Thursday, June 25, 2015

USAA Leads $24 Million Round For Connected Car Platform Automatic | TechCrunch

USAA Leads $24 Million Round For Connected Car Platform Automatic | TechCrunch: "Automatic, the connected car platform whose sensor and app combination is sometimes referred to as a “Fitbit for your car,” announced this morning $24 million in Series B funding, led by the investment arm at USAA, a top insurance and financial services provider for military families, which today counts 11 million members. Also participating in the round were new investors CDK Global, and Comcast Ventures, who join existing investors Y Combinator, RPM Ventures, Anthemis Group, Amicus Capital and angels Mark Goines, Jared Kopf, Rob Chandhok and Dan Rose. The company had never publicly announced its funding, but combined with earlier rounds, Automatic now says that it has raised $32 million in total. Automatic, which competes with a variety of connected car services including Dash, CarMD, Torque, Zubie, and many more, initially focused only on collecting data from your vehicle by way of a car adapter that plugs into the diagnostics port (OBD-II port). This allows it to gather information from your car’s on-board computer which is then shared with the Automatic smartphone app over Bluetooth. With the app, drivers can track their miles driven, MPG, fuel expenses, and more, plus take advantage of features like emergency crash response assistance and a parked car locator, for example."

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