We're fortunate Atomico Ventures and Salesforce Ventures, joined our Series A, bringing the total investment to $7.5 million in the round.
Palo Alto, CA & Stockholm, Sweden (PRWEB) December 27, 2016
Automile, a fast-growing fleet management and IoT company, today announced it has raised $7.5 million for its Series A funding round. Existing investors Dawn Capital, Point Nine Capital and SaaStr were joined by new investors Niklas Zennström with Atomico Ventures, one of Europe's largest venture funds, and Salesforce Ventures, Salesforce’s corporate investment group.
“After raising our Series A round this summer, we fielded a wide variety of interest from strategic partners and investors. We're fortunate Atomico Ventures and Salesforce Ventures, joined our Series A, bringing the total investment to $7.5 million in the round,” said Jens Nylander, CEO and founder of Automile.
“I'm fortunate to have been able to invest in many leaders of the next generation of SaaS companies, from Talkdesk to Algolia to Greenhouse and Rainforest QA, and Automile. I believe Automile is completely changing the way fleet management is done in a connected and mobile-everywhere world. We're extremely proud Automile is the largest investment in the $70 million SaaStr Fund,” said Jason Lemkin, founder of SaaStr.
The underpenetrated telematics market is estimated to be worth about $30 billion by 2018 [Source: MarketsandMarkets ]. Automile’s estimated revenue for 2016 is $3 million, up from $800,000 in 2015, and the company captured around 176 million miles to date with over 128 billion data records.
“Approximately 84% of commercial vehicles in the US have no fleet management solution today [Source: Berg Insight ]. Automile offers a next-generation solution that can be easily self-installed by businesses and it uses smart technology and data efficiencies to bring tremendous value to companies of all sizes,” said Nylander.
Automile will invest the funds in R&D, marketing, and hiring talent to drive further growth in the United States and Sweden, where the company was founded.
Automile offers a smart device that can be simply plugged into a vehicle to start managing it in seconds using its innovative mobile and web apps. It is used by businesses of all sizes across the United States and Europe to optimize fleet performance, gain greater visibility into their drivers and vehicles and ultimately improve the bottom line. With an innovative API and extensive partner program, Automile is committed to collaborating with businesses to ensure the best product possible for its customers. Headquartered in Palo Alto, California, with a second office in Stockholm, Sweden, Automile continues to leverage SaaS and IoT technology to disrupt the traditional approach to fleet management. Learn more at https://www.automile.com.
Salesforce Ventures—Salesforce’s corporate investment group—invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce has invested in more than 150 enterprise cloud startups since 2009. For more information, please visit http://www.salesforce.com/ventures.