Hungarian-founded startup Commsignia, a market leader in V2X (vehicle-to-everything) solutions, has announced the closure of an USD 11 million fundraising round led by Karma Ventures and Samsung Catalyst Fund, together with Partech, Inventure, and existing investors Credo Ventures, and Day One Capital.
With the investment, Commsignia aims to strengthen its R&D capabilities and team for customer engagements to remain at the forefront of V2X innovations, the company tells the Budapest Business Journal.
V2X is the base technology for creating Cooperative Intelligent Transport Systems (C-ITS), which improve road safety and traffic efficiency by using remote sensor data from other vehicles, infrastructure cameras, and other sources to allow cars to see beyond their line of sight. These technologies enable both drivers and self-driving vehicles to make safety decisions on the spot.
Commsignia technologies connect vehicles with each other and the smart city infrastructure to enable autonomous vehicle functions while making everyday driving safer and more efficient, the company explains.
“Recent market developments in the automotive and smart city industry have confirmed that V2X and Cellular V2X became the key enablers of the new cooperative ecosystem that surrounds 5G and autonomous driving,” says Commsignia CEO József Kovács. “With this investment, we aim at strengthening our leading position at the forefront of V2X, to create innovative products that set new standards for connected and autonomous driving.”
“We will use this opportunity to accomplish our growth plans for the coming years. One key focus is R&D, where we plan to add 100+ engineers to our team and open up further local offices in the United States, Asia and Europe,” Kovács adds.
According to a study by the European Commission, C-ITS can help reduce the number of accidents by as much as 22% and can help save on fuel consumption by 11%. Recognizing its impact on making transportation safer, the European New Car Assessment Program (Euro NCAP) - a European car safety performance assessment program - has added V2X to its standards roadmap with implementation expected in 2024.
Commsignia develops automotive OEM integrated software that supports functions related to V2X connectivity, security and applications, as well as aftermarket on-board unit (OBU) and roadside unit (RSU) systems for various smart city uses.
“The strong entrepreneurial team at Commsignia has impressed the industry with their leading V2X technology and sensor fusion capability,” comments Tommi Uhari, founding partner at Karma Ventures. “Engaging the key OEMs, tier-1s and chipset providers in the automotive and smart city ecosystem shows a mature business approach that is creating an industry leader.”
“V2X has the potential to become an important technology for automotive safety, augmenting cameras, radars and lidars,” notes Amit Shofar, principal at Samsung Catalyst Fund. “V2X provides beyond-line-of-sight sensing so that road users can coordinate maneuvering and better perceive objects in real time. We are pleased to co-lead this investment and help [Commsignia] capture the V2X opportunity.”
Commsignia currently employs 50 people, and had revenues of HUF 314 million in 2018, state news wire MTI noted.