Capital raised to fund current explosive growth and to bring new products to market.
Stockholm, Sweden — Automile, the platform that connects cars and their data to the cloud founded by serial entrepreneur Jens Nylander, has closed $5 million in Series A funding. With this new investment, Automile will expand its global presence and continue developing new services for car owners. The funding was led by Dawn Capital and Point Nine Capital.
With 1.2 billion cars in the world today, cars are expected to become the second largest market for connected things, after the home market. Today, Automile already connects large numbers of vehicles and for each sends a stream of sensor data to the cloud. In the last 12 months, Automile has processed millions of car trips corresponding to over 5 billion sensor samples. This currently makes Automile the fastest growing car sensor database in Europe.
Today, this data is being used primarily to power fleet management applications, however, the richness of the data means it can be flexibly used in many areas. For example, with data from its existing customers the company already finds itself with the largest data set of outdoor temperatures in Scandinavia which is being fed to weather forecasting models. Similarly, vehicle behavior data is being aggregated to map individual road conditions to enhance safety. Alternatively, for an individual vehicle, Automile can turn back the clock and pinpoint when and where a vehicle was damaged or a part failed.
Going forward, Automile’s platform and data are available to third party developers via a fully featured API, powering new applications whether in the large traditional sectors of fleet management, logistics, insurance or in entirely new markets.
“With this new investment, we will continue to strengthen our development team to further improve our services and product. In addition we will begin to build a great sales organization that enables us to establish Automile in new markets”, says Jens Nylander, co-founder of Automile.
The company is growing revenue rapidly having launched its own apps leveraging the Automile platform in the fleet management sector. The company is targeting 300% growth for 2015 and already counts multiple Fortune 500 companies as customers. With Automile PRO, fleet owners make substantial financial savings and dramatically increase operational efficiency while reducing their environmental impact and increasing employee safety.
“Automile already has a proven product in the market with their low cost and easy-to-use Fleet Management system. With this investment, new markets will be opened and more applications can be developed”, stated Automile Chairman and angel investor Martin Hauge.
“What most impressed us about the Automile team was its burning ambition of owning the vast connected car market, tempered by its pragmatism and execution excellence in dominating fleet management as the first step”, says Norman Fiore of Dawn Capital.
“We are very impressed by Jens and his team. Together, they have built an elegant and simple API-first solution for transportation. Cars are an integral part of the transportation infrastructure and we are excited to work with Automile to make ‘All Cars Connected’”, says Rodrigo Martinez at Point Nine Capital.
About Point Nine Capital
Point Nine Capital is a Berlin-based venture capital firm focused on early-stage investments in the areas of Software- as-a-Service (SaaS), marketplaces and mobile across Europe and North America. The fund and its managers have backed a number of highly successful SaaS companies such as Zendesk, Humanity, Clio and Vend from their earliest stages. Learn more at: www.pointninecap.com.
About Dawn Capital
Dawn Capital is an early stage VC firm based in London investing in startups across Europe. We support SaaS and Fintech companies that develop world leading technology to improve business value chains and productivity. We firmly believe that Europe will continue to produce strong global competitors in the technology field. Dawn typically invests in companies that are starting to scale internationally and are looking for operational support and capital. Dawn Capital’s portfolio companies include among others: Gelato Group, iControl, Mimecast, Neo Technology, Showpad, iZettle and Wonga. More info at: http://www.dawncapital.com
Automile, headquartered in Stockholm, Sweden, was founded in 2013 by serial entrepreneur Jens Nylander along with Felix Rosén and Jacob Pontén. The company aims to connect all cars to the cloud via a low cost, self-installed, and simple to use device that works globally on all vehicles. The first product, Automile PRO, automates trip reporting and legal compliance whilst offering significant savings to fleet owners through reducing fleet risk, lower insurance and maintenance costs, and higher overall safety. Launched in September 2014, today the product is used by hundreds of fleets in Europe and the US giving the company one of the largest and fastest growing car sensor databases in the world. More info is available at: https://automile.com