Mass media group Comcast exited US-based connected car technology developer Automatic Labs yesterday in an acquisition by online radio company SiriusXM reported by TechCrunch to be “a little north of” $100m in size.
Automatic has created a connected car adapter that can connect to a user’s smartphone, giving them in-car access to apps providing services such as fuel monitoring, identification of engine trouble and the capability to alert emergency response about accident sites.
The company’s adapter products, together with its data gathering and analysis technology, will be added to SiriusXM’s existing in-car audio entertainment and data services offering.
Jim Meyer, CEO of SiriusXM, explained: “The acquisition of Automatic is a natural fit for SiriusXM as we continue to expand and improve our connected vehicle services.
“Automatic’s innovative products have brought safety and intelligence data and analytics to the forefront of vehicle connectivity. We are excited to welcome the talented employees at Automatic to SiriusXM as we expand the possibilities of connected vehicle offerings and services for manufacturers, drivers and enterprises.”
The acquisition follows about $32m of funding for Automatic, including $24m in a 2015 series B round led by financial services provider USAA and backed by Comcast’s corporate venturing unit, Comcast Ventures, and car dealership software provider CDK Global.
The round also included Y Combinator, RPM Ventures, Anthemis Group and Amicus Capital, all of which took part as existing backers, and assorted angel investors.