State Farm and Generali joined the $53 million financing round for Nexar, an artificial intelligence computer vision startup based in New York.
The technology startup provides crowdsourced visual data that is contextualized with AI and is designed to provide insights to cities, departments of transportation, automotive and insurance companies.
Nexar uses the footage it collects to create an AI-digital twin of U.S. roads and their surroundings. This provides real-time updates in a range of key areas such as work zones, road signs, road markings, potholes and other elements, for a constant stream of 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.
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.
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