This new investment round brings Commsignia and its partners closer to significantly reducing the number of traffic fatalities and injuries.
Commsignia, Inc., the largest company focusing on Vehicle-to-Everything (V2X) solutions, announced the closing of an USD 15 million Series B fundraising round led by Portfolion Capital Partners, Inventure, Day One Capital and Inference Partners, together with Partech, Credo Ventures, and Karma Ventures. The fundraising round sees LG Electronics joining as a strong strategic partner along with existing strategic investors Samsung Catalyst Fund and Qualcomm Ventures. With this investment, the company aims to strengthen its leadership and grow faster in new markets and geographies as the digital transformation of the transport and automotive industry gains momentum.
The move comes at a time when road safety is in focus all over the globe. V2X can effectively prevent accidents by enabling communication between road users. They can be made digitally visible to each other, even in situations where visibility is obstructed, which is particularly dangerous for pedestrians, bikers and micromobility users. 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%.
The world’s leading car manufacturers, policy makers, and the transport industry in the US, Europe and China have expressed their trust in V2X as a technology that can effectively save lives through decisions and measures that opened up the way to full-scale deployments.
Commsignia is the largest company fully dedicated to V2X with over 140 employees. The company’s V2X products connect the entire traffic ecosystem, working together with partners in the automotive sector as well as those from the infrastructure operator side.
With a presence in the world’s automotive hubs in the US, Germany and South Korea, Commsignia is a V2X technology provider to several automotive OEMs and Tier1 companies. The company has mass production deals with multiple automotive OEMs and is also a partner in pioneering research projects with the world’s leading automakers including for example Volkswagen2, Audi of America3 and Ford4.
On the operator side, Commsignia and its partners have covered hundreds of intersections across the United States, Europe and Asia with V2X, contributing to increasing road safety in cities and regions, like Las Vegas, Denver and broader Colorado, the Italian motorways, and highways in Czechia.
As a result, drivers, riders and self-driving vehicles can make better decisions using real-time cooperative sensor data. Commsignia is building the operating system for connected transport by providing all elements of a digital road infrastructure.
Jenő Nieder, Deputy CEO of Portfolion Capital Partners says: “Portfolion made a solid investment decision to Commsignia and the management team leading the company. The company’s product brings visible value with the promise of decreased energy consumption and less road accidents. They have already successfully delivered real life projects in cities and motorways to returning clients. Commsignia is trusted by the largest US and European car manufacturers and has already built great partnership with leading brands.“
