Vehicle to Everything (V2X) specialist Commsignia has closed a $15 million Series B fundraising round, and LG Electronics has joined Samsung Catalyst Fund and Qualcomm Ventures as partners.
Commsignia has mass production deals with several automotive OEMs and is involved in research projects with Volkswagen, Audi of America and Ford.
With the new cash, the company says it "aims to strengthen its leadership and grow faster in new markets and geographies as the digital transformation of the transport and automotive industry gains momentum".
It cites a study by the European Commission, which suggests cooperative ITS (C-ITS) can help reduce the number of accidents by as much as 22% and can help save on fuel consumption by 11%.
Commsignia has V2X deployments in the US, including Las Vegas and Denver, as well as on European highways in Italy and Czechia (also known as Czech Republic).
The latest funding round was led by PortfoLion Capital Partners, Inventure, Day One Capital and Inference Partners, together with Partech, Credo Ventures and Karma Ventures.
