Israeli road hazard warning app Nexar raises $30 million

[January 24, 2018]  TEL AVIV (Reuters) - Israel-based Nexar, whose technology warns drivers of real-time road hazards, said on Wednesday it raised $30 million in a financing round led by Ibex Ventures.

Alibaba, Nationwide Insurance, GE Ventures and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures and Tusk Ventures also participated.

The company also said it appointed Yoad Shraybom, a former Disney executive, as chief financial officer.

Nexar will use the funding to expand its vehicle-to-vehicle (V2V) network by working with insurers, cities and automakers. It offers a free dashcam app connected to a V2V communication network that provides advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers.

Nexar also provides data products to insurance carriers, such as collision reconstruction and first notice of loss reports, which help expedite claims and prevent fraud.

Since the launch of its app in 2016, drivers in 740 cities have driven more than 100 million miles with Nexar. Its biggest markets are New York, San Francisco, Tel Aviv and Las Vegas.

(Reporting by Tova Cohen)

[© 2018 Thomson Reuters. All rights reserved.]

Copyright 2018 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.