Nexar Announces $52 Million Series C Amid Rapid U.S. Growth, Launches On-Demand Data Product To Support Public Response To COVID-19
TEL AVIV, Israel, April 30, 2020 /PRNewswire/ — Amid rapid U.S. growth, Nexar today announced $52 million in Series C funding and the launch of a new data product called Nexar Virtual Camera. This brings the vision-based software company’s total raised to date to nearly $100 million. The round is 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.
Nexar’s U.S.-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 percent of freeways and more than 50 percent of non-residential U.S. 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.
To support public officials monitoring the impact of COVID-19, Nexar is today launching a new data product called Nexar Virtual Camera, which pulls a feed of frames from any location on the Nexar network. This allows users to get on-demand visual insights into what’s happening with key areas of interest, including monitoring traffic at hospital entrances or observing crowd levels in park spaces, as well as a number of products for private sector users. Nexar is making this product available for free for the duration of the crisis.
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.
“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,” said Nexar CEO and co-founder Eran Shir. “As we look to expand beyond the U.S. 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.”
“The Nexar network not only benefits the company’s users, but through their services it benefits everyone on the road,” said Corner Ventures partner Marvin Tien. “That’s a very powerful thing, and it’s why Corner has decided to join Nexar at this critical moment in their growth journey to power the company’s global expansion.”
“Vision-based technology companies are in a race to see who can capture the most roadway data, the most quickly, the most cost-effectively and the most frequently,” said Aleph partner Michael Eisenberg. “Whoever wins this race will make cities, states, and private companies smarter and safer in the near term, and power mapping and geolocation for autonomous vehicles in the long term. Nexar is winning that race, and we’re betting on them to chart our digital future.”
Nexar is a vision-based software company building the world’s first safe-driving network. When drivers pair Nexar-powered smart dash cams with the Nexar app, they join a connected vehicle network that uses computer vision and sensor fusion to see hazards on the road, and alert those in the surrounding area. Using anonymous, aggregated data captured from this network, Nexar has developed a portfolio of vision-based data services for public and private sector partners to make roadways safer and more efficient. This includes the Nexar CityStream platform, which supports construction zone and road inventory monitoring, and now Nexar Virtual Camera.
Join Nexar’s driving network by buying a Nexar-powered dash cam. Install the Nexar app, and follow the easy instructions to pair it with the new dash cam. Start driving with more peace of mind. For more information, visit https://getnexar.com.
Find the original press release here.