MAKING MOBILITY MOVES
An update on all things Autotech
Q2, 2020
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With most of the world sheltering in place at home and saving money on gas and Lyfts, you might think things would slow down for a venture firm like Autotech. To the contrary, ground transportation is as important as ever as essential workers around the globe unite to battle the pandemic that has been changing our reality for some time now, and the importance of certain goods arriving in a timely fashion becomes more critical than ever.
With this as a backdrop, we couldn’t be more excited to share the news that we’ve closed a new $150M+ fund to back early stage startups in ground transportation with a focus on connectivity, autonomy, shared-use mobility, electrification, and digital enterprise applications.The fund is backed by both financial and corporate investors, including Volvo Group Venture Capital AB, Lear, Bridgestone, Stoneridge and other leaders from vehicle manufacturers, parts suppliers, repair shop chains, leasing corporations, dealership groups, and trucking firms who together represent a global market capitalization of more than $500 billion.
While we look toward the future of mobility with our second fund, we also want to highlight some of the accomplishments our portfolio companies have achieved during a year that has forced us all to adapt.
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IN RESPONSE TO COVID-19
We’ve been so inspired by the work from some of our portfolio companies in response to COVID-19. One of the first companies to step up is also one of our newest investments. Not long after we announced our position as lead investor in Digital Motors, they responded to the pandemic by providing free services to auto dealers looking to take their sales operations online with a “Buy From Home” option.
Another new investment taking action is KlearNow, the digital customs clearance platform that enables importers, customs brokers, and freight forwarders to integrate seamlessly with local customs authorities to conduct business on a digital platform. KlearNow recently expedited their FDA module to clear much-needed medical supplies and are offering free clearance for non-profit organizations importing masks, hand sanitizers, or ventilators through Q2.
Meanwhile, Swvl, the leading bus-hailing company in Egypt, Kenya, and Pakistan, has partnered with multiple social impact businesses and NGOs to help distribute food and ration packs to thousands of impacted workers daily while making it easier for their drivers to purchase purpose-built insurance plans.
As employees slowly return to work all around the world, Cogniac is poised to help companies monitor personal protective equipment compliance through its automated visual inspection platform.
Last but not least, in Europe, Fixico has developed a polycarbonate non-permanent shield, which is easily installable inside cars to protect rideshare drivers and passengers from cross-contamination.
From our side, we’re hosting a webinar on May 22nd on Transportation in a Post COVID-19 World: Examining Threats and Opportunities. Panelists include former CEOs of Renault and Opel, a former U.S. Secretary of Transportation, the Head of R&D at Cox Automotive and the President of Global Supply Chain Solutions at Ryder.`
And finally in our own small way, we’re trying to make the best of all of it by contributing our own cool car and transportation-themed background images for you to download to brighten up your virtual Zoom meetings.
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EXPANDING OUR FLEET
Join us in welcoming Burak Cendek to the team as Principal. Burak joins Autotech from Revo Capital in Turkey where he was a Partner investing primarily in European B2B SaaS.
And, congratulations to Jeff Peters for being promoted to Partner and for welcoming his firstborn, Arjen Jeffrey Peters, with wife Shaili earlier this year.
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PORTFOLIO MOVES
- [EXIT] Xnor.ai, the Seattle-based startup specializing in low-power, edge-based artificial intelligence tools, was acquired by Apple for $200M.
- XStream Trucking, the connected hardware engineering company, has deployed its product “TruckWing” into fleets that have driven it over 45 million miles across North America.
- Outdoorsy, the #1 RV marketplace, was listed by Forbes as one of America’s best startup employers.
- SafeAI, the startup that retrofits mining vehicles with autonomous technology, secured strategic funding from Obayashi and Foundamental.
It’s more important than ever to stay connected. Don’t hesitate to reach out with questions about our fund, or our portfolio companies -- they’re always looking for exceptional talent and new commercial partners.
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WHERE TO FIND US
Join us online! We’re hosting the following events:
[Webinar] May 22: Transportation in a Post COVID-19 World
[Conference] May 27-28: The Marketplace Conference: Our bi-annual conference focused on best practices in growing, operating, and funding marketplace companies. All event profits will be donated to a regional food bank and the WHO to support Covid-19 relief. Discount code “autotechfriend” will get you 10% off the (now reduced due to Covid-19) ticket price.
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