Eran Shir.
Furthermore, the company has appointed former Disney Yoad Shraybom as chief financial officer and Incapsula cofounder Marc Gaffan as chief business officer.
“By crowdsourcing real-world driving data from vehicles on the road in real-time, Nexar is keeping every vehicle safe on the road and is building the future traffic management system of our roads,” added Elan Zivotofsky of Ibex Ventures, who is joining the company’s board.