We are now full steam ahead at building the world’s largest, AI-powered, safe driving network.
am thrilled to announce that we have closed a $30 million round of funding. Ibex Investors led the round with participation from Alibaba Innovation Ventures, US-based Nationwide Insurance and our previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures. This investment further fuels our belief that we can create a world without car collisions.
We will use the funding to further our mission of eliminating car crashes and expand our vehicle-to-vehicle (V2V) network. The Nexar app can now also be paired with off-the-shelf dashcams to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers. We will be further providing critical data to insurance carriers and fleet providers, such as collision reconstruction and first notice of loss reports, which help expedite driver assistance, claims and prevent fraud.
Our primary goal has always been to use AI-based systems to make driving smarter and safer. Since the launch of Nexar’s app in 2016, drivers in 740 cities across 160 countries have driven more than 100 million miles with Nexar, with 10 million miles driven in the last month alone.
In New York City, Nexar is used by more than 10 percent of the city’s ride-sharing drivers, and drivers using Nexar have seen a 30 percent reduction in collisions. We now see every intersection in Manhattan every five minutes, essentially providing a complete digital scan of the city.
I am also excited to announce two additions to our executive team. Yoad Shraybom, the former CFO of The Walt Disney company in Israel, Turkey, and Greece, will be joining Nexar, as Chief Financial Officer. Yoad will lead financial planning and accountability activities as the company grows its business operations. Veteran technology executive Marc Gaffan, will be joining us as Chief Business Officer. Marc will be spearheading Nexar’s sales, marketing, business development and field operation efforts, as the company moves towards global expansion.
These are exciting times for Nexar as we continue to pursue our promise to rid the roads of crashes and help make vision zero a reality.
CEO & Co-founder
PS: Know engineers who want to make the roads safer? Tell them we’re hiring!