Nexar, a technology company building the world’s largest safe driving network, announced it closed a $30 million round of financing led by Ibex Investors, with participation from Alibaba Innovation Ventures, US-based Nationwide, and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures.
Nexar provides consumers, insurance companies, and automakers with sophisticated safe driving tools that detect, record, and warn drivers of real-time road hazards. The company will use the funding to further its mission of eliminating car crashes and expand its vehicle-to-vehicle (V2V) network by working with insurers, cities, and automakers.
The company offers a free dashcam app connected to a V2V communication network that marries its deep learning and sensor fusion technology with off-the-shelf hardware to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers. Nexar also provides next-generation data products and telematics to insurance carriers, such as collision reconstruction and first notice of loss reports, which help expedite claims and prevent fraudulent claims. In the near future, Nexar products will also help municipalities and states better manage infrastructure and traffic, and make roads safer through its data-powered insights.