Total amount raised
$36 Million
Latest funding date
01/01/2022
Location
Smartcar has successfully raised funding over three rounds, with the latest being a Series B led by Energize Capital. The platform offers AI-assisted, developer-friendly APIs and SDKs for integrating with electric, hybrid, and gas vehicles.
Keep reading to explore the intricacies of Smartcar's fundraising journey and the investors backing this innovative platform.
What Is Smartcar?
Smartcar is a software platform that integrates mobility apps and services with cars. Based in Mountain View, California, the company operates in the automotive, developer APIs, electric vehicle, insurtech, and software industries.
Founded by a team of innovators, Smartcar has grown to employ between 101 and 250 people. The platform offers AI-assisted, developer-friendly APIs and SDKs for integrating with electric, hybrid, and gas vehicles, supporting over 40 automakers globally.
How Much Funding Has Smartcar Raised?
- Seed Round
- Amount Raised: USD 2,000,000
- Date: January 2015
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the core technology and establish the company’s presence in the market.
- Series A
- Amount Raised: USD 10,000,000
- Date: March 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the compatibility of Smartcar’s technology and further develop their API platform.
- Series B
- Amount Raised: USD 24,000,000
- Date: January 2022
- Lead Investors: Energize Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow U.S. operations, accelerate European market expansion, and enhance the platform with new vehicle telemetry APIs.
Total Amount Raised: USD 36,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Energize Capital
- Details: Energize Capital is a venture capital firm that focuses on digital solutions for energy and industrial sectors. John Tough, managing partner at Energize Ventures, joined Smartcar’s board as part of the Series B funding deal.
- Investment Focus Areas: Energy, industrial technology, clean energy.
- Notable Investments: Volta Charging, Aurora Solar, DroneDeploy.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a prominent venture capital firm that invests in technology companies across various stages. The firm participated in Smartcar’s Series B funding round.
- Investment Focus Areas: Technology, consumer, enterprise, bio/healthcare, fintech.
- Notable Investments: Facebook, Airbnb, Lyft, Slack.
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in companies at various stages of their lifecycle. They participated in Smartcar’s Series A and Series B funding rounds.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Robinhood, Coursera, 23andMe.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a prominent venture capital firm that invests in technology companies across various stages. The firm participated in Smartcar’s Series B funding round.
- Investment Focus Areas: Technology, consumer, enterprise, bio/healthcare, fintech.
- Notable Investments: Facebook, Airbnb, Lyft, Slack.
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in companies at various stages of their lifecycle. They participated in Smartcar’s Series A and Series B funding rounds.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Robinhood, Coursera, 23andMe.
What's Next for Smartcar?
Smartcar is poised to capitalize on the growing market for connected vehicles, with opportunities to expand its U.S. operations and accelerate its entry into the European market. The company plans to enhance its platform by introducing new vehicle telemetry APIs and increasing compatibility with more car brands, tapping into a market that could connect over 112 million cars globally.
Future fundraising opportunities seem promising, given the successful Series B round and the involvement of prominent investors like Energize Ventures, Andreessen Horowitz, and NEA. These funds will likely support further expansion and development, positioning Smartcar for continued growth in the rapidly digitizing automotive industry.
However, Smartcar may face challenges such as competition from other API platforms, technical difficulties in integrating with a wide range of vehicle makes, and navigating regulatory environments in different countries. Ensuring data security and privacy will also be crucial as the company scales its operations.
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