US-based visual driving technology developer Navdy closed an oversubscribed $20m series A round yesterday backed by investors including Qualcomm Ventures, the strategic investment arm of wireless technology producer Qualcomm.
Venture firm Upfront Ventures led the round, which also included Formation8, Promus Ventures, Ludlow Ventures and Wareness.io, the incubator operated by marketing company VSC. Navdy had initially aimed to raise $15m in the series A round.
Founded in 2013, Navdy has developed a gesture control-based display for drivers that presents information from drivers’ smartphones in their lines of sight as they are driving. It will use the cash to scale its technical team and prepare for a commercial launch later this year.
Navdy raised $6.5m in August 2014 from Wareness.io, Upfront, Ludlow, Promus Ventures, Lightbank, Mesa+ and Eniac Ventures, and has secured $6m of pre-orders from customers for its $299 system.
Nagraj Kashyap, senior vice president of Qualcomm Ventures, said: “We are excited to support a company that aligns with Qualcomm’s vision to enhance the in-car connected experience while also preserving driver safety.”
– Photo courtesy of Navdy Inc.