Led · Series B · May 2021

Solid Power develops all‑solid‑state battery cells aimed at increasing energy density for electric vehicles; the company says its batteries can deliver a 50%–100% energy-density uplift versus rechargeable lithium‑ion cells. It currently manufactures 2 Ah cells and is producing 20 Ah cells on a pilot basis with standard lithium‑ion equipment, and says “hundreds” of 2 Ah cells were validated by Ford and BMW. Under separate joint development agreements with Ford and BMW, Solid Power will deliver 100 Ah cells for testing and vehicle integration from 2022; those 100 Ah cells will have a larger footprint and more layers than the 20 Ah pilot cells. The new funding is intended to boost manufacturing to produce the company’s highest ampere‑hour output yet. The company has previously raised a $20 million Series A in 2018 with participation from BMW, Ford, Samsung, Hyundai, Volta and others. Solid Power develops next-generation all solid-state batteries (ASSB) that offer higher energy density, improved safety, and greater reliability compared with lithium-ion cells. Its technology targets applications including electric vehicles, medical devices, aircraft, and satellites. The company occupies a 21,000 square-foot facility in the Colorado Technology Center in Louisville, Colorado, and was founded in 2012 by CEO Doug Campbell. In December 2017 Solid Power announced a partnership with the BMW Group to jointly develop its solid-state batteries for electric vehicle applications. Solid Power closed $20M in Series A funding to scale up production via a multi-MWh roll-to-roll facility, planned for full construction and installation by the end of 2018 and full operation in 2019. The new production capacity will be used for preliminary qualification of the company’s solid-state cells for automotive, aerospace, and defense markets.

Participated · Series B · Jan 2019

Urgently operates a Smart Mobility Assistance Platform that combines location-based services, real-time data, AI and machine-to-machine communication to power digital roadside and connected mobility assistance solutions. The company serves automotive, insurance, telematics, fleet, logistics and new mobility partners and claims more than 50 operating partners and a Service Provider Network of 80,000+. Urgently’s platform focuses on delivering transparent, high‑satisfaction assistance experiences and enabling partners to offer connected roadside services. The company plans to use recent financing to accelerate connected assistance product development, strengthen service provider solutions and expand its U.S. consumer and aftermarket roadside assistance membership footprint. Leadership frames the capital as support for transforming the legacy roadside market and defining a new market for connected mobility assistance services globally. Urgent.ly operates a marketplace-style app that connects car owners to tow trucks and other roadside services, showing the service fee upfront and handling payments in-app. The company does not charge annual membership fees, instead matching users with nearby service providers much like Uber or Lyft. Urgent.ly is positioned to scale beyond individual consumers to large fleets, offering an attractive integration point for OEMs and fleet operators. As electric vehicles proliferate, the company sees growing demand for services such as mobile charging. BMW has engaged Urgent.ly as a vendor partner for its BMW Assist roadside and extended mobility services in the U.S., reflecting OEM interest in its platform. The product emphasis is on providing a modern, digital alternative to legacy roadside assistance models. Urgent.ly operates a SaaS-based digital roadside assistance platform that leverages location-based services, real-time data, AI and machine-to-machine communication. The platform serves automotive, insurance and transportation-related verticals. In addition to U.S. operations, Urgent.ly powers roadside assistance programs for companies in Europe and Australia. Led by CEO Chris Spanos, the company positions its Roadside as a Service™ product for enterprise customers. The company said it will use the new funding to expand the global reach of its platform. A board appointment tied to the investment (James Micali of American Tire Distributors) will increase strategic connectivity with distribution partners. Urgent.ly operates an on-demand roadside assistance platform that connects drivers to approved service providers via a mobile app, providing realtime tracking, upfront flat-rate pricing, and cashless payment. The service covers tows, tire changes, fuel delivery, jump starts and lock-outs and includes automatic accident-detection alerts and a FamilyView feature for caregiver visibility. Urgent.ly positions itself as a cost-effective alternative to subscription auto clubs and emphasizes faster, more transparent service. The company reports over 200,000 drivers have used its service and it distributes access through integrations with mapping and connected-car platforms such as AT&T Drive, MapQuest, Mojio and others. Management says the business will use new capital to rapidly scale and expand its nationwide operations and deepen strategic partnerships. Urgent.ly operates a platform that connects motorists to roadside assistance providers through its iOS app and mobile web (m.urgent.ly), enabling users to locate and connect with nearby, available help for breakdowns, lock-outs, flat tires and empty gas tanks. Led by co-founder and CEO Chris Spanos, the company has built a network of more than 160 roadside assistance vehicles in the greater Washington, DC area. The company raised $1.2M in a Pre-Series A round and has nearly $1.8M in total funding to date. Urgent.ly plans to use the funds to accelerate growth throughout the greater Washington, DC area and to prepare for expansion into other markets. The platform emphasizes verified providers and real-time availability for motorists. Its core product is a mobile-first dispatch and marketplace connecting drivers with nearby service providers.

