Last Week’s Auto-Tech Transactions (01/17 – 01/21):

Dealer Tech & Auto Commerce:

Singapore-based automotive marketplace CARRO has raised a $5 million funding round from Malaysia-based car distributor Edaran Otomobil Nasional Berhad (EON) and an additional $2 million from Summer Consensus Holdings. (Link to article)


Vehicle Connectivity:

Ford Motor Company and ADT are preparing to invest $100 million in a joint venture launching in early 2023 that will protect both cargo and valuables stored in both commercial and private vehicles, first with aftermarket accessories and later with systems integrated into new vehicles. The new JV, called Canopy, will combine ADT’s professional security monitoring and Ford’s video camera technology to protect Ford vehicles and, eventually, those of other automakers. (Link to article)In the race to appify automobiles, Smartcar is speeding ahead. The company has raised $24 million in a Series B funding round led by Energize Ventures and existing investors, Andreessen Horowitz and New Enterprise Associates (NEA). (Link to article)


Commercial Vehicle Tech & Logistics:

Parallel Systems, a company founded by three former SpaceX engineers to build autonomous battery-electric rail vehicles, came out of stealth mode on Wednesday with a $49.55 million Series A raise. The company, which has raised $53.15 million to date, including a $3.6 million seed round, is working to create a more efficient, decarbonized freight network that flows on top of existing railway infrastructure. (Link to article)



Start-up Factorial Energy has raised $200 million to help fund further development and commercialization of its advanced solid-state battery for EVs. Automakers Stellantis and Daimler Truck AG’s Mercedes-Benz AG led the round for three-year-old Factorial, based outside Boston. (Link to article)Copenhagen-based electric vehicle charging services platform Monta has raised €15 million in a Series A funding round, led by CREANDUM with Headline also providing a sizeable contribution. (Link to article)



British self-driving technology startup Wayve has raised $200 million from investors to scale up its autonomous driving technology globally and launch more pilot projects with commercial fleet partners. (Link to article)Agtonomy is a hybrid autonomy and tele-assist service startup that turns tractors and other equipment into autonomous machines to provide a low-cost, technology-enabled labor force for local farms to manage such equipment. The company has completed a $5 million seed extension round that included Grit Ventures, GV, Village Global, Toyota Ventures, Flybridge, @Hampton VC, E²JDJ and Momenta. (Link to article)Phantom Auto, the leading provider of remote operation software for logistics vehicles, announced a strategic investment of $42M led by ArcBest, a multi-billion dollar freight and logistics service provider, and NFI, one of the largest third-party logistics providers in North America. (Link to article)