The provider of AI-powered augmented reality (AR) navigation solutions for driving, Phiar Technologies, has closed a USD $12 million Series A funding round. The company has also onboarded Gene Karshenboym, formerly Google’s Global Head of Android Automotive Platforms, as the new CEO.
The funding round was led by State Farm Ventures and saw participation from Cambridge Mobile Telematics and Telenav and previous investors Norwest Venture Partners, The Venture Reality Fund, and GFR Fund. The company plans to invest the funds to accelerate the company’s business with OEMs and Tier-1 partners in the automotive industry.
Moreover, Phiar’s founder, Chen-Ping Yu, will switch rules to become the Chairman of the Board and CTO and focus on the company’s spatial-AI technology and product development. Karshenboym, who brings nearly 10 years of experience in the Android and automotive industry, will take over and work towards the company’s global expansion.
“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,” Karshenboym said.
“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,” he added.
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.”
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