SOURCE: Savari, Inc.

Savari, Inc.

January 28, 2016 08:00 ET

Savari Receives $8 Million in Series A Funding

Leader in V2X Communication Technology Accelerates to Market Its Sensor Technologies and Software Connected Cars and Smart Cities

SANTA CLARA, CA--(Marketwired - January 28, 2016) - Savari Inc., a leader in V2X (Vehicle-to-Everything) safety communication technology, announced it has raised $8 million in Series A funding. Delta Electronics Capital Company, a subsidiary of Delta Electronics Inc., SAIC Capital, the corporate venture of Shanghai Motors, and an undisclosed strategic investor participated in the round. Savari will use the funds to scale its software licensing, develop additional hardware and expand its operations to Europe and Asia.

Savari's strategy is to commercialize its safety products to manufacturers and suppliers of connected cars as well as to smart city projects around the world. The company's goals are in line with the $4 billion vehicle safety initiative and the $50 million Smartcity Challenge by U.S. Department of Transportation (USDOT).

Savari's technology is already deployed in the largest V2X safety pilot study conducted by the U.S. Department of Transportation (USDOT). The company is continuing to collaborate with major automotive manufacturers in engineering and field trials along with additional industry groups around the world, including ITS America, OmniAir Consortium and Car 2 Car Communication Consortium (C2C-CC).

Leveraging the insights gained from more than 150 man-years of V2X learning and development and 15 million-plus miles per year of public testing, Savari is rapidly expanding its software and hardware portfolios. The company will launch an automotive aftermarket solution in summer of 2016. Focusing on Advanced Driver Assistance System (ADAS) capabilities, the automotive aftermarket solution will provide full situational awareness to drivers while exchanging real-time information between connected cars.

Complementary to LiDAR, Radar and Camera-sensor technologies, Savari's DSRC technology works in any V2X environment including non-line-of-sight environments. Savari's solutions provide 360-degree situational awareness for the car and the road and include an upgrade path to support LTE technology.

"We've been deploying and thoroughly validating Vehicle-to-Everything communication technology for eight years; we believe no other company can match our experience," said Ravi Puvvala, CEO of Savari. "Having proven the technology through multiple trials, we sought strategic investors with ties to the automotive industry that could help us further accelerate the commercialization of our innovative V2X wireless sensors and software."

"Savari is a pioneer in establishing V2X standards and products," said Anish Patel, senior investment director of SAIC Capital. "Since early trials with the U.S. Department of Transportation to collaborating with major automotive OEMs, Savari has been at the forefront deploying intelligent vehicle safety applications enabled by DSRC technology. We're excited to see this innovative technology come to market."

About Savari

Savari seeks to make the world's roadways smarter and safer by deploying advanced wireless sensor technologies and software for V2X environments to support a growing portfolio of intelligent transportation services. With more than 150 man-years of V2X learning and development and 15 million-plus miles per year of public testing, Savari is a leader in V2X technology. Savari is headquartered in Santa Clara, Calif., and has offices in Detroit, Mich., Seoul, Korea and Bangalore, India. The company is comprised of a core team of industry veterans from the automotive, semiconductor, software and telecommunications industries. Savari is partnering with automotive OEMs, system integrators, chipset vendors and industry groups like the U.S. Department of Transportation. For more information, visit http://www.savari.net.

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