An investment subsidiary of USAA has led the latest round of funding for Automatic Labs, a connected car technology company, which announced $24 million in Series B funding.
This latest financing follows the recent launch of the Automatic App Gallery, an app store cars, and an open car development platform to support the ecosystem of car apps, Automatic said. In the coming months, the company plans to expand its developer platform and driver application offerings. The total raised by the company has reached $32 million.
“Automatic is breathing new life into car ownership by connecting any car on the road today to a world of apps that help with everything from sending emergency assistance after a crash to easily filing expense reports,” said Victor Pascucci, head of corporate development at USAA. “This is an incredibly significant innovation for the automotive industry, and we are excited to invest in this future with Automatic.”
The Automatic device accesses and unlocking data gathered by a car’s onboard computer, which the company said can connect to third-party car apps to enhance many aspects of car ownership, including expensing business mileage, managing small fleets, coaching teenagers and track racing.
“Our mission is to transform the car ownership experience by enabling the world’s best developers to build world-class apps and services for your car,” said CEO and co-founder Thejo Kote. “Our new investors are two of the most well-respected and admired companies in their industries. Together, we are building the future of the connected car, today.”
In this round, CDK Global and Comcast Ventures joined existing investors Y Combinator, RPM Ventures, Anthemis Group, Amicus Capital and “angel investors,” including Mark Goines, Jared Kopf, Rob Chandhok and Dan Rose.
