Nexar, a Tel Aviv-based AI-based computer vision startup, has raised $ 53 million in D-Series grants to digitize American roads using dashcam images and improve safety in the process.
The financing round was led by Qumra Capital, with the participation of companies such as State Farm Ventures, Catalyst Investments, Banca Generali, Valor, Atreides Management, Corner Ventures, Regah Ventures and Aleph. The revenue brings the total funding raised by the startup to more than $ 140 million. Erez Shachar, managing partner of Qumra Capital, referred to the round:
“We were thrilled with Nexar’s vision to digitize the physical world and were amazed at the great strides it has made over the last two years to make that vision a reality. We can’t wait to see how Nexar’s unique data network affects the way we all interact and traverse the world around us. ”
Nexar was created with the mission of improving driving safety, helping governments and private organizations to better understand the road system and make the necessary adjustments. The startup is collecting visual data from thousands of dashcams in the United States, using AI to analyze it and create a digital representation with real-time updates. Eran Shir, co-founder and CEO of Nexar, said of this role:
“When Nexar was created, my partner Bruno Fernandez-Ruiz counter-intuitively understood that the only viable way to truly digitize the physical world is through an audiovisual network that makes sense of the reality around us. For the past five years, we’ve worked to make that vision a reality. Taking advantage of cheap and sophisticated AI to create a world that only existed through expensive and complex hardware sensors like the first LIDAR, over the past year this effort has been made, paving the way for a truly scalable live map of the world we live in. this is growing to help drivers drive safer and help cities become digital. ”
Good traffic management is an essential aspect when it comes to preventing traffic accidents, reducing transit times, reducing costs, reducing noise pollution and reducing negative environmental impacts. By providing viable information to those with the potential to improve traffic management on a large scale, Nexar can save millions of dollars to citizens, businesses and government, all while making roads a safer place.