Savari Raises $12M To Connect Cars To Stoplights, Phones, Each Other
Savari, whose technology is designed to create a shared communications web among cars, personal devices, and roadway signals, announced today it has raised $12 million in a Series B fundraising round.
Santa Clara, CA-based Savari makes V2X technology—that is, software and hardware sensor units designed to connect vehicles to everything that moves, so they can benefit from shared data about traffic conditions and pedestrian movements. The company has been working with partners such as Qualcomm (NASDAQ: QCOM), and automotive manufacturers to develop and test technology that could make travel safer for self-driving vehicles as well as older cars that can be connected through onboard units.
The lead investor in the Series B fundraising round is Aviva Ventures, the corporate venture capital arm of London-based insurance company Aviva, which insures about 33 million customers. Aviva Ventures is exploring business lines in insurance for autonomous vehicles, and plans to incorporate Savari’s V2X analytics into its data platform, according to Savari’s announcement.
Aviva, a multinational insurance company whose shares trade on the London Stock Exchange, looks for technology products such as home security systems that can reduce the probability of break-ins, fires, water leaks, and other insured risks for its customers. Aviva Ventures has already invested in some of the companies making those products, such as home security system maker Cocoon.
Joining Aviva Ventures in Savari’s Series B round were earlier investors SAIC Capital (the Menlo Park, CA-based corporate venture arm of China’s SAIC Motor), Singapore-based contract R&D support company Flex (NASDAQ: FLEX), and a strategic investor that was not named. The new money will help Savari integrate its software into cellular platforms and expand its reach.
Savari, founded in 2011, now has 80 employees. Thirty percent are located in the United States, at its Silicon Valley headquarters in Santa Clara, and at an innovation center in Farmington Hills, MI. Savari’s core engineering and R&D center is in Bangalore, India.
Photo credit: U.S. Department of Transportation and Savari