Smartcar Inc., a Mountain View CA-based provider of an API developer platform for connected vehicles, raised $24M in Series B funding.
The round was led by Energize Ventures with participation from Andreessen Horowitz (a16z) and New Enterprise Associates (NEA). In conjunction with the funding, John Tough, managing partner at Energize Ventures, joined Smartcar’s board.
The company intends to use the funds to further grow its U.S. operations, accelerate its expansion to the European market, and extend the capabilities of its platform by introducing new vehicle telemetry APIs and broadening compatibility with even more car brands.
Co-founded by Sahas and Sanketh Katta, Smartcar is a developer platform for mobility businesses. From auto insurance and car sharing to EV charging and fleet management, businesses of all kinds use the company’s APIs to integrate their apps and services with vehicles.
With Smartcar, applications connect with cars through the cloud to request location, verify mileage, share digital car keys, manage electric vehicle (EV) charging, and more. The 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.
Utilities and managed-charging platforms use Smartcar to optimize EV charging, reduce strain on the grid, and transition to cleaner energy. Usage-based insurance companies leverage it to offer drivers more equitable and affordable insurance premiums. Tolling solution providers use 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.
FinSMEs
20/01/2022