Car IQ, an Oakland, Calif.-based payment solution developed specifically for fleet vehicles, raised $15m in Series B funding.
The round was led by Forté Ventures with participation from new investors Ally Ventures, BlackBerry Limited (NYSE: BB; TSX: BB), State Farm Ventures, and TELUS Ventures and existing investors Alpana Ventures, Avanta Ventures, Citi Ventures, Quest Venture Partners, and Scrum Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Sterling Pratz, CEO, Car IQ provides a contactless payment network that allows connected cars and trucks to pay merchants and service providers without a credit card. With Car IQ, vehicles can pay for a wide variety of services including fueling, tolling, parking, and more without needing to add extra hardware to the vehicle.
The company’s patent-pending “Know Your Machine℠” technology is accepted by payment networks. It represents the foundation for the first machine payment network that uniquely authenticates vehicles, enabling direct vehicle-initiated transactions and payments.