Porsche invests in U.S. startup Urgent.ly
Porsche has invested in startup Urgent.ly. The American company sees itself as the leading global platform for mobility and roadside assistance. The financing round amounted to $21 million (18.5 million euros). Alongside Porsche Ventures, other companies obtained shares in Urgent.ly, including BMW i Ventures and InMotion Ventures, the venture capital division of Jaguar Land Rover.
The U.S. startup's platform supports roadside assistance services in North America, Europe, and Asia. Using artificial intelligence and geo-location, Urgent.ly connects drivers, service providers, and automotive manufacturers in real time to coordinate the best and fastest help in the event of a breakdown. This is intended to provide the customer with transparency regarding the exact location and the expected arrival time of the roadside assistance provider. In the U.S., more than half of all roadside assistance providers are already connected to the platform, which serves around 45,000 networked vehicles.
“Urgent.ly is an innovative platform solution which impresses with its speed and transparency. It is also internationally scalable. We are convinced that it can help increase customer satisfaction levels in critical situations,” said Kilian Sauerwald, Director of Aftersales Region and Market Development at Porsche. “The team at Urgent.ly sets itself apart due to its well-founded expertise within the customer and technology business. This is why we chose a strategic investment.”
“The support of our investors confirms our strategy and business model. We are aiming to create a range of services for the mobility and roadside assistance industry which meets the expectations and requirements of our customers,” said Chris Spanos, CEO and Co-founder of Urgent.ly. “We look forward to continuing to advance our connected services across the global automotive, insurance, and mobility markets.”