Nexar raises $53 million as its AI-digital twin of America drives cities and the future of mobility forward
Nexar's network of dash cameras collect more images than any entity besides Tesla and are being used to create a complete digital twin of U.S. roads
NEW YORK, Nov. 17, 2021 /PRNewswire/ -- Nexar, a leading AI computer vision company, announced today the completion of a $53 million Series D funding round led by Qumra Capital with the participation of State Farm Ventures, Catalyst Investments, Banca Generali, Valor and previous backers; Atreides Management, Corner Ventures, Regah Ventures, Aleph and more. 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 valuable insights to cities, departments of transportation, automotive & insurance companies, and more. Erez Shachar, Managing Partner at Qumra Capital, will be joining Nexar's Board of Directors.
Nexar uses the footage it collects to create an AI-digital twin of U.S. roads and their surroundings. This dynamic representation provides real-time updates in a range of key areas such as work zones, road signs, road markings, potholes & many other elements, for a constant stream of accurate information. With this tool, city officials are able to plan, prioritize and fix issues at a much faster pace, while automotive companies are able to inform their autonomous vehicles of obstacles lying ahead.
This funding round comes on the heels of a two-year period when Nexar's Direct to Consumer camera business grew at a fast pace, making Nexar the leading dash cam consumer brand in the US. Nexar now has its "eyes" on 150 million miles of road every month. The collected image data gets anonymized and added to Nexar's database consisting of 4 trillion images.
Eran Shir, Nexar's Co-founder and CEO said: "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. "
Erez Shachar, Managing Partner at Qumra Capital, said "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."
Nexar turns cars into vision-sensors to understand the world. Its platform powers car vision connected services and apps, at scale, making new vision-based applications for better driving, powered by a crowd-sourced vision feed. Using anonymous, aggregated data captured from this network, Nexar has developed a portfolio of vision-based data services for public and private sector partners to make roadways safer and more efficient. Nexar's platform is already deployed across hundreds of thousands of cars, detecting parking spots, managing city safety and more.
More information at: data.getnexar.com
About State Farm Ventures, LLC
State Farm Ventures focuses on investing in startups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC, is a wholly-owned subsidiary of State Farm Mutual Automobile Insurance Company.