|2 newest investors bring Israeli company's funding to $20 million|
Tactile Mobility announced two new investor relationships Thursday, bringing the company's total funding to more than $20 million.
The Israeli company's sensing technology allows smart and connected vehicles to "feel" the road beneath the tires and react to surface conditions such as potholes, black ice and cracks. The company has gained financial support from Nexteer Automotive, a provider of steering and driveline technology, and Group Ventures, a venture capital firm.
Tactile Mobility says the investment acts as an extension of a $9 million round, led by Porsche, it received in October and as a bridge to the next round of funding.
Tactile Mobility did not disclose the amount of the new investment. It said it plans to use the funds to meet growing demand for the technology, expand its go-to-market operations and increase its traction in the U.S., Europe and Asia.
"We are seeing a burgeoning demand for our unique tactile-sensing technology as well as our data, which offers a true-to-life picture of the state of our road and mobility ecosystem in real time," Eitan Grosbard, vice president of business development at Tactile Mobility, said in a press release. "This funding will enable us to continue to harness the potential of that data with our partners, be they cities, municipalities, insurers, OEMs or Tier 1 suppliers."
The software uses a vehicle's existing nonvisual sensors including those that measure wheel speed, rpm and torque transfer.
The technology also generates data on vehicle and road conditions that can assist fleet managers, mapping companies, road authorities, insurers and others.
"This investment is yet another example of how we are executing our strategy for growth in alignment with key industry megatrends," Nexteer Senior Vice President Robin Milavec said in the press release.
In September, Tactile Mobility announced a deal to embed its technology in BMW Group's next-generation vehicles beginning in 2021.
— Whitney McDonald