Road safety app developer iOnRoad Technologies Ltd. has been acquired by global audio and infotainment company Harman International Industries Inc. (NYSE: HAR). The companies did not disclose the size of the deal, but it was reportedly for a few million dollars.
Although the exit is not large, iOnRoad's investors will see a respectable return on investment, as the company has raised $1 million from Keydan Capital Ltd. and private investors. "Everyone is pleased by the deal - the investors, employees, and we, the founders," iOnRoad co-founder and CEO Alon Atsmon told "Globes".
iOnRoad was founded in 2011 by Atsmon and CTO Dan Atsmon as a subsidiary of PicItUp Corporation The company has developed an app which uses the forward camera of a driver's smartphone and augmented reality technology to spot vehicles that are too close to the car, and warn the driver of the danger. The app can also identify the road's edges and shoulders to prevent the driver from leaving the road.