Israel-based vehicle communication technology developer AutoTalks has increased a series D round backed by several corporate investors to $40m with capital from participants including investment fund Mirai Creation Investment Fund.
Mirai, which was formed in 2015 by carmaker Toyota, financial services firm Sumitomo Mitsui Banking Corporation and asset manager Sparx, was joined by unnamed existing investors to add $10m to a now oversubscribed round that reached its initial close in March 2017.
AutoTalks is developing chipsets that will enable cars to communicate with everything around them. The technology, dubbed V2X, will play an important part in autonomous driving.
Auto parts supplier Delek Motors was among the investors for the $30m first close, as were Mitsui & Co Global Investment, Liberty Israel Venture Fund and Samsung Catalyst Fund, respective subsidiaries of conglomerate Mitsui, media firm Liberty Interactive and electronics producer Samsung.
The first close was filled out by Magma Venture Capital, Gemini Israel Fund, Amiti Fund, Fraser McCombs Ventures and Vintage Investment Partners. AutoTalks did not reveal which of the investors helped to provide the extra funding.
Hagai Zyss, chief executive of Autotalks, said: “Having such respectable investors, who are worldwide leaders in the automotive industry, oversubscribing this current financial round, is a wonderful addition.
“The funding round will allow Autotalks to prepare and expand its operations for the upcoming start of mass productions as well as continue to develop communication solutions for both connected and autonomous cars.”
The company had previously raised approximately $40m across its series A to C rounds, from investors including Delek, Mitsui, Liberty, Magma, Gemini Israel and Amiti Fund, according to Israeli business daily Globes.