Commsignia Announces Funding of $11M To Extend Its Leadership in V2X Connectivity
Commsignia, Inc., a market leader in V2X (Vehicle-to-Everything) solutions, announced the closing of a $11 million fundraising round led by Karma Ventures and the Samsung Catalyst Fund, together with Partech, Inventure, and existing investors Credo Ventures and Day One Capital. The company will strengthen its R&D capabilities and team for customer engagements to remain at the forefront of V2X innovations.
SANTA CLARA, Calif., Aug. 15, 2019 /PRNewswire-PRWeb/ -- V2X is the base technology for creating Cooperative Intelligent Transport Systems (C-ITS), which improves 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. V2X technologies enable drivers as well as self-driving vehicles to make safety decisions on the spot.
Commsignia is helping to build safer and more efficient everyday driving, as well as providing communication network for the next-generation autonomous car and smart mobility ecosystem, offering cutting-edge vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication technologies. 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.
"Recent market developments in the automotive and smart city industry have confirmed that V2X and Cellular V2X became the key enabler of the new cooperative ecosystem that surrounds 5G and autonomous driving. 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," said Jozsef Kovacs, CEO of Commsignia. "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+ engineers to our team and open up further local offices in the US, Asia and Europe."
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%. (1) Recognizing its impact on making transportation safer, Euro NCAP has added V2X to its standards roadmap with implementation expected in 2024. (2)
Commsignia develops automotive OEM integrated software that supports functions related to V2X connectivity, security and applications, as well as aftermarket onboard unit (OBU) and roadside unit (RSU) systems for various smart city use cases.
"The strong entrepreneurial team at Commsignia has impressed the industry with their leading V2X technology and sensor fusion capability. Engaging the key OEM's, tier-1s and chipset providers in the automotive and smart city ecosystem shows a mature business approach that is creating an industry leader. At Karma Ventures we're excited to be partnering with these seasoned investors in backing a great company" commented Tommi Uhari, Founding Partner at Karma Ventures.
"V2X has the potential to become an important technology for automotive safety, augmenting cameras, radars and lidars. V2X provides beyond-line-of-sight sensing so that road users can coordinate maneuvering and better perceive objects in real time" said Amit Shofar, principal at Samsung Catalyst Fund. "Commsignia is a leading player in the V2X ecosystem. We are pleased to co-lead this investment and help the company capture the V2X opportunity."
"We are proud to back this incredibly talented team in the emerging V2X space and could not be more excited about what they're building. We believe that Commsignia products are already becoming an essential component of tomorrow's mobility, with live deployments in vehicles and road infrastructure around the globe today. We look forward to supporting them all the way on all 5 continents" said Romain Lavault, General Partner at Partech.
Commsignia is a preferred partner of several automotive suppliers and is part of the largest urban V2X infrastructure deployment, which covers, over 100 intersections in Las Vegas. Additional deployments using the company's solutions are operating in the US, in Asia, and in Europe. Commsignia is the first V2X company to be certified by the OmniAir organization's commercial, connected-vehicle certification conformance program.
References:
1 - Study on the Deployment of C-ITS in Europe: Final Report - Framework Contract on Impact Assessment and Evaluation Studies in the Field of Transport МOVE/А3/119-2013-Lot № 5 "Horizontal"
2 - https://cdn.euroncap.com/media/30700/euroncap-roadmap-2025-v4.pdf
About Commsignia:
Commsignia is the market's most dynamic V2X company thanks to its cutting-edge technology and market ready portfolio. Commsignia specializes in Connected Car / V2X "Safer on the Road" software and hardware products compatible with IEEE 802.11p standards and DSRC and future Cellular V2X (C-V2X) / 5G technologies. Commsignia is helping to build the next generation autonomous car and smart mobility ecosystem that will make driving safer whilst reducing congestion and lowering emissions. Commsignia supplies best-in-class V2X (Car2X) Communication Software, hybrid V2X /ADAS Applications with robust PKI and SCMS security, a V2X SDK as well as OnBoard (OBU) and Roadside Units (RSU) for connected car and Smart City deployments.
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About Samsung Catalyst Fund:
The Samsung Catalyst Fund is Samsung Electronics' evergreen multi-stage venture capital fund that invests in the new data economy and strategic ideas for Samsung's mobile, device solutions and consumer electronics groups. Investment spans across Automotive, Robotics, Digital Health, Internet of Things, Artificial Intelligence, Cloud Infrastructure, and Device-Level Solutions. Through Samsung Catalyst Fund, entrepreneurs are enabled by Samsung's global brand, manufacturing and distribution, domain expertise, recruiting network, and world-class Innovation Fellows for advice and mentorship. For more information, please visit http://www.samsungcatalyst.com.
About Karma Ventures:
Karma Ventures (karma.vc) is an early-stage venture capital firm, specialised in late seed and A round investments in Europe's most promising deeptech software startups. Karma Ventures backs companies with strong ideas delivered with unique technology, customer traction and global ambition.
About Partech:
Partech is a global investment firm with offices in San Francisco, Paris, Berlin and Dakar. We bring together capital, operational experience and strategic support for entrepreneurs at seed, venture and growth stages across multiple continents, with over €1.3B investment capacity. Investments range from $200K to $50M in a wide range of technologies and businesses for enterprises and consumers, from software, digital brands and services, to hardware and deep tech across all major industries. Companies backed by Partech have completed more than 20 initial public offerings and more than 50 strategic exits above $100M. Our current portfolio: https://partechpartners.com/companies/
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SOURCE Commsignia
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