Energize Ventures led a $24 million Series B investment in Smartcar, an API developer platform for connected vehicles, aiming to enhance the future of mobility and support the electrification of transportation.

Information on the Target

Smartcar is an innovative API development platform specifically designed for connected vehicles, founded in 2015 by brothers Sahas and Sanketh Katta. The platform addresses the critical need for a standard method to connect applications across various Original Equipment Manufacturer (OEM) interfaces, thereby simplifying the integration process for developers. With a growing number of vehicle manufacturers implementing connected technologies, Smartcar’s API suite currently facilitates seamless connections for 112 million vehicles worldwide, supporting an extensive range of applications from mileage verification to electric vehicle fleet management.

The company's approach is centered around enhancing the developer experience by minimizing the complexity and frustration associated with launching products in the connected vehicle ecosystem. As of 2022, approximately 90% of new vehicles are connected, marking a significant shift in automotive technology and further emphasizing the necessity for Smartcar's services.

Industry Overview in the Target’s Specific Country

The automotive industry is undergoing transformative changes, driven largely by advancements in technology. With manufacturers striving to enhance performance, comfort, and convenience, they are also facing mounting pressure to