Driving app for smartphone developer iOnRoad has won the third annual Qualcomm Ventures QPrize. The company previously won QPrize’s Israel regional competition, and with it, $100,000 in venture financing. With the new prize, iOnRoad will receive an additional $150,000 in funding from Qualcomm for a total of $250,000 in awards. Qualcomm Ventures is the venture capital arm of Qualcomm Inc. (Nasdaq: QCOM).
Headquartered in Tel Aviv, iOnRoad improves driving in real-time using the power of advanced smartphones. The app uses the smartphone’s native camera and sensors to detect vehicles ahead of their own, alerting drivers when they are in danger. iOnRoad’s VisualRadar maps objects in front of the driver in real time, calculating the user’s current speed using native sensors. As the vehicle approaches danger, an audio-visual warning pops up to warn the driver of a possible collision, allowing them to brake in time.
“We had an enormous amount of interest in this year’s QPrize competition and it’s clear that entrepreneurs have fully embraced the mobile platform and are on their way to building some great companies,” said Qualcomm Venture senior VP Nagraj Kashyap. “We congratulate iOnRoad on their exceptional achievement and look forward to helping them expand their business opportunities and market presence."
iOnRoad was founded in 2010 and has raised $3 million to date.
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2013
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