Auto retail technology giant Reynolds and Reynolds is the lead investor in Sheeva.AI's $9.25 million series A funding round announced Thursday.
Sheeva.AI is building an in-car payments software system that works off a vehicle's location.
The Tysons Corner, Va., company says its geolocation technology will allow drivers to seamlessly pay for fueling, electric vehicle charging, parking, curbside pickup and drive-through services from their car. The technology can detect a vehicle at a specific gas pump, battery charging space, parking spot or drive-through lane. It then enables payment via an in-vehicle infotainment screen or an automaker's mobile application.
"Like the Sheeva.AI team, we're big believers in the in-vehicle commerce space," said Sidney Haider, senior vice president at Reynolds and Reynolds. "Our dealer and automotive OEM network sees the car as a new digital platform that will be as revolutionary as the smartphone was in e-commerce."
Sheeva.AI, which also has offices in Detroit; New Delhi; Dresden, Germany; and Nagoya, Japan, plans to use the funds to hire workers for its production team and expand its automotive partnerships.
The funding will also help Sheeva.AI add service partners in the fueling, EV charging, parking, tolling, curbside retail and quick service restaurant drive-through sectors in the U.S., India, Europe and Japan, the company said.
"This investment shows the same level of belief and faith that the entire Sheeva.AI team has in the future of in-vehicle commerce and payments," said Evgeny Klochikhin, founder and CEO of Sheeva.AI.
Other investors in this round included Poppe + Potthoff Capital and Pegasus Tech Ventures, a San Jose, Calif., venture capital firm that works with large global corporations that want to partner with technology startups.
After Sheeva.AI completed Techstars' global accelerator program in 2020, Tier 1 supplier Hagiwara America seeded it with a $1 million investment in 2021. Sheeva.AI obtained additional funding from Conscious Venture Partners, a Baltimore accelerator and venture capital fund.