Modal (formerly Drive Motors), a San Jose, CA-based online car-buying experience solutions provider, raised $15M in Series A funding round.
Backers included Pegasus Tech Ventures, American Honda with existing investors.
The company intends to use the funds to scale the team to develop new e-commerce technologies and further streamline the online transaction and ownership experience, including finance, insurance, contract, and service.
Led by Aaron Krane, CEO and founder, Modal provides e-commerce to automotive dealers and brands, integrating directly into a dealership’s website as an embedded feature that enables users to complete the entire transaction cycle. The platform has created accessibility to digital transactions and is building a “multimodal” channel to introduce an entire ownership operating system.