Nexar raises $53 million
Smart dash cam maker Nexar announced the completion of a $53 million Series D funding round led by Qumra Capital with participation from State Farm Ventures, Catalyst Investments, Banca Generali, Valor and previous backers Atreides Management, Corner Ventures, Regah Ventures, Aleph and more.
Founded in 2015, Nexar is “the leading provider” of crowd-sourced visual data and with their data from hundreds of thousands of dash cams across the US and globally, they are “second only to Tesla with the volume of image-data collected.” The footage is contextualized with AI and provides insights to cities, departments of transportation, automotive and insurance companies, and more.
“When founding Nexar, my partner Bruno Fernandez-Ruiz came to the counter-intuitive understanding that the only viable path to truly turning the physical world digital, lies in a crowdsourced vision network that makes sense of the reality around us. In the last five years, we have worked to make that vision a reality by leveraging low-cost hardware and sophisticated AI to create a world previously only available through expensive and complex hardware sensors such as LIDAR. In the past year, this effort has come to fruition, paving a path to a truly scalable live mapping of the world we live in. This funding round allows us to further grow this vision to help drivers drive safer and help cities turn digital.” – Eran Shir, Nexar’s Co-founder and CEO.
“We are excited by Nexar’s vision to digitize the physical world and are impressed with the great strides it took in the past couple of years turning this vision into reality. We can’t wait to see how Nexar’s unique data network impacts the way all of us interact with and traverse the world around us.” – Erez Shachar, Managing Partner at Qumra Capital.