AI Dashcam Startup Nexar Raies $30 Million

Nexar, the Tel Aviv-based startup that offers an AI dascham app designed to collect data and make driving safer, has raised $30M in a Series B round led by Ibex investors, with participation from Alibaba Innovation Ventures, the venture arm of Alibaba, and Nationwide Mutual Insurance Company. This round brings their total funding to date to $44.5M. Previous investors include: Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures.

“Our primary goal has always been to use AI-based systems to make driving smarter and safer, and we’re enthusiastic about the progress we’ve made so far towards our goal of eliminating collisions on the roads” – cofounder and CEO of Nexar Eran Shir.

Fast Five: (1) Nexar, launched in 2016, offers a free app for Apple and Android users, which turns their smartphones into dash cams, (2) Nexar offers a V2V network (vehicle-to-vehicle), making drivers safer and smarter by allowing vehicles to communicate proximity warnings to alert of dangers beyond the drivers’ field of view, (3) 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, (4) in NYC, Nexar is used by more than 10% of the city’s ride-sharing drivers, and (5) drivers using Nexar have seen a 30% reduction in collisions; it can “see every intersection in Manhattan every five minutes, essentially providing a complete digital scan of the city.”

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