Israeli technology company Nexar announced that it will buy the Portuguese start-up Veniam to "turn vehicles into data engines", opening unlimited possibilities for a new class of mobility applications, an operation whose value was not disclosed.
Nexar, which claims to be a leader in artificial intelligence computer vision, signed "an agreement to acquire Veniam, the Portuguese technology-based start-up that leads the software of intelligent networks for the Internet of moving objects (Internet of Moving Things)". Nexar states that "This acquisition represents one of the first times that an Israeli company acquires a Portuguese technological startup”.
Veniam's technology turns cars into Internet access points for other devices, creating a mesh network capable of sharing data and connectivity between hundreds of thousands of devices and vehicles.
Veniam is a Portuguese technology-based start-up that resulted from the spin-off of the University of Porto, the University of Aveiro and the Instituto de Telecomunicações, which was already considered by the television network CNBC as one of the 50 most revolutionary start-ups in the world. The start-up was created in 2012 by IT researchers João Barros, Full Professor at the Faculty of Engineering of the U.Porto (FEUP) and by Susana Sargento, Professor at the University of Aveiro.