September 28, 2021 – Phiar Technologies, a provider of AI-powered augmented reality (AR) navigation solutions for driving, has recently announced the close of a new USD $12 million Series A funding round, along with the hiring of new CEO Gene Karshenboym, formerly Google’s Global Head of Android Automotive Platforms.
The new Series A fund was led by State Farm Ventures and includes new investors Cambridge Mobile Telematics and Telenav, as well as previous investors Norwest Venture Partners, The Venture Reality Fund, and GFR Fund. Phiar stated that the funding will help to further accelerate the company’s business with OEMs and Tier-1 partners in the automotive industry.
Phiar states that it is bringing perception and intelligence to automotive navigation through its advanced Spatial-AI Engine and Mobility AR Engine. The company’s navigation solutions enable vehicles to understand the environment better in real-time for intelligent navigation, smart parking, HD mapping, vision-based live road detections, traffic conditions and more. Phiar is utilizing modern automotive chipsets including Qualcomm Snapdragon and is working closely with major automotive OEMs such as Nissan, as well as with global tier-1 suppliers including Panasonic Automotive and Bosch, and leading maps and navigation vendors such as TomTom and HERE.
In addition to the funding announcement, Phiar’s founder, Chen-Ping Yu, will shift roles to Chairman of the Board and CTO to focus on the company’s spatial-AI technology and product development as Karshenboym onboards to lead the future global growth of the company. Karshenboym, who brings nearly 10 years of experience in the Android and automotive industry, has served on Phiar’s board of directors since 2020.
Commenting on the funding, Karshenboym said: “It is truly impressive the success and growth that Chen-Ping and the Phiar team have already achieved by developing intelligent AR navigation solutions with their lightweight spatial-AI technologies, that will bring drivers and passengers a driving experience like never before. As the global automotive industry is on the cusp of a major shift to AI-based technology integration, it’s an exciting time to be joining Phiar and I look forward to building long-term strategic relationships for the company and with partners.”
Yu said: “Our mission is to enable human-like perception for every vehicle, revolutionizing navigation interaction and how we experience the world. First, focusing on the automotive industry. Gene’s addition to our leadership team, bringing his track record of successful partnerships in the automotive industry, and our new injection of funding will enable us to further develop and differentiate our AI engine and camera-based AR technology, expand our integrations across OEMs and our partnerships with Tier-1 companies, and build our go-to-market resources for key markets.”
Michael Remmes, Vice President at State Farm Ventures, added: “Phiar is well-positioned to build upon its success in the automotive industry by providing superior, real-time road perception AI. Visual applications are the future of mobility experience and safety, and we believe Phiar’s spatial AI-based solutions are uniquely positioned to help drivers safely navigate, interact, and experience the world.”
In November last year, Phiar partnered with Panasonic Automotive to integrate its AI-based navigation into automotive solutions in order to expand driver safety and navigation support.
For more information on Phiar and its augmented reality navigation solutions, please visit the company’s website.
Image / video credit: Phiar Technologies / YouTube