Palo Alto, California-based Carfit, an autotech and connected car startup, has secured an undisclosed amount of seed funding. The investors included CIC Capital Ventures, the North American venture capital arm of Crédit Mutuel Alliance Fédérale and PlugandPlay.
CIC Capital Ventures, the North American venture capital arm of Crédit Mutuel Alliance Fédérale, one of the largest banking groups in France, along with PlugandPlay, one of the most active VCs in Silicon Valley, participated in Palo Alto-based CARFIT’s latest seed funding raise.
This investment round will help fast-track the roll-out of CARFIT’s innovative, patented aftermarket solution to automotive services, mobility services and automotive dealerships. It has developed a predictive maintenance tool that leverages NVH technology (noise, vibration, harshness) with AI to predict automotive maintenance needs.
“We are pleased with the support of new and existing investors as we continue to accelerate the growth and reach of CARFIT within key automotive segments. This solution will help dealerships and independent service centers increase their customer loyalty by offering a simple and effective solution to receive insights on vehicle maintenance needs,” said CARFIT CEO and Founder Henri-Nicolas Olivier. “The support of premium global investors like CIC Capital Ventures and PlugandPlay gives us great confidence in our ability to disrupt both the OEM and aftermarket space with our game-changing AI-assisted technology.”
“We are excited to partner with a deep tech company like CARFIT, that leverages its AI-driven technology in this high growth potential market. We look forward to working with CARFIT and its impressive roster of investors to help scale its growth and the acceleration of its commercialization phase,” said Raghu Bharat, Principal, CIC Capital Ventures.
Through a simple device placed on the car’s steering wheel or dashboard, CARFIT’s technology collects data based on NVH knowledge, allowing car owners, manufacturers and car service centers to monitor the car’s state and predict possible technical issues, both increasing safety and reducing maintenance costs. CARFIT software technology can be natively embedded by Tier 1 suppliers and OEMs (original equipment manufacturers – carmakers). For aftermarket solutions, a proprietary sensor collects the vibration data and is connected to the cloud computing infrastructure via a smartphone application.
CARFIT previously completed a seed funding round in October 2018, raising $4.6 million in cash and services, with the participation of BGV, PlugandPlay, Mobivia-Carstudio, Groupe Bernard, Radiant VC, NovX and with the continuous support of Bpifrance.
Founded in 2016, CARFIT is a technology company in the autotech and connected car space, with activities in the United States, France and China. Headquartered in Palo Alto-California, CARFIT has R&D centers in Bellingham-WA, USA and Lille, France, and marketing and commercial development in Paris, France.
About CIC Capital Ventures
CIC Capital Ventures (formerly Emerillon Capital) is the North American venture capital arm of CM-CIC Investissement, the private equity subsidiary of Crédit Mutuel Alliance Fédérale, one of the largest banking groups in France and one of the most financially sound European institutions. CM-CIC Investissement has more than €3.0 billion of assets under management in France and abroad, and invested on its own account in 380 companies. For more information, visit www.ciccapital.fund.
PlugandPlay is a global innovation platform. Headquartered in Silicon Valley, PlugandPlay has built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, PlugandPlay programs have expanded worldwide to include a presence in over 25 locations with over 300 official corporate partners. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information, visit www.plugandplaytechcenter.com.