CHARLESTON, S.C., May 25, 2016 /PRNewswire/ -- Zubie, a leading connected-car platform and telematics provider serving enterprises, small businesses and consumers, today announced it has secured $6 million in additional funding.
Melody Capital Partners, along with existing Zubie investors OpenAir Equity Partners, Castrol innoVentures, Comporium, Nokia Growth Partners and Magna, participated in the financing. This new funding further validates Zubie's strength and growth, and the appeal of its robust platform to the insurance, automotive, fleet and other enterprise sectors.
The additional funding will be targeted toward further scaling to meet the growing demand for Zubie solutions for enterprise customers, enhancements to the core Zubie and ZinC Open API platforms, feature innovation, and expanding operations and staff.
Since its market entry in 2012, Zubie has formed a number of partner and customer relationships. Top-tier insurance carriers, large and small-business fleet operators, and mobile carriers have chosen to leverage Zubie's tailored telematics solutions to power their businesses and enhance their customer acquisition and retention. The company also continues to lead telematics solutions innovation for the automotive dealer and service industry through its partnership with Castrol innoVentures.
Zubie's expertise in integrating its cloud platform, vehicle and driver data analytics, and aftermarket OBD-based devices has proven successful in meeting the needs of its enterprise customers in several vertical industries, and is also paving the way for telematics data monetization. Additionally, since the launch of its ZinC Open API platform, the company has attracted a diverse set of developers and partners creating apps leveraging Zubie's platform and vehicle data.
"The telematics and connected-car industry is expanding globally, and we are well positioned to continue our growth," said Tim Kelly, Zubie, CEO. "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."
"Melody is excited to invest in Zubie," said Omar Jaffrey, managing partner of Melody. "Our team has a long history of investment and involvement in the telematics industry, and we believe there is tremendous opportunity for Zubie to create and deliver compelling solutions for this growing, global marketplace."
Zubie is a connected-car service focused on making driving safer, easier and less expensive for business enterprises including automotive, insurance, and mobile/telecom operators, as well as consumers and small businesses. The company was formed in 2012, and is headquartered in Charleston, South Carolina, USA. Zubie was the winner of the "2015 Best Insurance Telematics Product" award from TU Automotive, and the 2016 Tech CARS award for "Best OBDII Device with Software and Services" from Auto Connected Car. Visit Zubie.com for more information about Zubie.
About Melody Capital Partners
Melody Capital Partners is a private investment firm with a unique strategy of creating financing solutions in partnership with borrowers. Melody manages over $1.5 billion in capital across two strategies, senior secured loan origination and direct lending in North America and wireless infrastructure, telecommunications service providers and related businesses. For more information on Melody Capital Partners, please visit www.melody.com.