Israeli Smart Car Startup Autotalks Raises $30 Million for Improving Road Safety
Israeli V2X (Vehicle to Everything) communication solutions startup Autotalks has completed of its $30 million Series D financing round, to expand its worldwide operations and accelerate deployment of technologies for safer and smarter autonomous vehicles.
Co-Founded in 2008 by Onn Haran and Nir Sasson, Autotalks’ chipsets enable the V2X communication revolution by providing secure V2X solution created for autonomous vehicles.
Autotalks’ technology addresses all key V2X challenges: communication reliability, security, positioning accuracy and vehicle installation. Last year, Autotalks released its 2nd generation chipset. This chipset meets the strictest automotive reliability requirements.
Although the company was founded in Israel and his head office is based there, Autotalks also operates local offices in Germany, Japan, Korea, North America, Spain and Sweden
The new funding round includes the company’s existing investors: Magma Venture Capital, Gemini Israel Fund, Amiti Fund, Mitsui & Co. Global Investment, Liberty Ventures and Delek Motors, as well as new financial investors: Israeli institutions, Fraser McCombs Ventures, Vintage Investment Partners and Samsung Catalyst Fund. The proceeds will be used to expand the company’s worldwide operations and accelerate deployment of technologies for safer and smarter autonomous vehicles.
The closing of the funding round came at the heels of a USDOT (US Department of Transportation) issued NPRM (Notice of Proposed Rulemaking) that, in an effort to increase road safety, will mandate DSRC (Dedicated Short Range Communication) based V2V in all new light vehicles sold in the US by 2023.
To meet this target, deployments will start in 2019. Autotalks’ products addressing this new upcoming regulation, with superior communication performance, strongest Cybersecurity, highest integration level, and many competitive features.
“We are very pleased with the completion of this financing round, supported by such strong syndicate. It demonstrates clear vote of confidence in the company’s ability to execute and gain a leading market share,” said Hagai Zyss, Autotalks’ CEO. “Our mission to equip vehicles with such lifesaving technology is now being adopted by the regulators and leading car manufacturers. I believe our chipsets will soon be part of most new vehicles worldwide.”
Read more about: smart car, Autotalks, cyber security, Israeli Startups, Road safety