Nexar has raised a $30 million round of new funding from Nationwide Insurance and other investors, money that will help expand the reach of its technology startup centered around a dashcam app to help drivers avoid collisions.
Nexar’s customers include the insurance, automotive and mapping industries.
Ibex Investors led the Series B round, and Alibaba Innovation Ventures participated, along with Nationwide, and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures and Tusk Ventures.
Nexar, with offices in Tel Aviv, Israel, San Francisco and New York, provides insurance companies, consumers and automakers with safe driving tools that help to detect, record and warn drivers of various road hazards in real time. Its free dashcam app, which launched in 2016, is connected to a vehicle-to-vehicle (V2V) communication network using deep learning and sensor fusion technology along with standard hardware to provide drivers those alerts.
The startup plans to use the money to expand its V2V network through its work with insurers, cities and automakers.