ALEXANDRIA, Va., Oct. 20, 2021 /PRNewswire/ -- Sheeva.AI today announced it has closed a follow-on investment from Techstars to accelerate adoption of its connected vehicle technology and Open API platform for the automation of location-based services and in-car payments. Sheeva.AI is an alum of Techstars Smart Mobility accelerator program 2020 (Turin, Italy).
This builds on the recent strategic investment from Japan's Hagiwara Electronics Co., Ltd. and on the news that Sheeva.AI was one of two winners of the VentureUp Forum's 2021 award for their collaboration in Italy and the EU, signaling strong interest in Sheeva.AI's platform both regionally and internationally. The VentureUp award has been promoted by BonelliErede and Invitalia together with AIFI and in cooperation with Fondazione Compagnia di San Paolo, Fondazione CRT and Intesa Sanpaolo Innovation Center.
Martin Olczyk, Managing Director at Techstars, said, "Our accelerator programs are designed to find exciting startups who are poised to make a huge impact on the market and society. Sheeva.AI is one such startup."
"They took a software-first approach and developed an API platform that can resolve today's market fragmentation and accelerate the consumption of in-vehicle services for every connected vehicle, from autonomous and EV to virtually any car on the road today."
Sheeva.AI's platform enables OEMs and services providers alike 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. Sheeva.AI has expanded with offices in Turin, Detroit, San Francisco, and New Delhi, to drive regional and global adoption of their API platform.
Evgeny Klochikhin, Ph.D., CEO and Founder of Sheeva.AI, said, "We are excited to have Techstars double-down on their support of Sheeva.AI. Their amazing program helped focus our approach and expand into the European market. We look forward to learning more 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.
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