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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : AI navigation startup Phiar lands ex-Google manager, funding from Telenav

09/27/2021 | 06:00am EDT

Sept 27 (Reuters) - Phiar, a startup aiming to enhance in-car navigation systems by overlaying directions on real-time video, announced on Monday that Google's head of Android automotive platforms joined as chief executive and State Farm Ventures led a $12 million funding round.

Incoming CEO Gene Karshenboym said other new investors include mapping company Telenav, which was taken private by its co-founder in February, and SoftBank Vision Fund-backed driving analytics app developer Cambridge Mobile Telematics.

Phiar wants to supply automakers with artificial intelligence software that analyzes live feeds from exterior cameras on cars. Its software would then put virtual directional markers onto the video, which drivers would watch through a console or windshield screen to navigate.

"Once you experience it, you'll realize you want it," Karshenboym said. "It really helps you drive."

Karshenboym said the system can use existing cameras and computing equipment in vehicles and become a new upsell option for automakers to offer buyers. He said Phiar expects to land its first car deal within a year.

The Silicon Valley company previously developed an app for consumers to have a similar navigation experience through just their smartphone. But the company last year decided to focus on the larger opportunity with automakers, said Karshenboym, who joined last month.

Co-founder and previous CEO Chen-Ping Yu became board chair and chief technology officer. At Alphabet Inc's Google, Karshenboym oversaw a testing system for the company's infotainment operating system. (Reporting by Paresh Dave in Oakland, Calif.; Editing by Cynthia Osterman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.00% 2855.56 Delayed Quote.62.93%
SOFTBANK GROUP CORP. -0.83% 6238 End-of-day quote.-22.59%
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Financials
Sales 2022 6 040 B 52 852 M 52 852 M
Net income 2022 1 310 B 11 461 M 11 461 M
Net Debt 2022 15 330 B 134 B 134 B
P/E ratio 2022 8,19x
Yield 2022 0,71%
Capitalization 10 686 B 93 536 M 93 506 M
EV / Sales 2022 4,31x
EV / Sales 2023 4,02x
Nbr of Employees 58 786
Free-Float 69,3%
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 238,00 JPY
Average target price 10 325,87 JPY
Spread / Average Target 65,5%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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