Savari, Inc., a Santa Clara, Calif.-based provider of V2X (Vehicle-to-Everything) safety communication technology, raised $8m in Series A funding.
Backers included Delta Electronics Capital Corporation, a subsidiary of Delta Electronics Inc., SAIC Capital, the corporate venture of Shanghai Motors, and an undisclosed strategic investor.
The company will use the funds to scale its software licensing, develop additional hardware and expand its operations to Europe and Asia.
Led by Ravi Puvvala, CEO, Savari deploys advanced wireless sensor technologies and software for V2X environments to support a portfolio of intelligent transportation services. The company commercializes safety products to manufacturers and suppliers of connected cars as well as to smart city projects around the world.
The technology is already deployed in the largest V2X safety pilot study conducted by the U.S. Department of Transportation (USDOT). Savari is also continuing to collaborate with automotive manufacturers in engineering and field trials along with additional industry groups around the world, including ITS America, OmniAir Consortium and Car 2 Car Communication Consortium (C2C-CC).
Leveraging the insights gained from V2X learning and development and public testing, the company is now expanding its software and hardware portfolios and will launch an automotive aftermarket solution in summer of 2016 which will provide situational awareness to drivers while exchanging real-time information between connected cars.
Savari has offices in Detroit, Mich., Seoul, Korea and Bangalore, India.
FinSMEs
28/01/2016