Sheeva.AI Closes $9.25 Million Series a Funding Round, Powered by Strategic Investment Partners

Sheeva.AI announced today it finalized a $9.25 million Series A funding round, led by strategic investors Reynolds and Reynolds Company, with additional funding from Poppe + Potthoff Capital GmbH and Pegasus Tech Ventures.

Sheeva.AI offers an in-car payments and commerce solution that introduces vehicle location-based services that help monetize the driver experience.

Its patented precise geolocation technology allows drivers to seamlessly pay for and receive services such as fueling, EV charging, parking, curbside pickup and drive-through without leaving the comfort of their vehicle.

Sheeva.AI’s technology automatically detects the vehicle at the specific gas pump, parking spot, electric vehicle charging space, or drive-through lane. It enables payments on the in-vehicle infotainment screen or any OEM’s mobile app.

“This investment shows the same level of belief and faith that the entire Sheeva.AI team has in the future of in-vehicle commerce and payments,” said Evgeny Klochikhin, founder and CEO of Sheeva.AI. “As OEMs, energy marketers and retailers of all kinds look to the possibilities for new revenue streams and better customer experiences via in-car transactions, I’m proud of what all our partners and we have accomplished so far.”

“Those first transactions are happening now, and we hope we will be in millions of cars across the US, Europe, India, Japan, and wider Asia in the coming years,” he added.

“Like the Sheeva.AI team, we’re big believers in the in-vehicle commerce space,” said Sidney Haider, SVP of Reynolds and Reynolds. “Our dealer and automotive OEM network see the car as a new digital platform that will be as revolutionary as the smartphone was in e-commerce.”

He added this is a follow-on investment from them. “We were here in Sheeva.AI’s earlier days, and we continue to be supportive as they gain traction,” he said.

“We see where this market is going,” said Christian Potthoff-Sewing, Chairman and President of Poppe + Potthoff GmbH, of the global in-vehicle payments and services market, estimated to grow to $26 billion by 2031. “We are focused on building the hydrogen vehicle economy based on our decades-long experience in fuel supply systems. This is a unique opportunity to build a new in-vehicle marketplace that leverages the expected explosive growth in the hydrogen market.”

Sheeva.AI will use this new round of funding to build out its production team, aimed at growing its automotive partner footprint, as well as adding new services partners across the fueling, EV charging, parking, tolling, curbside retail and QSR drive-thru verticals in the US, India, Europe, and Japan.

Pegasus Tech Ventures, early investors in SpaceX, DoorDash and Instacart, closed out this round.

This investment follows earlier seed funding by the strategic partner and Tier 1 automotive supplier Hagiwara America, Inc., global accelerator program Techstars and Conscious Venture Partners, a Baltimore, MD-based accelerator and VC fund.

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