Welcome to this episode of The Friday 5 with Steve Greenfield, Founder and CEO of Automotive Ventures, an automotive technology consultancy that helps entrepreneurs raise capital and maximize the value of their business.
Let’s jump right into this week’s AutoTech deals.
Premiering this week, Revvo Technologies, a Silicon Valley-based technology company that offers an intelligent software platform for managing and optimizing tires using connected vehicle data and proprietary “smart” tire-mounted sensors, has announced that it had raised an additional $6 million in series seed funding. Cercano Management led the round, with participation from Discount Tire and Norwest Venture Partners.
Revvo’s platform collects data from fleet tires deployed across the world, providing visibility and predictive analytics into each vehicle’s tire life and alerting in real time of any tire damage. The software provides actionable insights from Revvo’s AI and machine learning models by leveraging data from Revvo’s tire sensors and vehicle telematics. This helps fleet managers and tire retailers who service these fleets identify the remaining tread and life of each tire, any irregularities detected in pressure, temperature, rotation and load along with corrective actions to ensure maximum tire life and vehicle uptime.
This week, Apex.AI, a company developing certified safety software for mobility and autonomous applications, announced that Daimler Truck AG, one of the world’s leading commercial vehicle manufacturers, has made a strategic minority investment in the ‘business.
With this investment, Daimler Truck joins a range of previously announced strategic investors, including Toyota Ventures, Volvo Group Venture Capital, Jaguar Land Rover’s InMotion Ventures, Airbus Ventures, Continental AG, ZF Group, AGCO Corporation and HELLA Ventures.
Apex.AI has developed an industry-leading suite of certified automotive safety software solutions, including the Apex.OS operating system.
The software suite serves as the basic infrastructure on which intelligent machines operate in the automotive, agriculture, mining, IoT and industrial automation sectors.
Finally, this week, BMW i Ventures announced a major investment in the Series A-1 funding round of Mangrove Lithium, a flexible modular feedstock platform producing battery-grade lithium hydroxide and carbonate for improve the durability profile of lithium.
BMW i Ventures is joined in this funding round by existing investor Breakthrough Energy Ventures.
Companies to watch
Each week, we highlight interesting automotive technology companies to watch. If you read my Intel Monthly Industry Report, I feature a few companies each month, and we take the opportunity here on Friday the fifth to share some of these companies each week with you.
Today, we have two companies to watch: Everwash and Summit Nanotech.
Our first company to watch this week is EverWash.
EverWash provides marketing support for the nation’s number one car wash membership program.
EverWash helps owners and operators increase their profits with its turnkey membership program.
Its new technologies and innovations include Remote Start, Digital Vendors and WashX Vehicle Analytics.
Discover EverWash on www.EverWash.com.
Our second company to watch this week is Summit Nanotech.
Summit Nanotech’s first technology, denaLi Lithium Direct Extraction Technology, provides extraction as a service using ready-to-use modular units.
Summit’s denaLi modular units are designed to double yield, reduce GHG emissions, minimize chemical and freshwater use, and reduce waste by 90% over traditional methods.
Discover Summit Nanotech on www.SummitNanotech.ca.
So that’s your weekly Friday the 5th, a quick recap of the big deals in automotive technology over the past week.
If you are a young automotive tech entrepreneur looking to raise money, or an entrepreneur trying to decide if and when to raise money or sell your business, I would love to talk with you.
Thanks for tuning in to CBT News for this week’s Friday Five, and see you next week!
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