Israeli smart car dash cam company Nexar announced the acquisition of US-Portuguese WiFi mesh networks for the car developer Veniam. No financial details were disclosed. According to PitchBook, Veniam is valued at $150 million, but market sources believe that Nexar is taking advantage of falling valuations of technology companies to buy the unprofitable company for less.
Nexar, which develops and markets on-board cameras and maps the cities and roads that use them, and Veniam, which helps reduce communication costs between vehicles and mobile networks and the Internet, and between connected vehicles, will merge into one only company that will help automakers operate independently. cars more efficiently and at lower cost. The real-time data Nexar has on the latest road issues and sudden developments, available parking and recommended driver rest areas can be uploaded to the cloud almost immediately and inexpensively using technology from Veniam and thus help Nexar to win many other contracts. self-driving car manufacturers.
Nexar, which was co-founded by CEO Eran Shir, started as a supplier of car cameras in the United States and Japan, and today two of its cameras, the Nexar Pro and the Nexar Beam, are listed by Amazon among the 50 most popular vehicle cameras in the United States. The company’s main revenues come from the sale of the cameras and accessory services for end users, and from partnerships with major insurance companies such as Clal Insurance and Inshur in Israel, American Transit and Hereford in the United States and MSIG in Japan. Users can use the dash cams all the time and provide video clips of any accident or road obstacle.
Behind the scenes, Nexar builds servers that contain a snapshot of road hazards and obstacles to help local authorities direct users to parking or stay away from hotspots, or to help builders autonomous vehicles with safer driving that avoids reaching areas with a high risk coefficient. Another company product maps safe stopping areas for couriers who want to leave their car or motorbike for a while, or recommended parking spots.
Veniam, founded in Portugal, where it has 33 employees, has developed a platform that reduces the communication costs of mobile phone companies for vehicles by dividing cheaper communications for the roads into WiFi and car-to-car communication protocols. car, in order to reduce the volume of data on 5G networks, which generates high costs for car manufacturers. Veniam has agreements with some of the largest US telecommunications companies.
Published by Globes, Israel business news – en.globes.co.il – on August 3, 2022.
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