Kinetic, an automotive infrastructure company that delivers digital maintenance and servicing for EVs and AVs through its network of service centers, announced it 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 this 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: Las Vegas and in Orange County, San Bernardino and Lake Elsinore in California. The company 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 provides scanning, programming and calibration of all modern vehicles equipped with advanced driver assistance systems (ADAS) through its Kinetic Hubs, which are staffed by certified technicians, and through revenue-sharing agreements with traditional collision repair centers, dealerships and rental fleets.
The costs of diagnosing and repairing the digital systems in modern cars and returning them to their factory-engineered state of safety are usually higher than with traditional vehicles powered by internal combustion engine. And in EVs, these costs can be even higher, due to the vehicles’ complex, software-centric architectures.
Kinetic’s solution depends on proprietary software using AI, computer vision and robotics technology that its certified technicians operate to provide precision servicing for individuals and industry partners, including collision repair centers, glass repair centers, car dealerships and rental fleets.
KEY QUOTES:
“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. 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.”
– Shawn Carolan, Partner, Menlo Ventures
“Kinetic is laser-focused on solving consumers’ pain points by leveraging AI and robotics to make modern vehicle repair effortless and cost-effective. 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.”
– Nikhil Naikal, CEO and Co-Founder of Kinetic
“Modern cars are increasingly becoming computers on wheels, and just like we needed ‘Genius Bars’ when we left the typewriter era and moved into the age of computers, the market for Kinetic’s Hubs is set to accelerate quickly. You need very specialized software, systems engineering, AI and robotics to automate the bespoke nature of aftermarket repair, and Kinetic is successfully building exactly that.”
– Bilal Zuberi, General Partner at Lux Capital and an early Kinetic investor and board member
“Kinetic is revolutionizing the automotive market by addressing a significant gap in repairing and maintaining the complex digital systems in modern vehicles. The company is rapidly expanding its network of Kinetic Hubs, which utilize cutting-edge robotics and AI to deliver precise, efficient and safe repairs. By leveraging this software and automation, Kinetic not only ensures vehicles are restored to their optimal performance, but also significantly reduces repair times and costs. We are proud to extend our partnership with Kinetic and support its continued growth.”
– Rachel Holt, Co-Founder and General Partner with Construct Capital
