Nexar secures $52m in funding and partners with Japanese insurer

Nexar, the dash cam system provider, has secured $52m in a funding round alongside a new partnership with Japanese insurance firm Mitsui Sumitomo Insurance.

The capital will be used  boost the development of new data services and foster its global expansion.

Corner Ventures led the round, with additional support coming from Samsung NEXT Ventures, La Maison, Micron Ventures, Sompo, Atreides Management. Former Nexar investors Aleph, Mosaic Ventures, Ibex Venture and Nationwide, also contributed.

The new deal with Mitsui will see its dash cam put into the vehicles of policyholders to improve claims.

US-based Nexar is a vehicle dash cam which is powered by AI -technology to provide drivers with real-time road alerts and nearby hazards and incidents. It automatically detects and captures incidents and can easily be replayed from a mobile device.

Its platform is used by insurers to help improve the claims process, enabling a policyholder to easily send the footage.

In the coming months, the company plans to launch a rolling curb side mapping pilot in Europe.

Copyright © 2020 FinTech Global

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