March 22, 2017 / 10:57 AM / 6 months ago

Israel's Autotalks raises $30 mln, total to date $70 mln

TEL AVIV, March 22 (Reuters) - Autotalks, an Israeli provider of vehicle to vehicle (V2V)communication for improving road safety, said on Wednesday it raised $30 million in a late-stage funding round, bringing to $70 million its total raised to date.

It will use the funds to expand operations and accelerate deployment of technologies for safer autonomous vehicles.

The new funding includes the company’s existing investors Magma Venture Capital, Gemini Israel Fund, Amiti Fund, Mitsui & Co Global Investment, Liberty Ventures and Israel’s Delek Motors, as well as new investors including Texas-based Fraser McCombs Ventures and the Samsung Catalyst Fund.

The funding comes as the U.S. Department of Transportation has said that in an effort to increase road safety it will mandate V2V in all new light vehicles sold in the United States by 2023. To meet this target, deployments will start in 2019.

Autotalks’ technology has been selected by several car manufacturers. (Reporting by Tova Cohen)

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