Published: July 28, 2016
An Internet of Things startup, Automile has recently secured a secured a $6.2 million investment. SaaStr Fund led the round with participation from other investors that included Dawn Capital and Christoph Janz.
One of Silicon Valley’s most influential thought leaders and co-founder of multiple successful startups, Jason Lemkin has driven venture capital investments in many leading enterprise and SaaS startups. Collectively, his investments have grown to be worth more than $1 billion in less than two years. Before SaaStr and VC investing, Lemkin was CEO and co-founder of EchoSign, the web’s most popular electronic signature service, from inception through its acquisition by Adobe Systems Inc.
According to Jason Lemkin:
The IoT space has enabled new SaaS startups to leverage a global opportunity to combine commoditized sensors with analytics, offering an entirely new toolset for progressive companies to solve their daily pain points out in the field. Automile has pioneered a new way to help these companies leverage the promise of IoT to address their most critical business challenges and gain the insights they need to continually improve their operations.
Jens Nylander, CEO and founder of Automile, said:
Automile has broken new ground and introduced a level of automation never seen before, helping more businesses finally replace their outdated, error-prone and time-consuming processes with advanced IoT offerings. As we continue to see so much momentum for our solutions, it is clear the market wants more. This latest investment will help us meet growing demand, while enabling us to further push the limits of what automated fleet technology can do.
In the last 12 months, Automile has grown to serve thousands of businesses accounting for tens of thousands of seats as more companies seek its automated, cloud-based and connected technology solutions to address common challenges in their vehicle fleets.
In the last three months alone, the company has grown steadily, with a 15 percent increase in month-by-month recurring revenue, while the market for IoT technology solutions like those offered by Automile will continue to grow to $30 billion by 2018. In addition, over 80 percent of the businesses trying out Automile’s free 60–day trial convert into paying clients.