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ETF, Cobra invest E4m in telematics project

Nexo, an Switzerland-based start-up, seeks to supply the automotive industry with telematics infrastructure and systems applications.

ETF Group, the international venture capital group headquartered in Switzerland with offices in Europe, the US and Asia, has participated in a joint E4m investment in Nexo, a start-up in the telematics infrastructure industry.

Also investing is Cobra AT, an Italian automotive security company. Nexo, which is based in Switzerland with operational headquarters, manufacturing and R&D facilities in Varese, Italy, is developing next-generation telematics infrastructures and systems in order to supply automotive manufacturers, dealers, fleet managers and other service providers.

Commenting on the new investment, Aldo Monteforte, Managing Director of ETF Group in Italy, said: “We have been looking in the telematics sector for some time now, and are delighted to have Cobra as a partner in this initiative. The Cobra management team has the industrial expertise and commitment required to build successful companies.'

Telematics is the term used for the convergence of telecommunications and information technology. It refers to a wide range of applications involving the transmission of data and information using wireless communications systems. Initial applications in the automotive
sector include emergency assistance, stolen vehicle tracking, navigation and route planning services.

Carmine Carella, general manager of Cobra, who has been named CEO of the new venture, said that Nexo would present its initial products at the key automotive trade fairs in Frankfurt and Paris later this year.