Smartcar raises $24 million

API developer platform for connected vehicles Smartcar has closed $24 million in Series B financing led by Energize Ventures with follow-on participation from Andreessen Horowitz (a16z) and New Enterprise Associates (NEA). Smartcar will leverage this new funding to further grow its US operations and accelerate its expansion to the European market.

Founded in 2015, companies use Smartcar’s APIs to verify vehicle mileage, issue digital car keys, manage EV charging, and track fleets. Smartcar’s APIs are compatible with 22 different vehicle makes in 31 countries across North America and Europe, enabling businesses to connect to over 112 million cars globally.

“Even as the automotive industry shifts toward connected vehicles, integrating apps with cars remains painfully difficult. We knew the industry was missing a key piece of the puzzle, so we founded Smartcar to democratize connected car data and empower developers to create the next generation of mobility products and services.” – Sanketh Katta, CTO and co-founder of Smartcar.

Utilities and managed-charging platforms use Smartcar to optimize EV charging, reduce strain on the grid, and transition to cleaner energy. Usage-based insurance companies leverage Smartcar to offer drivers more equitable and affordable insurance premiums. Tolling solution providers like Emovis and Azuga rely on Smartcar to deploy software-based Road Usage Charge (RUC) programs — charging EV owners by miles driven versus a flat fee — for a more fair and sustainable solution to drivers and municipalities.

P2P car sharing marketplace Turo relies on Smartcar’s APIs to locate and unlock vehicles for guests right from the Turo app. “As a pioneer in the sharing economy and travel industry, Turo is always looking for new ways to put the world’s 1.5 billion cars to better use. Smartcar is making it easier than ever for us to build innovative mobility experiences with connected cars.” – Andre Haddad, CEO of Turo

With the latest round of funding, Smartcar plans to extend the capabilities of its platform by introducing new vehicle telemetry APIs and broadening compatibility with even more car brands. In conjunction, Smartcar adds John Tough, managing partner at Energize Ventures, to the board, opening up lanes of access to strategic partners and demonstrated commercialization support to accelerate Smartcar’s growth. John Tough is the newest addition to Smartcar’s board, which includes Forest Basket, general partner at NEA, and Bill Krause, board partner at Andreessen Horowitz.