Nexar, a Tel Aviv, Israel-based vision-based software company, raised $52m in Series C funding.
The round, which brought the total funding raised to date to nearly $100m, was 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.
The company intends to use the funds to continue to expand its business reach and development efforts.
Led by CEO and co-founder Eran Shir, Nexar is a vision-based software company building a 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, 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’s U.S.-based network of drivers using its 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. In the coming months, the company will also roll out a curbside mapping pilot in Europe with one of the world’s largest automotive manufacturers.