Frank Body co-founders Bree Johnson, Steve Rowley, Jess Hatziz and Alexander Boffa. Source: supplied.
It’s been a week of big headlines and huge dollar-figures in the startup funding world.
SafetyCulture became a unicorn twice over, with founder Luke Anear predicting much more growth to come.
Elsewhere, Main Sequence plugged $12 million into new space-tech startup Quasar Satellite Technology, launched in partnership with the Office of the NSW Chief Scientist & Engineer and various Aussie industry experts, and proved it is intending not only to back startups, but build whole new ones.
But there’s been plenty of other activity you may have missed. Here’s what else has been going on.
Zoomo raises $12 million to expand e-bike subscription offerings
Zoomo, the Australian startup with a mission to electrify delivery fleets through e-bike subscriptions, announced a $12 million interim capital raise on Monday.
The company made a name for itself through partnerships with UberEats and DoorDash to help delivery workers access e-bikes through weekly subscriptions at discounted rates. Zoomo then grew to offer monthly subscriptions to corporate partners in Australia, the U.S. and London for last mile delivery, with a fleet that has expanded beyond 10,000 units globally.
Now, the startup hopes to expand its service outward towards continental Europe and other states across the U.S. It currently operates in New York City, San Francisco, Los Angeles and Philadelphia. Zoomo also wants to build up its consumer model, which mainly serves couriers but is extending to commuters, and will invest in the development of its next generation of vehicle offerings.
Israeli software company Otonomo Technologies Ltd., which has developed a platform for managing automotive data, is in the process of merging with special purpose acquisition company (SPAC) Software Acquisition Group, Inc. II after the latter raised $172.5 million in a Nasdaq IPO last September and announced its plans to merge with a software company, according to a Bloomberg report. The deal is expected to be finalized sometime this week.
Otonomo was founded by the Israeli entrepreneur Ben Volkow, who serves as CEO, along with Avner Cohen who isn’t active in the company, and raised $82 million so far. In its last fundraising round in April, it was estimated to be valued at $465 million.
Brodmann17 software brings artificial intelligence to low-cost computers for cars and other uses (Brodmann17)
Carmakers are racing to meet new high-tech safety standards, such as automatic emergency braking systems, that are expected to take effect across Europe and the United States next year.
But while such systems are expected to save thousands of lives, consumers and insurers worry they will also push up the price of new vehicles and the cost of repairs, because they rely on expensive equipment like sensors and computer processors.
With cars becoming increasingly dependent on computing power, the cost of the onboard computers is even more material to the ticket price than the walnut and leather finish. Sensors built into once-cheap parts like bumpers to allow for automatic collision avoidance or self-parking have raised repair costs from $300 to $1,500, insurers say.
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Venture-capital firms have invested $40 billion in companies developing automated-driving technology since 2000, according to Pitchbook.
Insider analyzed Pitchbook data to determine which VC firms have made the most investments in autonomous driving.
Trucks Venture Capital took the top spot, with 20 investments in startups working on self-driving tech.
The race to develop self-driving cars has attracted a slew of investments from venture capitalists hoping to find the next breakout startup. According to Pitchbook, VC firms have invested a total of $40 billion into companies developing automated-driving technology since 2000.