Nexar, a Tel Aviv, Israel-based technology company building a safe driving network, closed a $30m round of financing.
The round was led by Ibex Investors, with participation from Alibaba Innovation Ventures, Nationwide Insurance and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures. In conjunction with the funding, Elan Zivotofsky of Ibex Investors will join Nexar’s board of directors.
The company intends to use the funds to expand its vehicle-to-vehicle (V2V) network by working with insurers, cities, and automakers.
Led by CEO and Co-Founder Eran Shir and newly appointed Chief Financial Officer Yoad Shraybom, a former Disney executive, and Chief Business Officer Marc Gaffan, Nexar provides consumers, insurance companies, and automakers with safe driving tools that detect, record, and warn drivers of real-time road hazards and minimize car crashes.
The company offers a free dashcam app connected to a V2V communication network that combines its deep learning and sensor fusion technology with off-the-shelf hardware to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers, as well as data products and telematics to insurance carriers, such as collision reconstruction and first notice of loss reports, which help expedite claims and prevent fraudulent claims.
Since the launch of the app in 2016, drivers in 740 cities across 160 countries have driven more than 100 million miles with Nexar, with 10 million miles driven in the last month alone. Nexar’s biggest markets are in New York City, San Francisco, Tel Aviv, and Las Vegas.
In the near future, the company’s products will also allow municipalities and states to manage infrastructure and traffic, and make roads safer through its data-powered insights.