Openbay, a Cambridge-based online service provider for automotive repair and services, and a supplier of SaaS-based solutions for the automotive reseller's industry has successfully closed a $8M Series A series of financing.
The round was driven by Shell Ventures with support from existing investor Stage 1 Ventures and an undisclosed, additional strategic investor.
The organization is set to utilize the funds to convey artificial intelligence (AI) enabled solutions for businesses that provide automotive repair services and to grow existing and new markets across all its existing offerings.
Openbay provides an online marketplace that enables consumers to find automotive service providers, compare price quotes for services and transact for automotive maintenance services. The company also offers SaaS-based solutions for automotive care businesses to acquire and service customers.
“The new capital from the series A round will be utilized to procure more employees, scale the stage, add more clients and extend the reach of the marketplace outside the U.S.”, stated Openbay CEO and Founder Rob Infantino.
The new specialized technical hires will be important to continue scaling the platform. Launched in October 2013, Openbay enables customers to look at cites from close-by suppliers of auto repair and support administrations, and book arrangements. The company additionally is into selling software programs to allow service station owners to better interact with potential customers online.
“What we’re building doesn’t exist today,” Infantino added. “It will be part of our suite of SaaS services; there will be a chat component to it, but it’s a lot more than that.”
The company declined to reveal the name of the additional strategic investor who took part in its Series A round, nor the total funding to date.
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