Singapore-based automotive data analytics company Carmen Automotive has raised S$1 million ($730,000) in a pre-Series A funding round led by Silicon Solution Ventures (SSV). SEEDS Capital also participated in this round.
According to an official statement, Carmen aims to raise its Series A round in the next 12 months on the back of strong investor interest. The company last raised a $200,000 seed round from TRIVE in end-2015.
Founded in 2014, Carmen Automotive’s technology produces predictive, real-time data measuring automotive metrics like battery life, fault codes, fuel efficiency and mileage. The data is fed to drivers and repair centres to alert them about potential problems before they happen.
Carmen’s target market is Southeast Asia where there are over 100 million cars across the region. The company plans to use the funding to increase its deployment beginning with Singapore, Malaysia and Thailand. Its current customers include fleet operators, automotive insurers, dealers and garage servicing channels.
David Ng, Managing director of SSV, said: “The company’s key strength lies in the technical competency of its hardware, with specialised technical features that provide predictive solutions without invading their customers’ privacy.”
Sem Chong, CEO and founder of Carmen Automotive said: “Carmen has managed to come this far thanks to the staff that has stuck with us over the years, as well as our investors’ support. We have accumulated much feedback from our early adopters and will continually work towards optimising our products to increase user satisfaction.”
According to Carmen, the company is working on a new phase of products serving its stakeholders in the automotive industry.