From Bootstrap to $33M in 8 Months, Navdy Raises $20M in Oversubscribed Series A Funding
SAN FRANCISCO– (April 16, 2015)— Today, Navdy, the creator of the breakthrough Head-Up Display (HUD) for any car, is announcing that the company has closed a $20M Series A round of funding. The round was led by Upfront Ventures with several other participating funds, such as Formation8, Qualcomm Ventures, Promus Ventures, Ludlow Ventures and Wareness.io.
In August 2014, immediately prior to its launch, Navdy raised a highly oversubscribed $6.5M round. In August 2014, Navdy also launched a very successful pre-order campaign, hitting over $6M in pre-orders overall. Today the company closed another oversubscribed round with $20M in their Series A, bringing the total to $33M overall, in just 8 months.
“We are thrilled by the tremendous demand that we’ve seen since last August and the support from new and existing investors to help us bring our vision to reality,” said Navdy Founder and CEO Doug Simpson.
Navdy will use this new round to continue to ramp up its technical team and ready its commercial capabilities for the product launch, planned for later this year.
“Since Navdy presents information from your smartphone within your line of sight as you drive, it effectively combines the best balance of convenience and safety in a context-aware manner for the driver,” said Nagraj Kashyap, SVP Qualcomm Ventures. “We’re excited to support a company that aligns with Qualcomm’s vision to enhance the in-car connected experience while also preserving driver safety.”
Navdy is still available for pre-order at http://www.navdy.com/. Customers worldwide can pre-order Navdy at the introductory price of $299, a 40 percent discount from its projected retail price of $499. Navdy will start shipping in the 2nd half of 2015.
Navdy, a pioneer in the connected car industry, is the first to confront distracted driving by pairing touch-less gesture control and your smartphone with a Head-Up Display (HUD), developed to fit in any car. Navdy is focused on creating simple, beautiful and safer in-car experiences that feel like driving in the future. ™ Based in San Francisco, Navdy is privately backed by $26.5m in investment from tier-1 investors.
For more info visit www.navdy.com
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