Silicon Valley-based automotive technology company Savari Inc. has raised US$12m in Series B funding, which it will use to scale its global presence and integrate its industry-leading vehicle-to-everything (V2X) software systems with cellular communications platforms.
The new funding was led by Aviva Ventures, the corporate venture capital arm of international insurer Aviva plc, with existing investors SAIC Capital, Flex and an undisclosed strategic investor also participating in the round. Aviva Ventures plans to develop connected and autonomous vehicle (CAV) insurance propositions by integrating Savari’s V2X analytics with its advanced data platform.
Savari’s pioneering cellular V2X systems enable communication between vehicles, infrastructure and pedestrians with mobile devices, to deliver enhanced safety for next-generation transportation initiatives, such as ADAS systems for autonomous and semi-autonomous driving vehicles.
Savari systems capture and analyze data on vehicle performance and control in real time, giving a more complete and accurate picture of driving conditions to ADAS systems. By delivering superior awareness of driving conditions and vehicle and pedestrian traffic, Savari’s cutting-edge V2X technologies and equipment enable advanced safety for self-driving vehicles, helping them avoid preventable accidents.
The company’s MobiWAVE onboard units (OBUs), StreetWAVE roadside units (RSUs), V2X middleware, and over 50 V2X applications, are currently deployed in over a dozen V2X smart city deployments around the world. Savari is also engaged with 18 automotive industry OEM and Tier-1 customers globally.
“We are the undisputed global leader of cellular V2X, as our solutions have participated in over 100 million miles of road tests, and that number is rapidly growing every year,” noted Ravi Puvvala, CEO of Savari.
“We believe in the tsunami of opportunity presented by cellular V2X and are happy that our new and return investors see the promise of our technology. We are especially excited that Aviva Ventures shares our vision of the promise of V2X, and we look forward to working with them to deliver real-time data that will shape how the insurance industry approaches autonomous driving.”
Fernand Lendoye, managing director of Aviva Ventures, commented, “The rapid development of connected and autonomous vehicles will have a fundamental impact on the insurance industry. Although in its early stage, we see tremendous opportunity which aligns well with the momentum we’re seeing with smart cities and smart mobility solutions. Our partnership with Savari provides the opportunity to leverage their leading V2X platform to develop insurance use cases to promote vehicle safety worldwide.”
Chris Obey, president of automotive at Flex, said, “In collaboration with Savari, we’ve been working on building the future of transportation, and now we are taking this opportunity to further invest in our partner’s operation. By combining our Sketch-to-Scale hardware design and manufacturing expertise with Savari’s industry-leading V2X software solutions, we can help usher in the next wave of connected car and smart city solutions.”
