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Nexar gets $30M Series B for its AI-based road safety dashcams and network

Nexar gets $30M Series B for its AI-based road safety dashcams and network
From TechCrunch - January 24, 2018

Nexar, a startup that makes an AI-based dashcam app to monitor road safety, announced today that it has raised a $30 million Series B led by Ibex Ventures. Participants included Alibaba Innovation Ventures (the venture capital investment arm of Alibaba Group), Nationwide Insurance and returning investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures and Tusk Ventures.

Nexars dashcam app relies on computer vision and sensor fusion to detect accidents and analyze road conditions, then sends real-time alerts to other vehicles on its network. Its tech is also used by insurance companies for collision reconstructions to help with claim investigations.

The Tel Aviv-based company also made two big leadership announcements. Yoad Shraybom, the former chief financial officer of the Walt Disney Company in Turkey, Israel and Greece, is now its CFO, and Incapsula founder and former general manager Marc Gaffan will serve as its chief business officer. Though Nexars newly-minted CFO and CBO positions might prompt speculation that it is eyeing a stock offering (Mobileye, another road safety tech company, went public in 2014), co-founder and CEO Eran Shir said there are no current plans for an IPO. Instead, the addition of Shraybom and Gaffan is meant to help the companys global expansion. Ibex partner Elan Zivotofsky also joined its board.

Nexar has now raised $45 million in total funding and is using its new capital to build its vehicle-to-vehicle (V2V) network by signing partnerships with insurance companies, drivers on ride-sharing services like Uber or Lyft, automakers and municipalities that use its tech to monitor traffic and street infrastructure. For cities, Nexars tools helps them find ways to fix traffic bottlenecks or spot potholes, cracks and other potentially dangerous road damage by creating a digital MRI of the city, said Shir in an email.

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