October 9, 2023 — An intriguing announcement in the electric and autonomous vehicle service and repair space last week as Kinetic, an Infrastructure-as-a-Service startup, announced a $10 million Series A capital raise.
Focusing on the EV side of service, maintenance, and repair is a play we haven’t seen before, but makes sense as the auto industry needs to ramp up on qualified EV technicians and facilities to meet the growing number of software defined vehicles.
Kinetic delivers digital maintenance and servicing for EVs and AVs through a network of service centers. Sander Marques and Nikhil Naikal co-founded the company in 2021. Both were engineers at Velodyne Lidar before launching Kinetic. Naikal previously had been CEO of Mapper.ai, which he sold to Velodyne Lidar.
According to the press release, Kinetic provides digital maintenance and repair services for EVs, AVs, and Advanced Driver Assistance System (ADAS) vehicles from any manufacturer via its Kinetic Hubs, stand-alone service centers staffed by certified technicians.
Kinetic launched its first service hub in Orange County, CA, in May of this year and will open a second hub in Las Vegas this month.
Kinetic is taking a holistic approach, making its solution available to any industry partner, including car dealerships, rental companies, and traditional automotive repair shops.
The solution is built on Kinetic’s proprietary software, AI, computer vision, and robotics technology and provides precision servicing for individuals and industry partners,
Lux Capital and Construct Capital co-led the round, with participation from early-stage venture firms, which include:
- Haystack Ventures via Semil Shah, General Partner;
- Automotive Ventures via Steve Greenfield;
- General Partner and SHAKTI Ventures via Keval Desai, Founder, and Managing Director.
Early angel investors in Kinetic included:
- Rick Wagoner, former CEO of General Motors;
- Qasar Younis, CEO and Co-Founder of Applied Intuition;
- Gokul Rajaram, product leader at DoorDash.
Kinetic will use the investment to meet accelerating demand for EV and AV digital maintenance and servicing, expand its engineering team with additional AI and robotics talent, and grow its network of Kinetic Hubs.
Bilal Zuberi, General Partner at Lux Capital, and Rachel Holt, Co-Founder and General Partner at Construct Capital, have joined the Kinetic board of directors and co-led the Series A for their respective firms.
Basak Ozer, CEO of Spica, also joined the Kinetic board as an independent director.