Participated · Series D · Dec 2018

Graphcore builds AI infrastructure and hardware aimed at supporting advanced AI workloads. The company has entered a strategic investment partnership with SoftBank, which invested $450 million. As part of its growth plan, Graphcore is expanding globally and opening a new AI campus in Bengaluru, India. The partnership with SoftBank is described as intended to advance research toward artificial general intelligence (AGI). The article does not provide revenue, user, or other operating metrics.

Participated · Equity · Feb 2018

Fair operates a mobile app that lets users shop for pre-owned cars based on all-in monthly payments, sign digitally, pick up keys and drive without long-term commitments or physical paperwork. The company focuses on entry-level customers who may not qualify for traditional loans or leases. Fair runs pilot programs in Southern California and South Florida using Ally’s Clearlane digital financing platform to expand customer access. It also uses Ally’s SmartAuction tool to acquire and remarket vehicles and to manage inventory. Financially, Fair closed a $100M debt facility and an equity investment from Ally Financial in the reported transaction. The Ally financing complements a SoftBank-led $385M Series B completed the prior year. Since launching in August 2017, Fair has provided cars for more than 45,000 users in over 30 U.S. markets. Fair.com is a California startup offering flexible, subscription-style car leasing with plans starting at about $130 and subscriptions cancellable with five days’ notice. It uses big-data analytics and machine learning to underwrite users and match inventory, and it sources nearly-new vehicles through a dealer network of roughly 3,000 partners. The company is active in 15 U.S. states (26 markets), has almost two million app installs, and is leasing cars to more than 20,000 users to date. Fair has worked closely with Uber and purchased Uber’s $400 million leasing business earlier this year to equip drivers. Management plans to scale the business globally, expand into gig-economy and small-fleet commercial use cases, and continue investing in the technology platform. Financially, Fair has raised equity totaling around $500 million to date and has secured up to $1 billion in debt used to build its fleet. Fair operates a digital, flexible car-ownership service that lets customers obtain vehicles without long-term commitment, bundling insurance, breakdown cover and maintenance as standard. The company emphasizes app-driven on-demand delivery and pickup and is integrating Skurt’s delivery and fleet-management technology and team into its platform. Fair recently acquired the leasing portfolio of Xchange Leasing from Uber and will be Uber’s exclusive leasing partner in the U.S. for drivers seeking new cars. The business is currently live only in California but plans a national rollout and expects additional acquisitions and funding to support expansion. Financially, sources say Fair has raised over $100 million in equity to date and has arranged for up to $1 billion in combined equity and debt financing; it also secured a loan facility from Goldman Sachs to finance the Xchange Leasing deal. Scott Painter is Fair’s CEO and founder. Fair is an all-digital car marketplace that offers an on-demand, flexible ownership model similar to a lease with unfixed terms. Users handle searching, authentication, and payments entirely through a mobile app, can return cars with five days' notice, and pay all-in monthly payments (insurance is extra). The product uses AI-based pricing to adjust offers and pursue competitive deals for customers. The company was co-founded by automotive industry veterans Georg Bauer, Scott Painter, and Fedor Artiles and launched earlier in the year. Fair is currently active in Los Angeles and plans to expand across California by the end of 2017 and to other select U.S. markets through 2018. Financially, Fair has secured strategic equity backing from automakers and dealers alongside substantial debt commitments to support its flexible-ownership model. Fair is a Santa Monica-based startup that launched a mobile app enabling users to find, purchase, and finance automobiles. The service determines a pre-qualified monthly payment range tailored to a user's budget. It lets users walk away from a car with just five days' notice, avoiding long-term leases or agreements. Fair was created by Scott Painter and Georg Bauer; Painter founded TrueCar and ran CarsDirect, and Bauer is an auto finance executive who has served at Mercedes, BMW and Tesla. The company has launched its online car-shopping and financing services via the app. Financially, Fair raised $16M in a Series Seed and is in the midst of a Series A-1 financing led by BMW i Ventures.

Participated · Series A · Feb 2017

Skurt operates an on-demand rental car delivery service that lets customers request a rental on their phone and receive a car within 60 minutes, with pick-up arranged when the renter is done. Customers only need to be 21, more than 80 percent are millennials, rentals include unlimited miles, and prices range from $21 per day for sedans to $59 per day for luxury cars. Skurt fills inventory by partnering with fleet owners — manufacturers with excess inventory, dealerships, and traditional rental companies — so it does not own vehicles and all cars are less than two years old. The company operates on iOS and Android in Los Angeles, San Diego and Miami and says it has delivered 'tens of thousands of cars.' Its model aims to combine the reliability of fleet vehicles with the convenience of delivery, positioning it between traditional rental companies and peer-to-peer services. Skurt plans to expand to other major U.S. cities during the next 12 months and recently raised a $10M Series A to support that growth. Skurt operates a service that delivers rental cars to customers by picking them up and bringing vehicles to their location. The company partners with independent car rental companies that have excess inventory, with partner fleets ranging from about 200 cars to over 2,000. Skurt currently has access to over 5,000 cars in Los Angeles and is operating at LAX. The service emphasizes a consistent, on-demand experience and aims to be significantly less expensive than some alternatives. Skurt plans to expand to San Francisco International Airport (SFO) soon. The offering is presented as a disruptive alternative to the large, incumbent rental companies.