Kinetic Secures $21 Million in Series B Financing

Name: One Design Company
Price range: $

Series B Announcement

06.20.2024

We are thrilled to announce that Kinetic has successfully closed a $21 million Series B financing round. This funding round was led by Shawn Carolan at Menlo Ventures, with significant participation from our major internal investors, including Bilal Zuberi at Lux Capital, Rachel Holt at Construct Capital, and Semil Shah at Haystack Ventures. Additionally, we are pleased to have received strategic investments from the venture arms of Liberty Mutual Insurance and Allstate Insurance. Several of our early angel investors also contributed to this round.

Pioneering digital repair

Modern vehicles are increasingly built around a central software architecture, incorporating numerous sensor-enabled systems for driver assistance. Kinetic is at the forefront of this transformation, focusing on digital repair services for these advanced systems. Our offerings today include software programming and sensor calibration, ensuring vehicles operate as intended by their manufacturers.

This focus is particularly relevant as cars transition from being mechanically complex to digitally complex. Today, it is nearly impossible to purchase a new vehicle without sensor-based driver assistance systems or centrally controlled digital modules. We are addressing this shift by providing the necessary digital repair solutions.

Cutting-edge technology

While automotive factories have utilized high levels of automation since the turn of the century, this automation has been highly deterministic, and suitable only for controlled environments. In contrast, vehicle repair is bespoke, with each collision presenting unique challenges and part placements varying significantly after physical repairs.

Kinetic’s AI and computer vision bridge the gap between the unstructured aftermarket and the structured factory environment. Our advanced sensor calibration process, which is accurate to the millimeter, represents a significant advancement for the aftermarket repair industry, bringing factory-level precision and efficiency to our digital repair hubs.

Innovative business model

Kinetic introduces a novel business model for the automotive aftermarket. Unlike traditional point solutions that quickly become obsolete, we offer a comprehensive service at our digital repair Hubs. We provide capex-intensive, AI-enabled tooling as a service, operating on a multi-tenant basis. Our flexible business model includes pure transactional options, revenue-sharing models, and substantial discounts with service-level agreement guarantees for customers who sign multi-year contracts.

In the past few months, over 100 collision repair centers have embraced our solutions across multiple markets, driving rapid growth and adoption.

Strategic growth areas

The newly secured capital will be allocated to several key growth areas:

National Expansion:
We aim to rapidly expand our footprint across the country.
Technological Development:
We will invest in enhancing the precision and efficiency of
our digital repair hubs, while also developing new features and capabilities.
Operational Excellence:
We are committed to making our solutions effortless and easy
to adopt for our customers.

Learn More

We are actively hiring a number of roles that you can check out here: kinetic.auto/careers