Six years ago, my partner, Bruno Fernandez-Ruiz, and I, started the journey of Nexar. Today Nexar is announcing a round that brings its total funding to $153 million. This is an opportunity to explain what we’ve been working on since our last round last year and where we plan to go.
First, the basics: six years ago, we founded Nexar with the vision to make the world collision-free, by using crowd-sourced vision and connected cars to create a digital twin of the world. We use consumer-grade dash cameras to generate a fresh, high-quality understanding of the world at street level and the transient changes in it. With a massive network of smart connected dash cams (and one day, connected car cameras), Nexar solves the thorniest problem in the world of mobility - seeing and understanding the changing physical world. To apply software to the world - we need to sense the world as it is and to do so scalably and economically. This is what Nexar is about.
At the same time, we understood early on that to make crowd-sourced vision a reality, Nexar needs to stand up its own network of connected smart cameras. Six years in, we have managed to build and bring to market cameras & services that help hundreds of thousands of drivers across the world, and became the leading consumer camera brand in the US. With this network came a data moat to feed an ever evolving family of deep learning models continuously interpreting and deciphering how the world around us changes.
At this point in time:
- Our network covers 150 million miles each and every month, providing us with the ability to “see” the US in a significant way. Cities and mapping partners use our data to scalably see and respond to changes that are happening in the real world, such as work zones, changes in road signs and other road changes.
- Today, we believe only Tesla is collecting more vision data from the US, and we see a clear opportunity to deploy Nexar’s eyes in millions of vehicles.
- Our data is starting to be applied to allow Autonomous Vehicle algorithms to better see the road ahead and circumvent risks, and the millions of corner cases we observe and analyze are leveraged to solve the diversity challenge in AV training.
- We’ve deployed our insurance collision reconstruction solutions in over 250,000 vehicles - it’s like bullet-time in The Matrix, and ushers in a new era of vision-powered claims, allowing us to help drivers in the moment they need us the most.
- We’ve also just launched Nexar One, which is the most powerful dash cam we have ever made, and we believe the best of its kind in the market. It’s our first always-connected dash cam, so you can see what’s going on with the vehicle. It operates at 4K resolution and has powerful compute capabilities allowing us to introduce over time more and more AI apps and services. Nexar One will also allow us to provide fleets with the benefits of the Nexar ecosystem of services with a tailored form factor that perfectly fits their needs.
We have raised this round now because we see a massive opportunity ahead of us. We have an opportunity to double down and become a dominant brand in the camera space in the US and globally. We also have an opportunity to leverage the network we have already built and the standards we created to work with OEMs and seed a massive network connecting in real time all vehicles on the road, old and new. Such a network will truly realize the vision of a live digital twin and allow the industry to solve the challenges of road safety, live mapping, and applying algorithms to the physical world.
Thank you to Qumra Capital for leading this round with the participation of State Farm Ventures, Catalyst, Banca Generali, Valor and our previous backers, Atreides Management, Corner Ventures, Regah Ventures, Aleph and more.
And thank you to our team of Nexarians, helping us reach these truly amazing achievements - now, more than ever before, is the time to bring more friends to join our ride.