Kinetic Announces $21 Million Series B Funding Round

By Staff Writer June 30, 2024

Kinetic, an automotive infrastructure company that delivers digital maintenance and servicing for EVs and AVs through its network of service centers, has secured $21 million in Series B funding, led by Menlo Ventures. Other participants in the round include 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 and continue to add top technology and engineering talent to its team.

Kinetic currently operates four service hubs across the nation—in Las Vegas and in Orange County, San Bernardino and Lake Elsinore in California—and plans to launch four additional hubs in the coming months to meet the growing demand for repair of the digital systems that power modern vehicles. The company offers scanning, programming and calibration of all modern vehicles equipped with advanced driver assistance systems (ADAS) via its Kinetic Hubs, which are staffed by certified technicians, and through revenue-sharing agreements with traditional collision repair centers, dealerships and rental fleets.

“Drivers are looking to maximize safety while minimizing insurance spend, which, unfortunately, has been pressured by the higher costs of repairing modern vehicles equipped with the sensors, software and digital systems that add intelligence,” said Shawn Carolan, Partner, Menlo Ventures. “We’re partnering with Kinetic because its service model has the power to reduce costs by using technology. By making digital repair faster, more accurate and more efficient, Kinetic’s service hubs will ultimately drive down costs and increase the adoption of environmentally friendly vehicles such as EVs and plug-in hybrids. We’re committed to partnering with innovators who are building the infrastructure of the future, and we’re confident Nikhil and the Kinetic team have the expertise to scale this model and help meet the increased demand for efficient repair of modern vehicles.”

“Kinetic is laser-focused on solving consumers’ pain points by leveraging AI and robotics to make modern vehicle repair effortless and cost-effective,” said Nikhil Naikal, CEO and Co-Founder of Kinetic. “We are proud to partner with Shawn and Menlo Ventures, who are globally respected for their early investments in technologies that have since become part of our everyday lives, including Uber, Roku and Siri, and the rest of this group of visionary investors as we scale our service model and drive EV adoption by bringing down the total cost of ownership for consumers.”

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Last modified on Monday, 01 July 2024 18:45