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The automotive infrastructure firm, Kinetic, specializing in digital repair services for electric vehicles in the US, has successfully closed a Series B funding round, raising $21 million with Menlo Ventures taking the lead.
Joining this round are existing investors Lux Capital, Construct Capital, and Haystack Ventures, alongside new participants Allstate Strategic Ventures and Liberty Mutual Strategic Ventures.
With this new injection of funds, Kinetic is set to expedite its business expansion plans. Presently, the company runs four service centers in Las Vegas and California, with upcoming launches of four additional hubs within the next few months. Kinetic delivers scanning, programming, and calibration services for vehicles equipped with advanced driver assistance systems (ADAS) through its Kinetic Hubs. It also collaborates with conventional collision repair centers, dealerships, and rental fleets through revenue-sharing agreements.
“In the era of cars evolving into rolling computers, the demand for specialized repair services is burgeoning rapidly. Kinetic’s Hubs, equipped with highly specialized software, systems engineering, AI, and robotics, are meeting this need successfully,” explained Bilal Zuberi, General Partner at Lux Capital and a board member at Kinetic.
Source: Kinetic
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