US-based smart car sensor technology developer Savari has raised $8m in series A funding from the corporate venture capital arms of electronic component producer Delta Electronics and automotive manufacturer Shanghai Motors.
An undisclosed strategic investor also participated in the round alongside Delta Electronics Capital Company and SAIC Capital.
Savari’s strategy is to roll out its safety communication technology to manufacturers and suppliers of connected cars as well as smart city projects around the world. It intends to use the funding to scale its software licensing, develop additional hardware and expand its operations to Europe and Asia.
The company will launch an automotive after-market product this summer that provides situational awareness to drivers while exchanging real-time information between connected smart cars.
SAIC Capital senior investment director Anish Patel said: “Since early trials with the US Department of Transportation to collaborating with major [car manufacturers], Savari has been at the forefront deploying intelligent vehicle safety applications enabled by DSRC (dedicated short range communications) technology.”