State Farm and Generali joied the $53 million financing round for Nexar, an AI computer vision startup based in New York.
The technology startup provides crowd-sourced visual data that is contextualized with AI and is designed to provide valuable insights to cities, departments of transportation, automotive & insurance companies, and more.
“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,” Nexar co-founder and CEO Eran Shir said in prepared remarks. “This funding round allows us to further grow this vision to help drivers drive safer and help cities turn digital. ”
Qumra Capital led the Series D funding round, with participation from State Farm Ventures, Catalyst Investments, Banca Generali (owned by Generali the insurer), Valor and previous backers Atreides Management, Corner Ventures, Regah Ventures, Aleph 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.