Drivemode Raises $6.5 Million Series A for Smartphone-Connected Car Development
Round Led by Panasonic Corporation In Show of Support For Automotive Innovation
SAN FRANCISCO, March 23, 2017 /PRNewswire/ -- Mobile-based automotive technology company Drivemode today announces a $6.5 million series A funding round led by Panasonic Corporation, one of the largest automotive suppliers in the world. Other new investors include Miyako Capital, Mitsui Sumitomo Insurance Venture Capital, Innovative Venture Fund Investment L.P., with Managing Director of Miyako Capital Sunny Sugaya stepping into a leadership role on Drivemode's Board of Directors.
With active users in over 180 countries and more than one million app downloads, Drivemode plans to use the funds to accelerate new product development and expand their global team. The company is also focused on increasing partnerships with both content and service providers to deliver new functions such as parking reservations and roadside assistance to drivers, as well as automakers building the next generation of connectivity solutions for cars.
"With this funding, we will be able to meet the overwhelming demand from international partners who need our platform right now," said Drivemode CEO Yo Koga. "Our unique pedigree which combines close relationships with key automotive industry leaders and the speed and innovation of Silicon Valley startups allows us to deliver exciting solutions that have never been possible until now. We're lucky to have found such dedicated backers who have demonstrated a clear commitment to ushering in a new era where anybody with a smartphone can benefit from connected car features."
"In a new era where a significant portion of drivers rely on smartphones, our products need to evolve as fast as smartphone technologies do," said Susumu Ibaraki, Director of Automotive Business Development Center at Panasonic. "That's why Drivemode's ability to understand driver behavior on a global scale and offer new solutions in real time have unparalleled potential in the rapidly changing automotive industry."
Based in Silicon Valley, Drivemode is an Android app created by former Zipcar and Tesla innovators. Designed to change the way consumers interact with their cars, Drivemode's "no-look" interface allows users to focus on the road ahead, not their phone, while easily accessing music, navigation, calls, texts and more. Drivemode previously raised $2.65 million since their 2014 launch.
About Drivemode
Drivemode was founded by leaders from Zipcar, Tesla, and other successful startups to reinvent the in-car experience using smart devices. Drivemode serves as a realistic solution to distracted driving, by providing a safe platform for smartphone use, rather than restricting smartphone access. The beauty of Drivemode is that it works in any car, eliminating the need for an expensive upgrade, and is free. For more information, visit http://www.drivemode.com.
About Panasonic Corporation
Panasonic Corporation is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, enterprise solutions and device industries. Since its founding in 1918, the company has expanded globally and now operates 474 subsidiaries and 94 associated companies worldwide, recording consolidated net sales of US $ 62.947 billion for the year ended March 31, 2016. Committed to pursuing new value through innovation across divisional lines, the company uses its technologies to create a better life and a better world for its customers. To learn more about Panasonic: http://www.panasonic.com/global.
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SOURCE Drivemode
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