Just after announcing its expansion into Brooklyn last week, on-demand car service company Kyte announced a $30 million Series A funding round led by Park West Asset Management and Sterling Road.
Leadership of Kyte — who bring together experience and backgrounds from Uber, McKinsey and BMW — said the funding is going in part toward its “ultimate goal of enabling teleoperation and fully autonomous vehicle delivery,” specifically to be used for product development, geographic expansion, and growth across new product lines.
This latest round of funding for Kyte bringing total capital raised to more than $40 million.
How do Kyte’s services work exactly? The on-demand car service aims to put people in vehicles as long as they need them, giving them another option besides car rental servies, peer-to-peer car sharing services, and traditional car leases.
“We envision a world where people living in cities don’t own cars and streets aren’t clogged with parked cars; space is used for a better purpose, and the freedom of personal mobility is enabled by Kyte,” said Nikolaus Volk, co-founder of Kyte, in the press release announcing the new round of funding. “We’re building the infrastructure for an autonomous future where cars travel from fleet hubs to the people who need them, when and where they’re requested.”
Kyte’s on-demand cars are currently delivered by people and are availalbe in Boston, Brooklyn, Chicago, Los Angeles, Miami, New York City, Philadelphia, San Francisco, Seattle, and Washington, D.C.
“Kyte is a magical experience compared to traditional car rentals; my family relies on it and that’s what first made me so excited about this investment,” said Ash Rust, managing partner of Sterling Road. “The Kyte team has a wealth of experience, which has been reflected in their incredible revenue growth over the last few years. We’re excited to support them now and long into the future.”
In addition to Park West Asset Management and Sterling Road, Kyte’s Series A round saw participation from new and existing investers, including DN Capital, Amplo, 1984 Ventures, FundersClub, Moving Capital, Rosecliff Ventures, Seraph Group, Unpopular Ventures, Urban Innovation Fund, and the founders of German transportation company FlixBus.
Source : AutoFinanceNews
