Nexar and Lyft Partner To Drive The Future Scaling Of Autonomous Vehicles

Rhea-AI Summary

Nexar and Lyft (NASDAQ: LYFT) announced a partnership to advance autonomous vehicle (AV) technology development. The collaboration combines Nexar's extensive video telematics data—comprising over 45 petabytes of real-world footage, 200 million miles driven monthly, 5 trillion images, and 59 million videos—with Lyft's anonymized marketplace data. The partnership aims to create comprehensive datasets for AV training and development, focusing on rideshare-specific applications to enhance the commercialization of autonomous vehicles at scale.

Positive

• Partnership provides access to massive dataset for AV development (45 petabytes of footage, 200M miles monthly)
• Strategic positioning to commercialize AVs through Lyft's extensive rideshare network

Negative

• None.

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- Nexar, a leader in AI-powered mobility solutions, and Lyft (NASDAQ: LYFT), one of North America's largest transportation networks, today announced plans to partner, leveraging Nexar's vast cutting-edge video telematics to create data-driven solutions that accelerate the deployment of AV technologies.

"Nexar's collaboration with Lyft is a pivotal moment in our journey to accelerate the future of autonomous driving," said Eran Shir, Chief Product Officer and Co-Founder of Nexar. "By combining Nexar's unparalleled video data capabilities with Lyft's vast rideshare network, we are setting a new standard for AV training and real-world driving insights."

This collaboration will bring together Nexar's extensive video data and insights—which includes over 45 petabytes of real-world footage, spanning 200 million miles driven monthly, with over 5 trillion images and over 59 million videos—with anonymized and aggregated Lyft marketplace data to create a comprehensive and robust dataset for AV technology development.

"Data is the bedrock of a safe and scalable autonomous future. Better data enables better outcomes, and we're looking forward to working with Nexar's team to create rideshare-specific datasets for our AV partners," said Jeremy Bird, EVP at Lyft "This partnership is part of our work to make Lyft's network the best way to commercialize AVs at scale, and empowers us to use our rideshare expertise to push the entire industry forward."

Together, Nexar and Lyft are working to shape the future of autonomous transportation, accelerating AV technology development and improving safety in the process.

For more information about Nexar, please visit data.getnexar.com.

About Nexar

Nexar turns cars into vision sensors to understand the world. Its platform powers vision-connected services and apps at scale, making new vision-based applications for better driving, powered by a crowd-sourced vision feed. Using anonymous, aggregated data captured from this network, Nexar has developed a portfolio of vision-based data services for the autonomous vehicle industry and public and private sector partners to make roadways safer and more efficient. More information at data.getnexar.com.

Forward-Looking Statements 

Certain statements contained in this press release are "forward-looking statements" about Lyft within the meaning of the securities laws, including statements about Lyft's autonomous vehicle strategy and partnerships and related plans, expectations, technologies, benefits for drivers and riders, and an AV pilot program launch.  Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Lyft's filings with the Securities and Exchange Commission. Lyft does not undertake an obligation to update its forward-looking statements to reflect future events, except as required by applicable law.

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SOURCE Nexar

FAQ

What is the partnership between Lyft (LYFT) and Nexar announced in November 2024?

Lyft and Nexar announced a partnership to combine Nexar's video telematics data with Lyft's marketplace data to create comprehensive datasets for autonomous vehicle technology development and deployment.

How much video data does Nexar bring to the Lyft (LYFT) partnership?

Nexar brings over 45 petabytes of real-world footage, covering 200 million miles driven monthly, with over 5 trillion images and 59 million videos.

What is the main goal of the Lyft (LYFT) and Nexar partnership?

The main goal is to accelerate autonomous vehicle technology development and deployment by creating rideshare-specific datasets for AV partners using combined video telematics and marketplace data.