<p><strong><span class="legendSpanClass"><span class="xn-location">MENLO PARK</span></span> </strong>&#8212; <u>Autotech Ventures</u>, an early-stage venture capital firm that focuses on solving the world&#8217;s ground transportation challenges with technology, announced the closing of its third fund. The <span class="xn-money">$230 million</span> fund will be used to invest in Seed through Series C rounds for mobility-related startups.</p>
<p>Autotech says it has over <span class="xn-money">$500 million</span> under management and has invested in more than 40 companies. Of its portfolio companies, five have gone public (including indie Semiconductor, Volta Charging, LYFT), four have reached <span class="xn-money">$1 billion</span> valuations (Outdoorsy, Volta Charging, indie Semiconductor, SWVL) and five have been acquired (DeepScale, XNOR.AI, Digital Motors, Drover, Frontier Car Group).</p>
<p>&#8220;Autotech Ventures&#8217; third fund is among the world&#8217;s largest mobility-focused funds raised to date and further validates the investment thesis we pursued across our first two funds,&#8221; said Quin Garcia, Autotech Ventures managing director. &#8220;Since inception, we have recognized the macro-trends of connectivity, autonomy, shared use, electrification, and digitization of enterprise as tidal waves that are fundamentally transforming our industry. We continue to gravitate toward software, services, and capital-light hardware startups that will significantly impact the larger mobility industry.&#8221;</p>
<p>In an environment where VC funding is softening, having fresh capital available to invest in the best startups at lower valuations provides additional opportunity for outsized returns.</p>
<p>&#8220;This is our largest fund and will allow us to hunt for unique ideas and continue to lead early stage rounds in companies with strong teams and reinvest in follow-on rounds of the teams that are winning,&#8221; said <span class="xn-person">Alexei Andreev</span>, Autotech Ventures managing director. &#8220;Like the fantastic wines of <span class="xn-location">Napa Valley</span>, venture capital has vintages, and the best vintages often come from a time of down or less than favorable markets.&#8221;</p>
<p>As Autotech Ventures expands its portfolio, it is also expanding its leadership team with <u>Tony Rimas</u> who has joined the firm as a venture partner. Rimas, who is the CEO of Repair OnDemand, brings a wide range of experience from the automotive industry, including retail, financial services, aftermarket, and fleet services.</p>
<p>&#8220;We&#8217;re double-clicking on automotive retail and repair, supply chain efficiencies, and the picks and shovels that enable electrification, off-road autonomy, and financial and digital enterprise,&#8221; said <span class="xn-person">Dan Hoffer</span>, Autotech Ventures managing director. &#8220;Tony is a seasoned auto commerce investor and will further expand our capabilities to pursue these markets.&#8221;</p>

Students, faculty, classified professionals, elected officials, and community members gathered on the San José City College campus…
SANTA CLARA -- OpenLight, a leader in custom Photonic Application-Specific Integrated Circuit (PASIC) design, has…
SAN FRANCISCO -- OpenObserve, a modern observability platform delivering 140x lower storage costs with zero…
Apple has introduced a new Apple Watch Pride Edition Sport Loop, watch face, and iPhone…
LOS GATOS, CA - Whole Foods Market, a subsidiary of Amazon, has opened a new…
Doordash has formed partnerships with four regional supermarket chains: Brookshire Grocery Company (BGC), FreshDirect, Harps…