HomeFundingSweden-based Automile secures $5 million to make 'all cars connected'

Sweden-based Automile secures $5 million to make ‘all cars connected’

Automile, the platform founded by serial entrepreneur Jens Nylander that connects cars and their data to the cloud, has closed a $5 million Series A funding round. With this new investment, Automile will expand its global presence and continue developing new services for car owners. The round was led by Dawn Capital and Point Nine Capital.

With 1.2 billion cars in the world today, cars are expected to become the second largest market for connected things, after the home market. Today, Automile already connects large numbers of vehicles and for each sends a stream of sensor data to the cloud. In the last 12 months, Automile has processed millions of car trips corresponding to over 5 billion sensor samples. This makes Automile the fastest growing car sensor database in Europe currently. For instance, Automile can turn back the clock and pinpoint when and where a vehicle was damaged or a part failed.

Going forward, Automile’s platform and data are now available to third party developers via a fully featured API, powering new applications, whether in larger traditional sectors like fleet management, logistics, insurance, or in entirely new markets.

Norman Fiore, of Dawn Capital, explained their decision: “What most impressed us about the Automile team was its burning ambition of owning the vast connected car market, tempered by its pragmatism and execution excellence in dominating fleet management as the first step”.

“With this new investment, we will continue to strengthen our development team to further improve our services and product. In addition, we will begin to build a great sales organisation that enables us to establish Automile in new markets”, said Jens Nylander, co-founder of Automile.

The company is growing revenue rapidly, having launched its own apps leveraging the Automile platform in the fleet management sector. The company is targeting 300% growth for 2015 and already counts multiple Fortune 500 companies as customers. With Automile PRO, fleet owners can make substantial financial savings and dramatically increase operational efficiency, while reducing their environmental impact and increasing employee safety.

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Mevish Aslam
Mevish Aslam
Mevish is the founder and Nomad in Residence at Terminal3.co and Sprinters.co. She empowers remote workers to leave the office cubicle to travel and work from anywhere in the world.

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