AI mobility company Nexar said it had agreed to acquire Veniam, a provider of intelligent networks for the Internet of Things in Motion. With this acquisition, Nexar will combine vision data – captured and processed from billions of kilometers of driving – with Veniam communication technology.
“Together, the companies will exponentially increase the reach and reduce costs of rich mobility applications and real-time mapping of the physical world,” a statement said.
Vehicles are increasingly becoming engines of data and Nexar claims to be “at the forefront of data collection”. Crowd-sourced images and detections collected by the dashcams are processed to create and continuously update a real-time digital twin of US roads and cities. Many data applications are already powered by this digital twin, including applications that help train autonomous cars for extreme driving scenarios, map changing road infrastructure, monitor construction zone locations and available street parking spots in real time, and identify roads needed repair.
Veniam, based in Porto, Portugal, claims to have “served dozens of global companies” with a software platform that can connect devices in cars to each other and to the Internet. The technology turns the cars into Internet access points for other devices, creating a mesh network that can share data and Internet connections with hundreds of thousands of devices and cars.
“Veniam is a natural fit,” said Eran Shir, co-founder and CEO of Nexar. “We became very familiar with their technology… as Veniam customers. It was clear that as part of Nexar we can achieve so much more with them.
“With Veniam, we will continue to scale our data footprint and expand our OEM offering.
“For the first time, Nexar will provide a bundle of rich applications and data access, removing longstanding barriers and accelerating the adoption of crowdsourced vision for the benefit of the entire mobility ecosystem.”
Joao Barros, founder and CEO of Veniam, who will become chief platform officer at Nexar, added: “We are excited to join their team and work together to move massive amounts of data to the cloud in a secure and cost-effective way. bring. , while making cars and the cities they drive smarter, safer and more sustainable.”
The two companies noted that the acquisition was one of the first of a Portuguese startup by an Israeli company and a “milestone for the Portuguese technology scene that has attracted international attention as a European startup hub”.