Karma Ventures invested in the US developer of cooperative intelligent transportation system Commsignia
Estonian Karma Ventures invested in the US-based hardware and software Commsignia, which develops and manufacturers cooperative intelligent transportation system. Hungarian investment firm PortfoLion Capital Partners, Finnish investment company Inventure, Budapest-based Day One Capital, London-based VC Inference Partners, Paris-based VC and private equity investment firm Partech, Prague-based investment company Credo Ventures also joined a Series B €15M round.
Founded in Santa Clara (US) in 2012 by Szabolcs (Szabi) Patay, Jozsef Kovacs, Laszlo Virag, and Andras Takacs, Commsignia builds the operating system for connected transport by providing all elements of a digital road infrastructure. The company designs Vehicle-to-Everything (V2X) solutions, which can prevent accidents by making road users (cars, self-driving vehicles, pedestrians, bikers, etc.) communicate with each other. The road users can be digitally visible, even in situations where visibility is obstructed. V2X communication technology uses WLAN and works between V2V (vehicle-to-vehicle) vehicles and V2I (vehicle-to-infrastructure) infrastructure.
Commsignia developed a device and data manager platform called Central, which remotely configures, monitors, and manages a range of V2X devices. The company also designed an application that helps cities and road operators monitor the current state of the devices. The users receive email alerts and notifications and can create and deploy V2X messages themselves to notify other participants about road events or weather conditions.
Commsignia has over 140 employees. It partners with Volkswagen, Audi of America, and Ford. With the help of these automakers, Commsignia has already covered hundreds of intersections across the US, Europe, and Asia with V2X solutions.
The technology company will use the investment to grow faster in new markets. With this deal, LG Electronics, Samsung Catalyst Fund, and Qualcomm Ventures (producer of V2X solutions) became Commsignia’s strong strategic partners.
Founded in 2016 by Kristjan Laanemaa, Margus Uudam, and Tommi Uhari, Karma Ventures is an early-stage venture capital firm, investing in late seed and A-series European startups. The firm injects up to €5M in the initial round and also makes follow-on investments in later rounds.
