ALEXANDRIA, Va., Nov. 16, 2021 /PRNewswire/ -- Sheeva.AI today announced it has closed a follow-on investment from Conscious Venture Partners (CVP) through their Conscious Venture Fund II investment vehicle. The investment will further accelerate the adoption of its connected vehicle technology and Open API platform for the automation of location-based services and in-car payments. Conscious Venture Partners is the investment company associated with the Conscious Venture Lab (CVL). Sheeva.AI is an alum of CVL's 2017 Accelerator Program in Baltimore (Cohort 3) and has received great support from CVL and CVP over the last four years.
This marks the third strategic investment for Sheeva.AI this quarter, building on the investment from Japan's Hagiwara Electronics Co., Ltd. in early October and Techstars' second investment in late October. These investments reflect the growth Sheeva.AI has achieved in North America, APAC, and Europe and the momentum Sheeva.AI has for its in-vehicle services and payments API platform heading into 2022.
Jeff Cherry, Managing Partner of CVP and Founder and Executive Director of Conscious Venture Lab, said, "I had the pleasure of leading Cohort 3 of our accelerator program which is where I met Evgeny and Sheeva.AI's (then Parkofon) founding team and have been a believer ever since. His focus has always been on making life easier for the driver and that has not changed."
"And, it's Sheeva.AI's focus on the driver that led to their end-to-end solution that makes it easier for automotive manufacturers to connect the car to service providers to automate payments and streamline how drivers use services like fueling, charging, parking, curbside pick-up, and more. I'm happy to be part of this journey and am excited for 2022."
Sheeva.AI's platform enables OEMs and services providers to utilize real-time vehicle location to automate payments, trigger driver-centric contextual events, and streamline consumption of vehicle services such as fueling, EV charging, parking, tolls, curbside retail, and more. In turn, automotive OEMs and service providers gain rich data insights on how the vehicle and services are used in real-time, allowing them to improve and expand on their offerings.
Evgeny Klochikhin, Ph.D., CEO and Founder of Sheeva.AI, said, "We are excited to have Jeff and CVL/CVP team double-down on their support of Sheeva.AI. Their accelerator in Baltimore helped focus our approach and ultimately led to where we are today with offices in Turin, New Delhi, San Francisco, and Detroit. We look forward to our continued collaboration with Jeff and his team, learning from their expertise, as we drive our growth to millions of vehicles in the next two years."
Sheeva.AI provides a flexible, low-cost platform that uses precise (< 2-meter accuracy) geolocation of connected vehicles – even in deep urban canyons – to enable contactless, automatic payments in the cloud.
Sheeva.AI's platform integrates via open APIs to enable payments and automation for services like fuel, charging, toll payment, parking, curbside pick-up, and more. Unlike most Vehicle Location-Based Services (VLBS) systems, Sheeva.AI provides a low-cost and highly flexible way to enable vehicle-based payments and services extensible to existing mobile apps, in-vehicle apps, and location-based services without the need for new architecture or expensive hardware deployments. www.Sheeva.AI
About Conscious Venture Partners
Conscious Venture Partners is an early-stage venture capital fund and impact investment platform that includes the Conscious Venture Lab. startup accelerator. They look to create new prosperity for diverse and innovative founders that are using technology to break down barriers to access and create a more equitable society. They provide both individually tailored and bespoke programming to help founders build purpose-driven companies that scale profits and impact.
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