BMW, Jaguar and Porsche invest in mobility startup Urgent.ly as part of $21M round; roadside assistance
BMW i Ventures; InMotion Ventures, Jaguar Land Rover’s venture capital fund; and Porsche Ventures have invested in US-based Urgent.ly—a global digital roadside assistance platform—as part of a $21-million Series B round. The funding round, which also saw participation from current investors, was oversubscribed.
Urgent.ly’s solution combines location-based services, real-time data, AI and machine-to-machine communication. This means that, from the very beginning, the customer is provided with transparency regarding the location (exact to the second) and the expected arrival time of the roadside assistance provider.
The platform powers roadside assistance solutions in North America, Europe and Asia for leading brands across the automotive, insurance, telematics and other transportation-focused verticals.
Urgent.ly’s platform is connected to more than half of all US roadside operators covering more than 45,000 connected vehicles. Geo-location of customers and their vehicles means the best-rated and closest providers with the right equipment are algorithmically matched, assigned and dispatched to help the customer. All of these steps, including ETAs, provider tracking, communications and ratings are connected via Urgent.ly’s end-to-end platform.
Analysts are projecting travel miles to increase by one third globally by 2030, from new services, vehicles and uses. This means more things moving—and more things breaking down.