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How EFSI benefits SMEs in Europe - Day One Capital CEE case study: Commsignia (Hungary), ICT, automobile

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Initially the internet was pretty much about connecting computers. Now, it’s increasingly about connecting things too, like vehicles. Or traffic lights for that matter. Jozsef Kovacs, co-founder and CEO of Commsignia, set up the company on the back of research in this field. In particular, he was looking into information sharing when…everything starts to move.

Founded in 2012, Commsignia specializes in the development of hardware and software solutions in the field of intelligent transportation, with a mission to increase traffic safety and efficiency on the road. This includes Vehicle-To-Vehicle (V2V) and Vehicle-To-Infrastructure (V2I) communication technologies – together known as Vehicle-To-Everything (V2X).

V2X communication means connecting cars to cars, pedestrians or infrastructure. Information collected and shared can help drivers make better decisions: “In a sense, it’s a bit like a remote sensor – you are receiving sensors from other vehicles, or other fixed infrastructure,” explains Jozsef. “For example, if you can’t see in fog or strong rain, V2X can reach 1km ahead and offers alerts and increased safety. In Las Vegas, we deployed our V2X product with traffic lights acting as a sensor, relaying information to cars. Their self-driving car fleet receives our data on a V2X platform and it allows them to make sense of the environment around them. Even one single point of failure can cause accidents, so by offering many different angles, we improve safety.”

The data generated can also be used for other purposes, like monitoring traffic violations or collecting information relevant for insurance companies or smart city management. “With V2X, cars receive live data and this can impact the choice of route, fuel consumption and emissions, or the number of lanes used, which can be adjusted to optimise traffic flow,” he adds.

While current clients are mainly in Europe and the USA, the company is also talking to cities in Japan, South Korea and China. With mass deployment, the team is now stepping up to the global arena. This led to a financing round in 2019, in which Commsignia benefited from an equity investment from Day One Capital, a venture capital firm backed by the EIF under the EU’s Investment Plan for Europe. “This allowed us to scale up our engineering capacity, almost doubling our of staff numbers.”  And as the first cars with V2X technology are being rolled out, Commsignia is already looking ahead: “We’re talking to truck manufacturers as well, and once things mature enough, maybe motorbikes, bicycles and scooters can be targets.”

Company: Commsignia (Hungary)

Type of business: ICT, automobile

EIF financing: InnovFin Equity, EFSI

Financial intermediary: Day One Capital CEE

For further information about EIF intermediaries in Hungary, please refer to: http://www.eif.org/what_we_do/where/hu

 

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