Kinetic Secures $10 Million for EV and AV Maintenance
Kinetic, a digital maintenance and servicing company for electric and autonomous vehicles, has secured $10 million in Series A funding. This funding round was a collaborative effort by Lux Capital and Construct Capital. Kinetic received participation from various early-stage venture firms, including Haystack Ventures, Automotive Ventures, and SHAKTI Ventures.
Kinetic plans to use the acquired investment to boost its engineering team in AI and robotics, addressing the growing demand for digital maintenance and servicing of electric vehicles. Furthermore, Kinetic intends to expand its network of Kinetic Hubs. Kinetic launched its first service hub in Orange County, California, earlier this year. Moreover, it is preparing to inaugurate its second hub in Las Vegas this month.
As part of the Series A funding while securing $10 Million, Bilal Zuberi, General Partner at Lux Capital, and Rachel Holt, Co-Founder and General Partner at Construct Capital, have assumed positions on Kinetic’s board of directors. Nikhil Naikal, CEO and Co-Founder of Kinetic expressed his pride in partnering with such esteemed investors. He stated,
“Our technology expertise and the collective experience of our investors will enable us to expand Kinetic’s impact and geographic footprint and lay the foundation for a connected automotive aftermarket built specifically for the EV and AV era.”
According to the IEA’s Global EV Outlook for 2023, there are currently 26 million EVs on the road. This surge in EV adoption has fueled a growing need for precision digital servicing and maintenance. Kinetic plans to improve its vehicle servicing experience by enhancing cycle time as its operations expand.
In conclusion, Kinetic’s successful funding marks a significant step forward in EV and AV digital servicing. With the support of its investors, Kinetic is poised to play a vital role in shaping the automotive industry.
