Car IQ, a San Francisco, CA-based vehicle payment technology platform, closed a $5m Series A funding.
The round was led by Quest Venture Partners with participation from new investors Avanta Ventures, Citi Ventures, Alpana Ventures, Plug and Play, and AVG’s Spike Ventures.
The company intends to use the funds continue to accelerate growth of autonomous payment gateway for vehicles.
Led by Sterling Pratz, Founder and CEO, Car IQ is developing a payment gateway that will enable vehicles to autonomously connect to a bank’s payment network, validate, and pay for their own services. The platform will eliminate the need to use credit cards in vehicle service and payment workflows, enabling direct connections to banking institutions.
Car IQ partners with automobile OEMs, financial institutions, and third-party service providers so that vehicles in fleets utilizing its technology are able to pay for services rendered autonomously and seamlessly, without human interaction.