Auto-Tech Transactions (04/18 – 04/22):

Dealer Tech & Auto Commerce:

Hagerty (NYSE: HGTY), an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, announced the acquisition of Speed Digital, an industry-leading provider of cloud-based technology solutions for dealers, auction houses, collectors and enthusiasts.  (Link to articleCYTK, the company claiming to be the first Artificial Intelligence (machine learning, natural language understanding) mobile application for the Automotive Repair and Maintenance Service Industry that enables Technicians to perform their work quickly, safely and with a higher degree of accuracy – announced it has raised over $3 million in Angel funding, with Hike Ventures as the lead investor, with participation from others. (Link to article)

F&I Tech:

ETAP insurance has raised a $1.5 million pre-seed funding to smooth out the process of buying insurance and making claims across Nigeria and the rest of Africa. Etap claim to enable motor vehicle owners to purchase insurance in 90 seconds and complete claims in three minutes. The $1.5 million pre-seed funding round was led by mobility54; the venture capital arm of Toyota Tsusho Corporation and CPS AFRICA (CFAO group). (Link to article)

Autonomy & Robotics:

NODAR, the leading provider of long-range 3D vision technology, has secured $12 million in Series A funding led by New Enterprise Associates (NEA) with participation from existing investor Rhapsody Venture Partners. NODAR’s long-range, high-resolution, real-time camera-based software is a crucial safety component in the development of driver-assisted and fully autonomous vehicles, bringing advanced performance at a competitive price point to the mainstream vehicle market. (Link to article)

Shared Mobility & Subscription:

Optibus, which has developed a cloud-native AI platform for planning and operating mass transportation, is acquiring Trillium for several million dollars. Trillium is a SaaS provider helping transit operators and agencies keep riders informed. It will operate as an Optibus subsidiary, integrating their expertise in public transportation data feeds and a team of 25 data experts into Optibus. (Link to article)


Vehicle Assembly, Supply Chain & Logistics:

Convoy Inc, the company behind a digital freight network and marketplace that connects shippers with truckers, has raised $260 million in funding, constituting a $160 million Series E round and $100 million in venture debt. Founded out of Seattle in 2015, Convoy works with companies including Unilever, The Home Depot, and LG Electronics, serving to improve their freight transportation efficiency, reduce costs, and improve their carbon emissions. (Link to article)


Electrification & Alternative Fuels:

Battery technology startup Coreshell Technologies, Inc. recently raised $12 million in a Series A round led by Trousdale Ventures LLC, Industry Ventures, and Helios Capital Ventures. Existing investors Entrada Ventures, Foothill Ventures and Asymmetry Ventures also participated in the round. Coreshell has raised $19 million to date. (Link to article)


Traffic & Smart City:

Elon Musk’s tunneling startup The Boring Company has raised $675 million in a funding round led by Vy Capital and Sequoia Capital. The round values the startup at $5.675 billion. (Link to article)