AI Vision startup Nexar secured $53 Million in Series D funding

Nexar, a New York-based AI computer vision company, has now secured $53 million in a Series D funding round.

Nexar was founded by Eran Shir. It turns cars into vision sensors to understand the world. Its platform powers car vision-connected services and applications at scale, which makes new vision-based applications for better driving supported by a crowd-sourced vision feed.

With the help of anonymous aggregated data captured from this network, Nexar has developed a p[ortfolio of vision-based data services for the private and public sector partners to make roadways safer and highly efficient. The platform is already deployed across various cars, detecting parking spots, managing city safety and more.

Eran Shir, Nexar's Co-founder and CEO said, "When founding Nexar, my partner Bruno Fernandez-Ruiz came to the counter-intuitive understanding that the only viable path to truly turning the physical world digital, lies in a crowdsourced vision network that makes sense of the reality around us. In the last five years, we have worked to make that vision a reality by leveraging low-cost hardware and sophisticated AI to create a world previously only available through expensive and complex hardware sensors such as LIDAR. In the past year, this effort has come to fruition, paving a path to a truly scalable live mapping of the world we live in. This funding round allows us to further grow this vision to help drivers drive safer and help cities turn digital."

Erez Shachar, Managing Partner at Qumra Capital, said, "We are excited by Nexar's vision to digitize the physical world and are impressed with the great strides it took in the past couple of years turning this vision into reality. We can't wait to see how Nexar's unique data network impacts the way all of us interact with and traverse the world around us."

The round was backed by the Qumra Capital with participation from the Catalyst Investments, State Farm Ventures, Valor, and Banca Generali.

Post funding, Erez Shachar, the Managing Director at the Qumra Capital will join Nexar’s Board of Directors team, notes the announcement.

The AI startup, as of now, has plans to use the new funds to continue to scale operations and its business outreach.