CarGlass Inc, Car Digital Media Service Provider Landed a $3 Million Seed Funding
Feb 02, 2016 10:41 AM EST
CarGlass Inc has just received $3 million seed funding from Byron Asset Management and Morning Crest Capital. The company is the provider of digital media content to drivers safely and intelligently.
Founded by Stanley Yuan, Yu Wang and David Fink in 2014, the company's mission is to connect every driver in the U.S. to the information they want and need. On top of that, the information is delivered intelligently and safely.
The company was founded to cater the need of Americans who drive car and spend much time on the road. On average, an American drives 13,476 miles (5,600 kilometers) per year. CarGlass aim to provide up-to-date information about things that become drivers' interest.
Last Friday, Byron Asset Management and Morning Crest Capital raised a $3 million seed funding for CarGlass Inc. The startup company will use the funding for hiring new staffs, product development and delivering its service to more than 132 million U.S. commuters. Currently, the company has its personalized service: Otto Radio.
Launched in October 2015, Otto Radio is a personalized playlists of news and podcasts based on user's interests and length of their commute. the radio also prepares its smart podcast, TryPodTM, which is able to help users to find more podcasts in less time.
CEO and co-founder Stanley Yuan told PE Hub Network about his reason to build a personalized playlist service, "It was a time consuming, frustrating process trying to assemble a daily playlist of interesting talk shows, interviews and programs for my hour commute between San Francisco and Palo Alto."
Therefore, he must prepare a day in advance to prepare his tomorrow's trip. Furthermore he said, "To make the most of my drive, I'd have to spend time the night before combing through shows like Charlie Rose, Bloomberg Business and Khan Academy. If I forgot to prepare my playlist, I would end up listening to random podcast episodes or mindlessly surf the channels on satellite radio."
A connected car such as service that CarGlass provide is what automakers aim for in the near future. Market Watch reported that compound annual growth rate of connected car will increase 27% to the 2020. Connected car technology is driven by the availability of fast and advanced communication & connectivity solution, thus providing enhanced safe driving experience.
The latest research from PS Market Research published this month shows a growing demand of connected car service. The research also showed the availability of technology, product and services offered such as sensors, navigation, and infotainment, just like what Car Glass provided.
CarGlass Inc with its new $3 million will be able to hire new staff and develop its product to provide smart entertainment service to more than 132 million of U.S. commuters. Its personalized service Otto Radio is currently available from the Apple App Store.