Israeli smart dashboard camera developer Nexar has closed a Series A financing round of $10.5 million. The investment was led by new investors Mosaic Ventures and True Ventures, with seed backers Aleph and Slow Ventures also participating. The company has raised $14.5 million to date.
Nexar app turns the user’s smartphone into a dashcam that monitors traffic and talks with other devices around it, utilizing machine learning, sensor fusion, and networking to collect data about how cars are moving on the road. The vehicle-to-vehicle network works to predict and prevent accidents, is part of the self-driving car technology revolution.
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Using the smartphone’s camera, machine vision, and AI algorithms, Nexar recognizes the license plates of the vehicles around it, and tracks their location, velocity, and trajectory. If a car speeds past or performs an illegal maneuver like running a red light, that information is added to a profile in Nexar’s online database. When another Nexar user’s phone later detects the same vehicle, it can flash up a warning to give it a wide berth.
The company, which has offices in Tel Aviv, New York and San Francisco, was founded by CEO Eran Shir and CTO Bruno Fernandez-Ruiz.
Since Nexar launched its dashcam in February, the smartphones managing it have captured, analyzed, and recorded over 5 million miles of driving in San Francisco, New York, and Tel Aviv. The company’s algorithms have now automatically profiled the driving behavior of over 7 million cars, including more than 45 percent of all registered vehicles in the Bay Area, and over 30% of those in Manhattan.
