Kinetic, an automotive infrastructure company that delivers digital repair services in the US for EVs, has secured $21 million in Series B funding in a round led by Menlo Ventures.
Other participants in the round included returning investors Lux Capital, Construct Capital and Haystack Ventures along with new investors Allstate Strategic Ventures and Liberty Mutual Strategic Ventures.
Kinetic will use the new funding to accelerate its business growth. The company operates four service hubs in Las Vegas and California, and plans to launch four additional hubs in the coming months. The company offers scanning, programming and calibration of vehicles equipped with advanced driver assistance systems (ADAS) via its Kinetic Hubs and through revenue-sharing agreements with traditional collision repair centers, dealerships and rental fleets.
“Modern cars are increasingly becoming computers on wheels, and just as we needed Genius Bars when we left the typewriter era and moved into the age of computers, the market for Kinetic’s Hubs is set to accelerate quickly,” said Bilal Zuberi, General Partner at Lux Capital and Kinetic board member. “You need very specialized software, systems engineering, AI and robotics to automate the bespoke nature of aftermarket repair, and Kinetic is successfully building exactly that.”
Source: Kinetic
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