$30m raised for funding to accelerate global deployment of V2V
The completion of Autotalks series D round has been announced with $30m to expand its worldwide operations and accelerate deployment of technologies for safer and smarter autonomous vehicles.
The funding round includes the company's existing investors: Magma Venture Capital, Gemini Israel Fund, Amiti Fund, Mitsui a& Co. Global Investment, Liberty Ventures and Delek Motors, as well as financial investors: Israeli institutions, Fraser McCombs Ventures, Vintage Investment Partners and Samsung Catalyst Fund.
The closing of the funding round came at the heels of a USDOT (US Department of Transportation) issued NPRM (Notice of Proposed Rulemaking) that, in an effort to increase road safety, will mandate DSRC (Dedicated Short Range Communication) based V2V in all light vehicles sold in the US by 2023. To meet this target, deployments will start in 2019. Autotalks' products are the most advanced chipsets addressing this upcoming regulation, with superior communication performance, strongest Cybersecurity, highest integration level, and many competitive features. Autotalks already ramped up its production capabilities and was selected by several car manufacturers to supply their V2V solution.
“We are very pleased with the completion of this financing round, supported by such strong syndicate. It demonstrates clear vote of confidence in Autotalks’ ability to execute and gain a leading market share,” said Hagai Zyss, Autotalks’ CEO. “Our mission to equip vehicles with such lifesaving technology is now being adopted by the regulators and leading car manufacturers. I believe our chipsets will soon be part of most new vehicles worldwide.”