Savari makes cellular V2X solutions for communication between vehicles, infrastructure, and pedestrians with mobile devices and is currently engaged with 18 OEM and Tier-1 customers around the world. It says it plans to use the funds to scale its global presence and integrate its software solutions with cellular platforms to deliver enhanced safety for next-generation transportation initiatives, such as ADAS systems for autonomous and semi-autonomous driving vehicles.
The funding was led by Aviva Ventures, the corporate venture capital arm of international insurer Aviva plc. Aviva Ventures says it plans to develop autonomous vehicle insurance propositions by integrating Savari's V2X analytics with its advanced data platform.
"Savari is the undisputed global leader of cellular V2X, as our systems have participated in over 100 million miles of road tests, and that number is rapidly growing every year," says Ravi Puvvala, CEO, Savari.
Fernand Lendoye, Managing Director, Aviva Ventures, says, "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. Our partnership with Savari provides the opportunity to leverage their leading V2X platform to develop insurance use cases to promote vehicle safety worldwide."
Savari's MobiWAVE On-Board Units , StreetWAVE Road-Side Units , V2X middleware and over 50 V2X applications are deployed in over a dozen V2X smart city deployments around the world, the company says. Others investors participating in the latest round of funding include existing investors SAIC Capital and Flex, as well as an undisclosed strategic investor.