Drivemode Raises $6.5 Million Series A

 

SAN FRANCISCO — Automotive technology company Drivemode has raised a $6.5 million series A funding round led by Panasonic Corporation, one of the largest automotive suppliers in the world. Other new investors include Miyako Capital, Mitsui Sumitomo Insurance Venture Capital, Innovative Venture Fund Investment L.P., with Managing Director of Miyako Capital Sunny Sugaya stepping into a leadership role on Drivemode’s Board of Directors.

With active users in over 180 countries and more than one million app downloads, Drivemode plans to use the funds to accelerate new product development and expand their global team. The company is also focused on increasing partnerships with both content and service providers to deliver new functions such as parking reservations and roadside assistance to drivers, as well as automakers building the next generation of connectivity solutions for cars.

“With this funding, we will be able to meet the overwhelming demand from international partners who need our platform right now,” said Drivemode CEO Yo Koga. “Our unique pedigree which combines close relationships with key automotive industry leaders and the speed and innovation of Silicon Valley startups allows us to deliver exciting solutions that have never been possible until now.  We’re lucky to have found such dedicated backers who have demonstrated a clear commitment to ushering in a new era where anybody with a smartphone can benefit from connected car features.”

“In a new era where a significant portion of drivers rely on smartphones, our products need to evolve as fast as smartphone technologies do,” said Susumu Ibaraki, Director of Automotive Business Development Center at Panasonic. “That’s why Drivemode’s ability to understand driver behavior on a global scale and offer new solutions in real time have unparalleled potential in the rapidly changing automotive industry.”

Drivemode has previously raised $2.65 million since the company’s 2014 launch.