Charleston-based, connected car startup Zubie announced that it has raised $8 million in funding, thanks in part to Nokia Growth Partners. Nokia was one of five firms to lead the way in the funding round. Since last year, Zubie has raised $18 million.
The company is the first to come out of NGP’s Connected Car Fund, which launched in May 2014. NGP created the Connected Car Fund of $100 million to invest in unique innovations that promote the connected car movement.
Zubie has created a plug-in that sends information from an automobile’s onboard computer to a smartphone. The Zubie Key, as it’s been named, has been available for about a year. With the Zubie app, any Android or iOS smartphone user can keep track of the inner workings of his or her car.
This means that drivers are quickly alerted when their car is having internal issues and needs to be taken to a shop. Additionally, Zubie can help drivers keep an eye on how much they use their car and what they can expect to spend on repairs. The Zubie Key can be purchased online through websites such as Amazon or Best Buy.
Once you start using Zubie, you’ll receive real-time alerts on your driving habits, as well as a score based on bad ones, such as accelerating too quickly. Parents will also enjoy Zubie because it allows them to track teen drivers while they’re on the road.
The companies that participated in this round of funding in addition to NGP included Magna International, Castrol innoVentures, Comporium and OpenAir Equity Partners. The connected car industry is expected to grow in value to $131 billion by 2019.
“We are honored to receive support from NGP and Magna,” said Tim Kelly, CEO of Zubie. “These companies share our views on the potential of the market and the right strategy to drive mass consumer adoption — making them the perfect partners to help us grow. In conjunction with our investors, Zubie will help global consumers and fleet owners alike to make driving smarter, safer and more affordable.”
Zubie was founded in 2012. The goal of the startup is to make driving safer and more affordable for individuals and businesses alike.
Check out the Zubie video: