Welcome to this episode of The Friday 5 with Steve Greenfield, Founder and CEO of Automotive Ventures, an auto technology advisory firm that helps entrepreneurs raise money and maximize the value of their companies.
Let’s get right into this week’s AutoTech deals.
First up this week, Revvo Technologies, a Silicon Valley-based technology company that offers an intelligent software platform to manage and optimize tires using connected vehicle data and proprietary “smart” tire-mounted sensors, announced it has raised an additional $6M in Series Seed funding. Cercano Management led the round, with participation from Discount Tire and Norwest Venture Partners.
Revvo’s platform is collecting data from fleet tires deployed across the world, providing visibility and predictive analytics on each vehicle’s tire life and alerting in real-time of any tire damage. The software delivers actionable insights from Revvo’s AI and machine learning models leveraging data from Revvo’s tire sensors and vehicle telematics. This helps fleet managers and the tire retailers who service these fleets identify remaining tread and life for each tire, any irregularities detected in pressure, temperature, rotation, and load with corresponding corrective actions to ensure maximum tire life and vehicle uptime.
Next up this week, Apex.AI, a company developing safety-certified 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 company.
With this investment, Daimler Truck joins an array 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 automotive safety-certified software solutions, including the Apex.OS operating system.
The software suite serves as the foundational infrastructure on which smart machines operate in the automotive, agriculture, mining, IoT and industrial automation industries.
And finally this week, BMW i Ventures announced a lead investment in the Series A-1 financing round of Mangrove Lithium, a feedstock-flexible modular platform producing battery-grade lithium hydroxide and carbonate to improve the sustainability profile of lithium.
BMW i Ventures is joined in this financing round by existing investor Breakthrough Energy Ventures.
Companies To Watch
Every week we highlight interesting companies in the automotive technology space to keep an eye on. If you read my monthly industry Intel Report, I showcase a few companies each month, and we take the opportunity here on the Friday Five to share some of those 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 profits through its turnkey membership program.
Its new technologies and innovations include Remote Start, digital sales attendants, and WashX Vehicle Analytics.
Check out EverWash at www.EverWash.com.
Our second company to watch this week is Summit Nanotech.
Summit Nanotech’s first technology, denaLi direct lithium extraction technology, provides extraction as a service using plug-and-play modular units.
Summit’s denaLi modular units are designed to double yield, reduce GHG emissions, minimize the use of chemicals and freshwater, and cut waste by 90% compared to traditional methods.
Check out Summit Nanotech at www.SummitNanotech.ca.
So that’s your weekly Friday 5, a quick wrap-up of the big deals in the automotive technology space over the past week.
If you’re an early-stage automotive technology entrepreneur looking to raise money, or an entrepreneur who is trying to decide whether and when they should raise money or sell their business, I’d love to speak with you.
Thank you for tuning into CBT News for this week’s Friday Five, and we’ll see you next week!
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