Consumer electronics manufacturer Samsung has co-led an $11m funding round for US-based smart driving technology developer Commsignia through its Catalyst Fund.
The round was co-led by venture capital firm Karma Ventures and also featured Partech, Inventure, Credo Ventures and Day One Capital, the latter two participating as existing backers.
Commsignia is developing in-car software that will pool sensor data from other smart vehicles and traffic cameras in order to help autonomous driving systems function more safely and efficiently. It forms part of what the company refers to as the vehicle-to-everything (V2X) space.
Jozsef Kovacs, Commsignia’s chief executive, said: With this investment, we aim at strengthening our leading position at the forefront of V2X and 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 of our key focus is R&D, where we plan to add 100-plus engineers to our team and open up further local offices in the US, Asia and Europe.”
The company had previously received an undisclosed amount in a 2016 round co-led by Credo Ventures and OTP-Day One Seed Investment Fund, a joint venture formed by Day One and Portfolion, a VC firm that forms part of financial services firm OTP Group.
