PARIS, TOKYO, and YOKOHAMA, Japan, October 11, 2018 /PRNewswire/ --
Alliance Ventures, the corporate venture capital fund of Renault-Nissan-Mitsubishi, the world's largest automotive group by unit sales, today announced that it led a $5 million Series A investment in Coord, the US mobility data platform.
The latest investment by Alliance Ventures is also supported by additional funding from Trucks, Urban.Us, DB Ventures and Joshua Schachter. They join Alphabet's Sidewalk Labs, a previous investor in Coord.
"We are pleased to be adding Coord to our investment portfolio," said Francois Dossa, Alliance Global Vice President, Ventures and Open Innovation. "This promising and fast-growing business fits exactly with our goal to support technology start-ups and business entrepreneurs focused on next-generation mobility services."
Initially focused on reaching developers with their robust suite of APIs, Coord intends to use this new financing to scale geographic coverage and build a comprehensive solution to enable enterprise customers to optimize their use of transportation infrastructure such as roads, curbs and parking lots.
"We're excited to support Coord in their mission to make cities more livable by enabling seamless mobility for everyone," said Ryan Armbrust, Partner at Alliance Ventures. "Coord is building a vital digital infrastructure that not only helps existing transportation modes operate more efficiently, but also enables rapid experimentation with new modes like scooter-share and autonomous vehicles."
"We are grateful to have the support of a diverse group of investors who see the opportunity to transform the mobility market," said Stephen Smyth, CEO of Coord. "Alliance Ventures and others bring expertise across the transportation and urban technology sectors that will enable us to accelerate the adoption of mobility solutions in cities throughout North America."
Groupe Renault, Nissan Motor Company and Mitsubishi Motors represent the world's largest automotive alliance. It is the longest-lasting and most productive cross-cultural partnership in the auto industry. Together, the partners sold more than 10.6 million vehicles in nearly 200 countries in 2017. The member companies are focused on collaboration and maximizing synergies to boost competitiveness. They have strategic collaborations with other automotive groups, including Germany's Daimler and China's Dongfeng. This strategic alliance is the industry leader in zero-emission vehicles and is developing the latest advanced technologies, with plans to offer autonomous drive, connectivity features and services on a wide range of affordable vehicles.