SANTA CLARA, Calif., 5 September, 2023 – Commsignia, Inc., the largest company focusing on Vehicle-to-Everything (V2X) solutions, announced the closing of an USD 15 million Series B fundraising round led by PortfoLion Capital Partners, Inventure, Day One Capital and Inference Partners, together with Partech, Credo Ventures, and Karma Ventures. The fundraising round sees LG Electronics joining as a strong strategic partner along with existing strategic investors Samsung Catalyst Fund and Qualcomm Ventures. With this investment, the company 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.
The move comes at a time when road safety is in focus all over the globe. V2X can effectively prevent accidents by enabling communication between road users. They can be made digitally visible to each other, even in situations where visibility is obstructed, which is particularly dangerous for pedestrians, bikers and micromobility users. According to a study by the European Commission, C-ITS can help reduce the number of accidents by as much as 22% and can help save on fuel consumption by 11%.1
The world’s leading car manufacturers, policy makers, and the transport industry in the US, Europe and China have expressed their trust in V2X as a technology that can effectively save lives through decisions and measures that opened up the way to full-scale deployments.
Commsignia is the largest company fully dedicated to V2X with over 140 employees. The company’s V2X products connect the entire traffic ecosystem, working together with partners in the automotive sector as well as those from the infrastructure operator side.
With a presence in the world’s automotive hubs in the US, Germany and South Korea, Commsignia is a V2X technology provider to several automotive OEMs and Tier1 companies. The company has mass production deals with multiple automotive OEMs and is also a partner in pioneering research projects with the world’s leading automakers including for example Volkswagen2, Audi of America3 and Ford4.
On the operator side, Commsignia and its partners have covered hundreds of intersections across the United States, Europe and Asia with V2X, contributing to increasing road safety in cities and regions, like Las Vegas, Denver and broader Colorado, the Italian motorways, and highways in Czechia.
As a result, drivers, riders and self-driving vehicles can make better decisions using real-time cooperative sensor data. Commsignia is building the operating system for connected transport by providing all elements of a digital road infrastructure.
SzabolcsPatay
Chief Executive Officer / Founder
We see this investment as a confirmation from our key strategic partners on our technology leadership. It gives us and our customers confidence: Commsignia plays a significant role in the growth of the digital transport infrastructure and the connected vehicle ecosystem. This investment reinforces our ecosystem strategy which covers all segments of mobility and connected infrastructure services, to enable more people to use our world-class V2X products to improve sustainability, efficiency, equity and safety in transportation. – says Szabolcs (Szabi) Patay, CEO of Commsignia.
INVESTOR QUOTES
Jenő Nieder, Deputy CEO of PortfoLion Capital Partners
“Portfolion made a solid investment decision to Commsignia and the management team leading the company. The company’s product brings visible value with the promise of decreased energy consumption and less road accidents. They have already successfully delivered real life projects in cities and motorways to returning clients. Commsignia is trusted by the largest US and European car manufacturers and has already built great partnership with leading brands.”
Timo Tirkkonen, Partner and Co-Founder at Inventure
“Autonomous vehicles, and the rise of micromobility and a growing focus on road safety are trends that will extensively shape the automotive in the coming years – and V2X is a key tech that lies in their intersection. We are thrilled to take part in fuelling the growth of this life saving technology through domain leader Commsignia, and look forward to making mobility safer, smarter, and more sustainable” – added Timo Tirkkonen, Partner and Co-Founder at Inventure.
Csaba Kákosy, Managing Partner of Day One Capital
“We couldn’t be more proud of the Commsignia team. They have not only scaled the company to become one of Hungary’s largest startups, marking their place as a global player in smart mobility, but they have also navigated challenges and adversities with the adeptness that only the best companies display.” – added Csaba Kákosy, Managing Partner of Day One Capital.
Endre Sagi, General Partner of Inference Partners
Since the start of our collaboration a decade ago, Commsignia has firmly established itself as the global market leader in V2X. Their relentless pursuit of pioneering advancements in connected vehicle technology and the enormous market potential have made our decision to co-lead their Series B round very easy. – added Endre Sagi, General Partner of Inference Partners.
Andrej Kiska, General Partner of Credo Ventures
“We established Credo over 13 years ago with the belief that Central Europeans can build category-leading companies. And Commsignia is a strong testament to that belief: superb team coupled with superb technology, set to dominate the V2X market for years to come.” – says Andrej Kiska, General Partner of Credo Ventures.
Kristjan Laanemaa, Founding Partner at Karma Ventures
“At Karma Ventures we have been privileged to work with the Commsignia founding team after we led the company’s A-round and are proud to have supported them on the journey to date. We look forward to seeing the Commsignia solutions rolling through to mass production in the near future and making roads safer.” – said Kristjan Laanemaa, Founding Partner at Karma Ventures.
Lee Sang-yong, senior vice president of R&D Laboratory at LG Electronics Vehicle component Solutions (VS) Company
“V2X communication technology is essential for making autonomous driving a reality,” said Lee Sang-yong, senior vice president of R&D Laboratory at LG Electronics Vehicle component Solutions (VS) Company. “Through our strategic investment in Commsignia, we expect to lead the connected car era in the coming future, as we mutually strengthen our competitiveness in V2X communication technology.”
Boaz Peer, Senior Director, Qualcomm Israel Ltd. and Managing Director of Qualcomm Ventures Israel and Europe
“V2X technology paves the way for smarter, safer, and more efficient transportation,” says Boaz Peer, Senior Director, Qualcomm Israel Ltd. and Managing Director of Qualcomm Ventures Israel and Europe. “Commsignia is an important player in the V2X ecosystem, and we are happy to invest in their journey towards further growth and success.”
Commsignia is the largest company focusing on vehicle-to-everything (V2X) technology. The company unlocks the full potential of Intelligent Transport Systems and Advanced Driver Assistance Systems with cutting edge V2X software and hardware products and services to improve road safety and efficiency for all road users and enable value-added services in the vehicle industry.
Commsignia’s V2X solutions allow road owners and operators to gain real-time traffic insights from connected sensors and cameras to better protect a wide range of connected and nonconnected road users, including pedestrians and cyclists. V2X-enabled smart intersections provide traffic priority services for emergency responders, city fleets, and V2X is an essential component for self-driving.
Commsignia enables automotive manufacturers, micromobility providers and bicycle manufacturers to cost-effectively deliver improved road safety and better driving experience for their customers by joining the V2X ecosystem. V2X connects road users with each other and with roadside equipment to support them with information through sensor sharing and ensure confident, safe and comfortable driving.
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Media inquiries:
Andrea Schenk – [email protected] – +36.30.774.2843
