US-based connected car software developer Zubie has secured $6m in funding from backers including communications technology producers Nokia and Comporium, auto parts provider Magna International and lubricants manufacturer Castrol.
The round was led by investment firm Melody Capital Partners and also included private equity and venture capital firm OpenAir Equity Partners. Nokia and Castrol took part through their respective corporate venturing subsidiaries, Castrol InnoVentures and Nokia Growth Partners.
Retail chain Best Buy and Open Air Equity Partners co-founded Zubie in 2012 as a joint venture. The company’s core product is a connected car system that can connect a vehicle to the internet, but it provides a range of apps as well as telematics services for businesses.
Tim Kelly, Zubie’s CEO, said: “Since the inception of the company, we have established leadership in innovation, tailored industry solutions, and the strong execution required of the enterprise marketplace. Today’s funding announcement further validates our strategy and our investors’ confidence in our direction and potential.”
Zubie has now raised $32m altogether, having received $18m from Castrol InnoVentures, Comporium and OpenAir in 2013 before securing $8m from Magna, Castrol InnoVentures, Comporium, Nokia’s Connected Car Fund and OpenAir the following year.