Building Veniam: From Smart City Vision to Startup Exit
This article is based on an interview with João Barros, the Chief Platform Officer at Nexar Inc, and the former Founder and CEO of Veniam Inc. (acquired by Nexar).
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João Barros is the Chief Platform Officer at Nexar Inc, former Founder and CEO of Veniam Inc. (acquired by Nexar), and Professor Catedrático (on leave) of Electrical and Computer Engineering at the University of Porto, Portugal. In 2012 João started Veniam, a technology startup focused on building large WiFi mesh networks using moving vehicles like city buses or taxis. For Veniam he raised $45.5M total, moved to Silicon Valley for some time to attract investments and expand the network, and sold the company to Nexar Inc in 2022.
We spoke with João about his journey from being a professor to founding Veniam, his experiences in Silicon Valley, and his current role at Nexar Inc. We also touched on the technologies and ideas behind his work, like the role of data in urban planning, the potential of AI, and other exciting developments in the digital mobility space.
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💡 The article below is made with the help of an AI tool based on the interview transcription. This article will give you a general idea of what this interview is about. To see the original source, watch the full video.
Think about a world where every car, bus, or truck is more than just a vehicle. Imagine them as part of a huge city-wide network, carrying not just people but also data, bringing WiFi to the city streets. Traffic conditions, road quality, accident hotspots, and even air quality can be monitored in real-time, providing city planners with a wealth of information that allows them to respond quickly to changes and make more informed decisions. This is not a distant dream; it's the reality shaped by João Barros and his company, Veniam.
João Barros is an entrepreneur from Portugal who's been mixing transportation, technology, and urban planning in a really unique way. His journey includes the creation of Veniam, a company at the forefront of making vehicles a part of city networks. More recently, he's formed a partnership with Nexar, a company focused on using AI to improve road safety.
In this article, we'll explore Barros' story and his big moves as an entrepreneur. We'll look at his vision for the future of getting around, using data to make our cities work better, and his thoughts on the big tech trends that are changing our world.
From the classroom to the streets: the launch of Veniam
The story of Veniam begins in a classroom in Portugal, where Professor João Barros was teaching a course on vehicular networks. Intrigued by the idea of cars talking to each other, João and his students decided to try and turn this concept into a reality. They started with a simple project in Porto, Portugal, creating a city-wide network of connected vehicles. As it turned out, this wasn't just another academic experiment. It was the seed that grew into Veniam, a startup that would revolutionize vehicular communication.
In 2012, Veniam was officially launched by João and three co-founders: Susana Sargento, Robin Chase, and Roy Russell. The team set out to build a more connected world, one vehicle at a time. And they did it with a fleet of taxis and buses in Porto, equipping them with Wi-Fi hotspots and turning the city into a massive Wi-Fi mesh network.
In less than two years, they had created a network of over 600 vehicles, transmitting half a terabyte of data each month. Their achievements caught the attention of the wider tech community. Veniam was on its way to making a significant impact, but this was just the beginning.
Venturing into Silicon Valley: João's story
In the world of tech, Silicon Valley has a magnetic allure. And in 2014, João decided it was time to take Veniam's success to the next level. So, he packed his bags and set off for California.
He wasn't just exploring the land of tech giants and startups, he was on a mission to pitch Veniam to some of the biggest venture capital firms in the Valley. The pitch was a success and he managed to secure a $4.9 million investment round led by True Ventures.
The trip was more than just an investment-seeking mission. It was a learning journey. Immersed in the dynamic tech ecosystem, João had a chance to absorb the innovative thinking, fast-paced culture, and entrepreneurial spirit of Silicon Valley. This experience provided insights that shaped Veniam's trajectory in the years to come.
His time in the Valley marked a significant milestone for both João and Veniam. With fresh capital and a wealth of new ideas, they were ready to take on the world. But they weren't going to do it alone.
Veniam's investment journey: $45.5 million raised
As Veniam started to gain traction, they knew that to truly scale and expand, they needed more capital. They started with the seed round of $500,000.
The company went on to raise a Series A round of $5 million in 2014. This funding was led by True Ventures, who invested 3 at the time, and then Union Square Ventures did the rest.
Then came the Series B round in 2017. This time, they secured an impressive $25 million. And then about 18 months later, in 2018, they raised another $15 million. That was when they were looking for cash to go through the entire product development cycle with the automakers.
