Wednesday, February 20th | 15 Adar I 5779

January 24, 2018 10:14 am

Israeli Road Hazard Warning App Nexar Raises $30 Million

avatar by Reuters and Algemeiner Staff

Email a copy of "Israeli Road Hazard Warning App Nexar Raises $30 Million" to a friend

Traffic on an Israeli highway. Photo: Wikimedia Commons.

Israel-based Nexar, whose technology warns drivers of real-time road hazards, said on Wednesday it raised $30 million in a financing round led by Ibex Ventures.

Alibaba, Nationwide Insurance, GE Ventures and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures and Tusk Ventures also participated.

The company also said it appointed Yoad Shraybom, a former Disney executive, as chief financial officer.

Nexar will use the funding to expand its vehicle-to-vehicle (V2V) network by working with insurers, cities and automakers. It offers a free dashcam app connected to a V2V communication network that provides advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers.

Related coverage

February 19, 2019 4:57 pm

Gantz Unveils Party List, Lapid Says Unity Deal Still ‘on the Table’

Former IDF Chief of Staff Benny Gantz unveiled on Tuesday the Knesset candidates list of his new party Israel Resilience...

Nexar also provides data products to insurance carriers, such as collision reconstruction and first notice of loss reports, which help expedite claims and prevent fraud.

Since the launch of its app in 2016, drivers in 740 cities have driven more than 100 million miles with Nexar. Its biggest markets are New York, San Francisco, Tel Aviv and Las Vegas.

Share this Story: Share On Facebook Share On Twitter Email This Article

Let your voice be heard!

Join the Algemeiner