By Liz Segrist
Published Aug. 12, 2014
Sullivan’s Island-based Zubie Inc. has secured $8 million in funding for continued development of its connected-car technology.
Nokia Growth Partners, a venture capital firm with offices in the U.S., Europe, India and China, led the investment.
Existing Zubie investors — Castrol innoVentures, Comporium and OpenAir Equity Partners — also participated in the funding round. In December, Zubie raised an additional $10 million in Series A funding from these three investors.
The tech firm created the Zubie Key, a small device that plugs into a car and tracks driving habits. The device connects to the cloud via built-in cellular data connection.
Zubie app users can see real-time driving data, such as vehicle maintenance needs, engine diagnostics and fuel cost calculations, as well as the location of people who are connected to the user on the app.
The most recent funding stemmed from Nokia Growth Partners’ selection of Zubie as the inaugural recipient of their Connected Car Fund, which seeks to further innovation in the automotive sector.
“The Connected Car Fund anticipates the potential for disruptive innovation in the automotive sector as the most significant unconnected mobile asset comes online,” said Paul Ansel, a partner at Nokia Growth Partners and the newest member of Zubie’s board of directors.
Magna International, a global automotive supplier, also invested in Zubie. The investment amount was not disclosed.
“The era of the connected vehicle is expected to change the automotive landscape and create new value-creation opportunities for auto suppliers, inventors, startup companies and owners of intellectual property,” Magna International Chief Technical Officer Swamy Kotagiri said in a statement.
The Charleston tech company was formed in 2012 and has operational offices in Minneapolis.