Smartcar, an API developer platform for connected vehicles, has closed a $24m Series B round led by Energize Ventures.
The round also saw participation from Andreessen Horowitz and New Enterprise Associates (NEA). Smartcar said it will leverage this new funding to further grow its US operations and accelerate its expansion to the European market.
Founded in 2015, Smartcar is a developer platform for mobility businesses. From auto insurance and car sharing to EV charging and fleet management, Smartcar said businesses of all kinds use its APIs to integrate their apps and services with vehicles.
Smartcar’s APIs are compatible with 22 different vehicle makes in 31 countries across North America and Europe, enabling businesses to connect to over 112 million cars globally.
With the latest round of funding, Smartcar said it plans to extend the capabilities of its platform by introducing new vehicle telemetry APIs and broadening compatibility with even more car brands. The company has also added John Tough, managing partner at Energize Ventures, to the board, to open up lanes of access to strategic partners and to accelerate Smartcar’s growth.
Smartcar said that utilities and managed-charging platforms use its solution to optimize EV charging, reduce strain on the grid, and transition to cleaner energy. Usage-based insurance companies also leverage Smartcar to offer drivers more equitable and affordable insurance premiums.
In addition, tolling solution providers rely on Smartcar to deploy software-based Road Usage Charge (RUC) programs — charging EV owners by miles driven versus a flat fee — for a more fair and sustainable solution to drivers and municipalities.
Sanketh Katta, chief technology officer and co-founder of Smartcar, said even as the automotive industry shifts toward connected vehicles, integrating apps with cars remains painfully difficult. “We knew the industry was missing a key piece of the puzzle, so we founded Smartcar to democratise connected car data and empower developers to create the next generation of mobility products and services.”
Copyright © 2022 FinTech Global