Innovation: Nationwide invests in building the world’s largest safe-driving network
Nexar is an Israeli-based start-up focused on building the world’s largest safe-driving network, and Nationwide has announced a new venture capital investment in the company.
Nationwide’s stake in Nexar is part of a new $30M Series B round of venture capital funding recently announced by the Tel Aviv-based company.
“Automobile safety is in all of our best interest and a top priority for our company,” said Erik Ross, leader of Nationwide’s venture capital business. “As mobility and transportation continue to rapidly evolve, we have a keen interest in the potential of Nexar’s technology to keep drivers, passengers and pedestrians safe – now and in the future.”
Nexar is using the funding from Nationwide and others to further its mission to eliminate car crashes and expand its vehicle-to-vehicle (V2V) network by collaborating with insurers, local governments and automakers.
The company offers a free dashcam app connected to a V2V communication network that marries its deep-learning and sensor-fusion technology with off-the-shelf hardware to provide advanced driver-assistance systems (ADAS) and collision prevention alerts to drivers. Nexar also provides next-generation data products and telematics to insurance carriers, such as collision reconstruction and first notice-of-loss reports, which help expedite claims and prevent fraudulent claims.
Since the launch of Nexar’s app in 2016, drivers in 740 cities across 160 countries have driven more than 100 million miles with Nexar, with 10 million miles driven in the last month alone. After activating its V2V network in New York City later that year, Nexar saw a 30 percent reduction in collisions among its users.
“Our venture capital approach is key to Nationwide’s innovation strategy,” said Scott Sanchez, Nationwide’s Chief Innovation Officer. “We are selectively partnering with organizations with whom we can co-create new solutions that align with our mission to help our members protect what matters most and plan for a secure retirement.”
Nationwide recently made a separate venture capital investment in a California-based startup—Matic—whose technology enables borrowers to purchase homeowners insurance during the mortgage transaction.
Matic, which recently opened an operations center in Columbus, OH, has steadily grown since 2016 to become the market leader in lender and servicer distribution of homeowner’s insurance. With licensed insurance agents in all 50 states, Matic has delivered more than 300,000 quotes to the customers of some of the nation’s largest mortgage lenders and servicers.
Last August, Nationwide announced its commitment to invest more than $100 million of venture capital in customer-centric solutions that help members:
- Live comfortably in retirement
- Meet their insurance and financial needs in novel and digital ways
- Protect their data and digital assets
- Protect themselves in the evolving area of mobility