Nexar

Overview
News
Digital Twin?
InsurTech: Infrastructure?
Product stageSegments
Expansion
?
Digital twin modeling
?

Nexar is a developer of smart dash cams that gathers real-time street footage to create a digital twin of the physical world and provide data to users for decision-making. As of June 2024, the company had covered over 1.5 billion miles of imagery and holds 4T images in a neural library. 

Using AI and computer vision, captured images and videos from cars are localized on a map to detect any changes in roads to provide actionable changed data across the platform CityStream and Nexar network. The platform provides features such as detecting changes on the road (such as road blockages, potholes, and construction), driver behavioral maps, autonomous vehicles systems, and compute and connectivity optimization. 

In August 2022, the company acquired Portugal-based Veniam to combine its data with Veniam’s communications technology and provide real-time mapping for mobility applications. 

Key customers and partnerships

The company operates a B2B business model providing its services to enterprises and institutions in the logistics, road construction, and insurance industries. Its key customers include the Regional Transportation Commission of Southern Nevada, which partnered with Nexar in May 2021 to improve road management in Las Vegas. Also, in August 2021, the company partnered with Black Car Fund to provide cameras for Black car operators (rideshare drivers) in New York to protect Black Car Fund members in the case of accident or assault. 

It also partnered with AWS to deploy images, videos, and AI detections using AWS. 

Funding and financials

The company raised USD 53 million in November 2021 in a Series D funding round led by Qumra Capital. The funds were used to scale its digital twin service using dash cam footage for automotive OEMs and cities.

HQ location:
205 Hudson St New York NY USA
Founded year:
2015
Employees:
101-250
IPO status:
Private
Total funding:
USD 149.5 mn
Last Funding:
USD 53.0 mn (Series D; Nov 2021)
Last valuation:
USD 272.0 mn (Apr 2020)
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