InMotion Ventures, the venture capital arm of Jaguar Land Rover, has participated in a $21 million (£16m) Series B funding round in roadside assistance provider Urgent.ly.
Urgent.ly provides roadside assistance for autonomous, connected and electric vehicles. The technology platform connects with customers using their geo-location of their vehicle, meaning the best rated and closest providers with the right equipment to solve the problem are dispatched to help.
This funding round is particularly significant as it sees a number of premium global automotive brands – Jaguar Land Rover’s InMotion Ventures, BMW i Ventures and Porsche Ventures – collaborate.
In just two years of operations in the USA, Europe and Asia, Urgent.ly has 45,000 connected recovery vehicles on its platform and has signed deals with several large auto manufacturers and insurers. It wants to become the market leader in providing roadside assistance in the USA and, ultimately, globally.
Chris Spanos, CEO and co-founder of Urgent.ly, said: “We are truly gratified by the support of our investors, including some of the world’s top global automotive brands, as we work to define the future of mobility and roadside assistance experience customers demand and deserve.
“We look forward to continuing to innovate our connected services across the rapidly evolving global automotive, insurance and mobility markets, where we have consistently driven increases in customer satisfaction over the legacy analogue models that have defined the industry for the past 70 years.”
Sebastian Peck, managing director at InMotion, said: “Established automotive manufacturers have a responsibility to develop and fund cutting-edge innovations in the mobility and travel sector. With Urgent.ly, customers will be able to receive an end-to-end digital experience for their premium vehicles.”
Analysts are projecting travel miles to increase by one third globally by 2030, from new services, vehicles and uses. Which means more vehicles on the road and more things breaking down. Urgently delivers help through a one-stop, end-to-end digital platform, viewable by every stakeholder in real time.
