REDWOOD CITY, Calif.--(BUSINESS WIRE)--Phiar Technologies, a market leader in AI-powered Augmented Reality navigation for driving, today announced the close of a new $12 million Series A funding round and 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 that includes new investors Cambridge Mobile Telematics and Telenav, and previous investors Norwest Venture Partners, The Venture Reality Fund, and GFR Fund. The funding will further accelerate Phiar’s business with OEMs and Tier-1 partners in the automotive industry.
Additionally, founder Chen-Ping Yu will shift roles to Chairman of the Board and CTO to focus on leading spacial-AI technology and product development as Karshenboym onboards to lead the future global growth of the company. Gene Karshenboym brings nearly 10 years in developing partnerships and technology in the Android and automotive industry and has served on Phiar's board of directors since 2020.
Phiar is bringing perception and intelligence to automotive navigation. Through its advanced and lightweight Spatial-AI Engine and Mobility AR Engine, it enables 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; global tier-1 suppliers including Panasonic Automotive and Bosch, leading maps and navigation vendors such as TomTom and HERE.
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, State Farm Ventures®, said: “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. We are excited about everything Chen-Ping and the team have built to date and are happy to partner with Gene and the team going forward.”
Today’s news falls on the heels of a recently announced partnership with Panasonic Automotive to integrate Phiar’s AI-based navigation into its automotive solutions that will expand driver safety and navigation support.
To learn more about Phiar solutions and partners, visit www.phiar.net.
About Phiar Technologies
Founded in 2017, Phiar Technologies is an ultra-lightweight computer vision AI company and emerging leader in augmented reality driving navigation technology for the automotive industry. Phiar combines its patented innovations in deep learning AI and AR into a new form of driving navigation platform to enhance safety, facilitate more intuitive wayfinding and connect drivers with their surrounding environments. Phiar is based in Redwood City, California, with investor backing from State Farm Ventures, Norwest Venture Partners, The Venture Reality Fund, GFR Fund, Cambridge Mobile Telematics, Telenav, Anorak Ventures, Mayfield Fund, Zeno Ventures, Cross Culture Ventures, Y Combinator, Innolinks Ventures and Half Court Ventures. For more information, visit www.phiar.net.