Each of these funding rounds marked a pivotal moment in Veniam's journey. They provided the financial resources to fuel growth, drive research and development, and expand their presence globally. But more than just capital, these investments were a vote of confidence in Veniam's vision and their ability to shape the future of digital mobility.
Joining forces: Veniam-Nexar alliance
João's vision for Veniam didn't stop at Wi-Fi-enabled buses. He saw the potential for an interconnected network of vehicles, sharing data, and improving city life. To make this vision a reality, he needed a partner that understood the power of vehicular data, and that's where Nexar came in.
Nexar, a vehicle-to-vehicle network company, was a perfect fit for Veniam. They were already using dashcam technology and AI to prevent road collisions, but Veniam offered them a chance to broaden their horizons.
In 2023, the two companies decided to pool their resources and create an extensive database of real-time data, captured from millions of connected vehicles. This partnership has allowed Veniam to expand its network to over 60 cities across three continents, while Nexar has gained access to a vast network of moving data points, improving the effectiveness of its collision prevention technology.
This partnership is a win-win, enabling both companies to do what they do best, but on a larger scale. Veniam gets to extend its network, and Nexar gets to improve its AI algorithms with a larger dataset. It's a powerful collaboration that's driving innovation and pushing the boundaries of what's possible in digital mobility.
Data: the key to modern urban planning
Data might not be the first thing you think about when it comes to urban planning, but it's becoming an essential tool for designing better cities. The partnership between Veniam and Nexar is a prime example of how data can be used to improve urban life.
Their interconnected network of vehicles is like a pulsating web of information, capturing every detail of city life. Traffic conditions, road quality, accident hotspots, and even air quality can be monitored in real-time, providing city planners with a wealth of information.
Traditionally, city planners relied on static data, which was often outdated by the time it was used. But with Veniam and Nexar's network, they have access to dynamic, real-time data. This allows them to respond quickly to changes and make more informed decisions. For example, if a particular road is consistently causing traffic jams, they can take immediate action to address the issue.
But it's not just about traffic management. The data can also be used to plan public transport routes, improve road safety, and even design greener cities. By understanding where and when pollution levels are highest, for example, city planners can take targeted action to improve air quality.
The possibilities are endless, and as Veniam and Nexar's network continues to grow, so too does the potential for smarter, more efficient, and more liveable cities.
Moving forward: exploring mobility beyond cars
As we look to the future of transportation, it's clear that it's not just about cars anymore. João spoke about his vision for the future, where the digital mobility infrastructure will include so much more than just vehicles.
We're talking about any device that can move and communicate data. Bicycles, scooters, drones, and even robots - all of these will be part of the digital mobility ecosystem. Each of these "nodes" will be transmitting data, creating a detailed, real-time picture of the environment. And with advancements in AI and machine learning, this data can be analyzed and acted upon almost instantly.
Imagine a delivery drone that can navigate the city using real-time data from other devices, avoiding obstacles and delivering packages more efficiently. Or a scooter that can report a pothole to the city council, leading to quicker repairs and safer roads.
This vision is not far from reality. João mentioned that they are already working on including bicycles and scooters in their network. The challenge, as he sees it, is to make all these different devices work together in harmony. But with the rapid advances in technology, it's only a matter of time before this vision becomes a reality.
And the implications are enormous. It's not just about making transportation more efficient. It's about creating smarter, safer, and more sustainable cities. A city where every moving part works together, communicating and responding to each other in real time. That's the future João envisions, and it's a future we can all look forward to.
The community-building power of transportation
João brought up the concept of transportation as a social glue, a tool for bringing communities together. It's an idea that goes beyond technology and into the realm of social impact.
João sees transportation not just as a means of getting from point A to point B, but as a way to connect people. He shared how in Porto, Portugal, the data collected by Veniam was used to identify communities that were isolated and underserved by public transportation. This knowledge was used to redesign bus routes, connecting those isolated communities and facilitating access to services and opportunities. It's a small change, but one that can have a significant impact on the lives of the people in those communities.
It's this human-centric approach that sets João's vision apart. He understands that at the end of the day, it's not just about building better technology, but about using that technology to make people's lives better. It's about making our cities not just smarter, but also more inclusive and connected.
But it's not just about connecting communities within a city. João also spoke about how their technology can connect cities across the globe. By sharing data, cities can learn from each other, find solutions to common problems, and work together towards a more sustainable future. In this way, transportation becomes not just a local issue, but a global one.
