Car360 Secures $3.55 Million in Series A Financing Round Led by BIP Capital
Funding Secured Within Three Months of Southeast Tech Veteran John Hanger Joining as CEO; Company to Use Funds to Fuel Growth in Atlanta
ATLANTA, June 27, 2017 /PRNewswire/ -- Car360, a company at the forefront of bringing computer vision and augmented reality to the auto industry, today announced it has completed a $3.55 million Series A round of financing. Atlanta-based BIP Capital (recently merged with Accelerant Venture Capital) led the round, with participation from existing investor, Mark Cuban's Radical Investments, and new investor Service Provider Capital. Atlanta technology veteran John Hanger joined Car360 in March 2017 as CEO to develop a go-to-market strategy and drive immediate funding opportunities. The company plans to use the funding to grow its team by up to 60 positions in Atlanta to expand sales and marketing and to execute the product roadmap.
The Car360 platform utilizes computer vision and augmented reality to enable interactive visualization of cars and related data, dramatically improving user experiences that were previously characterized by time- and bandwidth-consuming searches through countless still photos or long videos and arcane condition reports. With Car360, users can intuitively and quickly navigate and digest the vehicle imagery and data of interest. Companies that can benefit from Car360's platform include automotive manufacturers, dealers, professional car photographers, auctions, inspection companies and insurance claim processors. Car360 has numerous global automotive software solution providers as customers, including Canada's autoTRADER.ca.
"The use of disconnected collections of photos, videos and textual data to describe cars on web pages is as old as the web itself and has not evolved much—until now," said BIP Capital Managing Partner Paul Iaffaldano. "With the rapid demand among consumers to evaluate major purchase decisions through augmented reality, companies that use Car360 are on the cutting-edge of giving customers the best experience short of actually test driving a vehicle."
Car360 was created by founder Bruno Francois, whose previous photography app, Cycloramic, proved popular with iPhone users globally due to its ability to spin hands-free thanks to patented technology. Cycloramic was ranked #1 on the Apple App Store worldwide, has had 20 million downloads to date and appeared on ABC's Shark Tank, receiving an investment from Mark Cuban. After connecting with Francois at Venture Atlanta 2016, John Hanger joined Car360 several months later as CEO.
"Car360 is undoubtedly a cool product from an experiential viewpoint," said Hanger. "But its true financial potential rests on the significant return on investment that companies in the auto industry are poised to receive by shifting their customers' experience literally into high gear through augmented reality to drive sales, or to make inspection processes more efficient and effective."
Companies and individuals interested in learning more about Car360 can visit the company at www.car360app.com or call 404.400.2259.
About Car360
Car360 is at the forefront of bringing computer vision and augmented reality to the auto industry. The Car360 platform enables interactive visualization of cars and related data and increases revenue tor businesses that currently use pictures or videos for merchandising or inspecting vehicles. Car360 streamlines the online buying experience while simultaneously reducing operational costs, making it quick and easy to capture vehicle imagery. The company is headquartered in the Atlanta Technology Village. For more information, visit www.car360app.com or follow Car360 on Twitter @Car360Inc.
About BIP Capital
BIP Capital is recognized as one of the most active and successful venture investors in the Southeast, serving entrepreneurs, investors, and operators to grow the emerging company ecosystem. It applies experience and process to make investment decisions and operational recommendations, allowing its portfolio companies to achieve and stay on a glide path of growth. Areas of focus include Software, Healthcare IT, Digital Media, Franchise and Ed Tech. For more information, visit www.bip-capital.com or follow BIP Capital on Twitter @BIPCapital.
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SOURCE BIP Capital
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