Thursday, June 20, 2024

Kinetic Collects $21M

Santa Ana-based Kinetic, a startup which provides maintenance and servicing for electric vehicles and vehicles with advanced driver assistance systems, says it has raised $21M in a Series B funding round. The funding was led by Menlo Ventures, and also included Lux Capital, Construct Capital and Haystack Ventures plus new investors Allstate Strategic Ventures and Liberty Mutual Strategic Ventures. The company said funding will go towards adding technology and engineering talent to its team. The company said it currently operates for "service hubs" for EVs, in Las Vegas, Orange County, San Bernardino, and Lake Elsinore. Those centers specifically focuse on advanced driver assistance systems (ADAS), and work through revenue-sharing agreements with traditional collision repair centers, dealerships and rental fleets. The company is led by CEO and co-founder Nikhil Naikal.