After raising its $10 million Series A in December, connected car startup Zubie has attracted two key strategic investors: Nokia and auto parts maker Magna International. Nokia Growth Partners and Magna have led an $8 million round. Zubie makes a device called the Key that plugs into the onboard diagnostic port of any car made after 1996. The Key communicates with the car’s computer to track driver behavior – recording everything from acceleration and braking to driving routes – and engine health information. A cellular radio then transmits that info to the cloud, where it is uploaded into a smartphone app.
Zubie, a leading startup in the emerging connected car space, today announced it has raised $8 million to empower drivers, improve auto safety, and make driving more affordable. The funding will boost the development of Zubie’s unique car and driver management system which includes robust trip and vehicle analytics. Along with the investments from NGP and Magna International, Zubie also announced that NGP Partner Paul Asel has joined its Board of Directors. The funding and addition of Paul to the board underscore the strength of Zubie’s innovative business model and the promise of the connected car market, which is expected to reach $131 billion by 2019. Existing Zubie investors Castrol innoVentures, Comporium and OpenAir Equity Partners also participated in the funding round. “The Connected Car Fund anticipates the potential for disruptive innovation in the automotive sector as the most significant unconnected mobile asset comes online,” said Paul Asel. “We are delighted to inaugurate the Connected Car Fund with an investment in Zubie. Zubie has a proven management team and promising technology that offers the potential to help transform our driving experience as it integrates more deeply with carmakers over time.”
