Openbay Developing AI-Enabled Solutions Designed for the Automotive Aftermarket Industry Secures Series A Financing
CAMBRIDGE, MA, June 25, 2018 – Openbay, an award-winning online marketplace for automotive repair and services and a provider of SaaS based solutions for the automotive aftermarket industry, today announced it closed an $8M Series A round of financing. Shell Ventures LLC led the round with participation from existing investor Stage 1 Ventures and an additional strategic investor. The new round will be used to bring to market artificial intelligence (AI) enabled solutions for businesses that provide automotive repair services and to grow existing and new markets across all its offerings.
Openbay provides an online marketplace that empowers consumers to conveniently locate automotive service providers, compare price quotes for services and transact for automotive maintenance services.
“Openbay’s vision has not changed since its inception; fundamentally improve the experience for automotive repair and services for consumers, and the way that automotive care businesses acquire and service customers. Consumers expect their interactions across websites, social platforms, mobile and messaging apps to be engaging and interactive. This requires natural-language processing, machine learning and predictive analytics,” said Rob Infantino, founder and CEO of Openbay. “With fresh capital and depth of the resources our strategic and global investors bring to Openbay, the company is now well positioned to grow and expand its offering globally.”
Commenting on the announcement, Huibert Vigeveno, Executive Vice President for Global Commercial, Shell, said “Digital and services partnerships provide exciting prospects and new revenues for Shell’s Marketing businesses. Understanding customer needs and reducing customer friction is at the heart of our thinking. We scan the market for emerging technology trends and look for disruptive or transformational technologies, and investing in promising technologies such as Openbay is very much part of our future growth strategy.”
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Openbay is an online marketplace and SaaS software company transforming the experience for automotive repair and services for consumers, and the way that automotive care businesses acquire and service customers. Headquartered in Cambridge, MA, Openbay is privately held. Its investors include Shell Global Commercial, Stage 1 Ventures, Boston Seed Capital, GV (formerly Google Ventures), a16z seed, and several individual investors. Openbay holds an A+ rating from the Better Business Bureau.
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). Continuing Shell’s tradition in venture capital since 1997, Shell Venture’s investment focus covers the full energy spectrum from O&G to renewable energy technologies and digital solutions. Shell Ventures co-invests with other corporate investors, venture capital funds and angels in both early stage and late stage (growth capital) companies. For more information, visit www.shell.com/shell-ventures.
About Stage 1 Ventures
Stage 1 Ventures is an early stage venture capital firm seeking to build partnerships with great entrepreneurs who want to build meaningful companies. Stage 1 spans the “Capital Gap” for early stage entrepreneurs with capital efficient fund models for Limited Partners. Stage 1’s management team has invested in more than 100 leading companies over the last twenty years, roughly half of them in the mid-Atlantic region, and has produced almost $1 billion of investment proceeds. For more information, visit www.stage1ventures.com.
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