And it's this vision of a more connected, more inclusive world that truly excites João.
It's not just about getting people from A to B, but about getting society from where it is today to a better place.
It's a grand vision, but with the power of data and technology, it's one that is within our grasp.
Artificial intelligence: revolution in your pocket
João is a big believer in the power of artificial intelligence, especially when it comes to its potential to revolutionize education and healthcare. Imagine having a top-notch doctor in your pocket or a personalized tutor for every child. It's not a far-off dream, but a reality that's fast approaching.
AI is already making waves in various sectors. For example, ChatGPT, an AI model developed by OpenAI, can create human-like text. João recounted a panel he moderated in 2022, where a Google veteran proclaimed AI's prowess in writing and poetry. The audience was skeptical until OpenAI released ChatGPT a few months later, much to their surprise.
💡Revealing a secret: even this article was made with the help of AI, based on the interview transcription.
But the applications of AI go far beyond creating text. João is particularly excited about the potential of AI to democratize access to quality education and healthcare. In many parts of Africa, access to a good doctor or personalized tutoring is a luxury that few can afford. AI could change that, bringing these services to the masses at a fraction of the cost.
However, João is aware of the risks associated with AI, such as the potential for spreading misinformation and making public discourse toxic. It's a risk that needs to be managed carefully, but he believes the potential benefits far outweigh the risks.
In his own work at Nexar, João sees the potential of AI firsthand. Nexar uses AI to analyze data from vehicle cameras, creating detailed and up-to-date maps that can help with navigation and urban planning. It's just one of the many ways that AI is changing our world, and according to João, it's only the beginning. AI has the potential to revolutionize our world in ways we can't even imagine yet, and he's excited to be part of that journey.
The progress of EV charging
João's vision for a greener future is underpinned by the evolution of electric vehicle (EV) charging systems. He recognizes that as we move towards more sustainable modes of transport, the means to power these vehicles need to advance in tandem.
Currently, charging an electric vehicle still mostly relies on plugging into a charging station, a process that is becoming increasingly quicker. Yet, the potential for wireless charging is something João is particularly excited about. For instance, he's seen intriguing solutions where even the pavement can charge the vehicle as it moves, a concept that might seem like science fiction, but is inching closer to reality.
This idea is reminiscent of how trams used to be powered by electricity from cables along the routes. While this wasn't wireless, it points to how infrastructure could be adapted to facilitate the charging of vehicles in motion.
However, João acknowledges that there's still work to be done. The efficiency of wireless energy transfer technology isn't quite there yet. But with continued research and innovation, he believes that a future where our phones and cars are charged wirelessly – without the need for any special charging plates – is within reach. And this will be a significant step towards a greener, more sustainable future.
João projections for the future: AI, digital mobility, the world where technology serves humanity
In reflecting on the journey so far and looking to the horizon, João Barros exudes an infectious excitement for the future. He sees the next decade as an incredibly thrilling time, particularly in the realm of Artificial Intelligence (AI) and digital mobility.
One of his firm beliefs is that AI, in particular, holds enormous promise. He's not just talking about AI's ability to crunch numbers or automate tasks; he's picturing a world where each child can have a personalized tutor that makes learning more fun and engaging. He's imagining a scenario where anyone, regardless of location or economic status, can have access to a great doctor right in their pocket. These aren't just lofty dreams; with the pace of AI's development, they're becoming tangible realities.
Similarly, he sees the potential in digital mobility extending far beyond cars. Buses, bikes, scooters, and even pedestrians are all part of this ecosystem. The data generated from this interconnected network can help us better understand our cities and consequently, improve the lives of those who live in them.
Lastly, he emphasizes the importance of community in this technologically advanced world. He believes in the power of transportation to bring people together, to serve as a social glue. As we navigate through the challenges and opportunities of the digital age, this sense of connection and community will be more important than ever.
In essence, João's vision of the future is one where technology serves humanity, where it's used to elevate our lives and create more equitable opportunities. He doesn't shy away from acknowledging the potential risks, but his focus is on harnessing the immense potential of these technologies to make a real difference. That's the future as envisioned by João Barros – a future that's both exciting and promising.
Thanks to João Barros for dedicating his time and sharing his experience with us! https://www.linkedin.com/in/jbarros1/
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