ALEXANDRIA, Va., Oct. 5, 2021 /PRNewswire/ -- Sheeva.AI today announced it has closed a strategic round, led by Hagiwara Electronics Co., Ltd. of Japan, and the Aggarwal Family of the Sterling Group, to fuel the adoption of its connected vehicle technology and Open API platform for automation of location-based services and in-car payments. These investments build on the existing, long-term collaboration with Hagiwara America and the Aggarwal Family in Asia and open the path for closer collaboration with automotive OEMs and Tier 1 suppliers in North America, Europe, and APAC.
Takeshi Soejima, President of Hagiwara Electronics Co., Ltd., said, "In North America, the automobile industry is undergoing major changes, and new industries, such as MaaS, are emerging. This makes it one of the most important strategic regions for Hagiwara Electric as we aim for global growth. Collaboration with Sheeva.AI is very important for the realization of our strategy."
Anish Agarwal of the Sterling Group, added, "We immediately saw the potential of Sheeva.AI's API platform for location-enabled vehicle features and services. Our collaboration ultimately led to investment and to the launch of a subsidiary in India to accelerate growth throughout South and Southeast Asia."
The core differentiator of Sheeva.AI's technology is its patented location algorithm, enabling the platform to determine the vehicle's real-time geolocation within 2-meter accuracy (5X better than smartphones). This is accurate enough to identify the car's location at a gas pump, parking space, charging station, toll lane, etc. This precision enables the platform to automate last-mile services, meaning fewer manual steps for the driver and more engagement for the service providers.
Evgeny Klochikhin, CEO and Founder of Sheeva.AI, said, "We are excited to have Hagiwara Electric Co. Ltd, and the Aggarwal Family lend their collective deep automotive expertise to our team. Their investments will accelerate our existing work with automotive OEMs, energy companies, Departments of Transportation, and beyond, driving our growth to millions of vehicles by the end of 2022."
Evgeny added, "Look, most in-vehicle platforms are overly complex, require you to learn new tech and, ultimately, are very vehicle focused. Our focus is on the driver. We enable auto manufacturers and merchants to automate services, such as fueling, curbside pickup and parking, for the driver. This creates a better driving experience with a more engaged customer."
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.
About Hagiwara Electronics Co., Ltd.
Hagiwara Electronics Co., Ltd. a global supplier of semiconductors and electronic components for the automotive industry, and a group company of the Hagiwara Electric Holdings Co., Ltd., engages in the management of its group companies to provide optimal products, solutions, and services for their partners. It operates through the Device and Solution business segments. The company was founded by Tadaomi Hagiwara on March 31, 1948 and is headquartered in Nagoya, Japan.
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