Smartcar announces $24M Series B to power the next wave of mobility innovation

MOUNTAIN VIEW, Calif., Jan. 19, 2022 /PRNewswire-PRWeb/ -- Smartcar Inc., the leading API developer platform for connected vehicles, today announced that it has closed $24 million in Series B financing led by Energize Ventures with follow-on participation from Andreessen Horowitz (a16z) and New Enterprise Associates (NEA). Empowering developers to integrate software applications and services with connected cars, Smartcar will leverage this new funding to further grow its U.S. operations and accelerate its expansion to the European market.

Smartcar is the brainchild of brothers Sahas and Sanketh Katta, who experienced the lack of developer resources and rampant data fragmentation in the automotive industry first-hand. Despite newer vehicles' built-in internet connectivity, manufacturers did not publish standard interfaces (API), software development kits (SDKs), or documentation for third-party developers, resigning mobility businesses to retrofit cars with clunky, inaccurate, and expensive telematics devices. With Smartcar, applications seamlessly connect with cars through the cloud to request location, verify mileage, share digital car keys, manage electric vehicle (EV) charging, and more. 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.

"Even as the automotive industry shifts toward connected vehicles, integrating apps with cars remains painfully difficult," said Sanketh Katta, CTO and co-founder of Smartcar. "We knew the industry was missing a key piece of the puzzle, so we founded Smartcar to democratize connected car data and empower developers to create the next generation of mobility products and services."

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 Smartcar to offer drivers more equitable and affordable insurance premiums. 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.

Turo, the world's largest peer-to-peer car sharing marketplace, uses Smartcar's APIs to seamlessly locate and unlock vehicles for guests right from the Turo app. "As a pioneer in the sharing economy and travel industry, Turo is always looking for new ways to put the world's 1.5 billion cars to better use," said Andre Haddad, CEO of Turo. "Smartcar is making it easier than ever for us to build innovative mobility experiences with connected cars."

"The mobility sector is undergoing a transformation as the shift towards digitization and electrification scales," said John Tough, managing partner at Energize Ventures. "By next year, 90 percent of all new cars sold will be internet-connected - up from just 20 percent in 2018. As more software applications emerge to serve the increasing number of connected and electric vehicles on the road, Smartcar is well-positioned as the leading API platform for developers across a wide breadth of mobility-focused industries."

With the latest round of funding, Smartcar plans to extend the capabilities of its platform by introducing new vehicle telemetry APIs and broadening compatibility with even more car brands. In conjunction, Smartcar adds John Tough, managing partner at Energize Ventures, to the board, opening up lanes of access to strategic partners and demonstrated commercialization support to accelerate Smartcar's growth. John Tough is the newest addition to Smartcar's board, which includes Forest Basket, general partner at NEA, and Bill Krause, board partner at Andreessen Horowitz.

Smartcar CEO Sahas Katta notes, "In the last year, we've seen rapid adoption of digital mobility services by early-stage startups and Fortune 500 companies alike. By unifying connected car data with an exceptional developer experience, Smartcar's platform enables innovators to reimagine automotive services and trailblaze new mobility categories. The future of mobility continues to be an exciting and transformative space."

About Smartcar
Founded in 2015, Smartcar is the leading developer platform for mobility businesses. From auto insurance and car sharing to EV charging and fleet management, businesses of all kinds use Smartcar's APIs to integrate their apps and services with vehicles. By making it easy to connect to their customers' cars, Smartcar enables companies to build the future of mobility.
Smartcar has raised $36M to date and is backed by Energize Ventures, Andreessen Horowitz (a16z), and New Enterprise Associates (NEA). For more information, visit https://smartcar.com.

About Energize Ventures
Energize Ventures is a leading global alternative investment manager focused on accelerating digital transformation in energy and sustainable industry. Founded in 2016, Energize now holds more than $700 million in assets under management and has funded 18 companies to date. With an unmatched depth and breadth of industry and operational expertise, Energize works in partnership with its portfolio companies to realize their full potential from early commercialization to growth scaling and into the public markets.
For more information on Energize Ventures, please visit http://www.energize.vc.

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SOURCE Smartcar, Inc.