Commsignia secures $11 million funding to extend development of V2X solutions

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.

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%. Recognising its impact on making transportation safer, Euro NCAP has added V2X to its standards roadmap with implementation expected in 2024.

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 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 programme.