Nexar, an Israeli smart dash-cam company, announced today the completion of a $53 million series D financing round.
The round led by Qumra Capital, with participation from State Farm Ventures, Catalyst Investments, Banca Generali, Valor, and previous investors such as Atreides Management, Corner Ventures, Regah Ventures, and Aleph. Erez Shachar, managing partner at Qumra Capital, has joined Nexar’s board of directors.
To date, the company has raised $153 million.
Nexar provides crowd-sourced visual data by utilizing AI computer vision technologies. Nexar claims to be second only to Tesla in terms of visual data acquired from hundreds of thousands of dash cams across the United States and around the world. The footage has been contextualized with AI and delivers vital insights to cities, transportation departments, automotive and insurance firms, and others.
Nexar then uses the footage to generate an AI-digital doppelganger of US roadways and their environs. This dynamic representation provides real-time changes in a variety of crucial areas such as work zones, road signs, road markings, potholes, and many other aspects, resulting in a continuous stream of accurate information. With this tool, local officials can plan, prioritize, and resolve issues much more quickly, while car corporations can warn their autonomous vehicles of impending difficulties.
Eran Shir, Nexar’s co-founder, and CEO, stated, “When my colleague Bruno Fernandez-Ruiz and I founded Nexar, we came to the counter-intuitive conclusion that the only viable path to genuinely digitizing the physical world resides in a crowdsourced vision network that makes sense of the reality around us. We’ve spent the last five years working to make that vision a reality by combining low-cost hardware and sophisticated AI to build a world previously only accessible through expensive and complex hardware sensors like LIDAR. This endeavor has culminated in the last year, opening the way for a fully scaled live mapping of the world we live in. This round of funding allows us to expand on our objective of making driving safer and cities more digital.”
Erez Shachar, managing partner at Qumra Capital, who is joining Nexar’s board of directors, stated, “We were inspired by Nexar’s mission to digitize the physical world and were impressed by the remarkable achievements it has made in the last few years to make this vision a reality. We can’t wait to watch how Nexar’s one-of-a-kind data network affects how we interact with and navigate the world around us.”