Internet Motors Corp., a telematics software and services developer for the automotive industry, on Sept. 19 announced it has raised $2 million in Series A funding from ThinkTank, a private equity and technology infrastructure company. Internet Motors is developing a portfolio of entertainment, information and commerce services for wireless delivery to vehicles.
Telematics is a rapidly growing industry that integrates wireless, location, speech and computing functionality to provide drivers with a variety of entertainment, information, safety, security and navigation services.
"Internet Motors is at the forefront of an industry projected to surpass $47 billion by 2010," said Scott Blum, founder of ThinkTank. "Consumers crave personalized services and content anywhere, anytime -- including in the car. Internet Motors is well positioned to deliver these services to the 17 million new vehicles sold per year, as well as the 200 million vehicles currently on United States roads."
Internet Motors says it plans to supplement current safety and security telematics offerings with a number of proprietary, entertainment driven services. The company says it will extend the reach of commerce by enabling drivers to purchase entertainment related products through a safe and simple method.
"Services promoting vehicle safety and security have existed for years," said Kevin Duffy, co-founder of Internet Motors. "We believe the future growth of the telematics industry is in entertainment services. ThinkTank's strategic guidance and capital investment are critical in helping Internet Motors expand its management team and technology build-out."
The company anticipates partnerships with telematics service providers, Tier 1 automotive suppliers and automotive manufacturers to deliver their telematics services to consumers.
About Internet Motors Corporation
Founded in 2000 and based in Aliso Viejo, Calif., Internet Motors (www.im.com
) is a telematics software and services developer for the automotive industry.
Internet Motors is developing a suite of
entertainment, information and commerce services to assist vehicle manufacturers in delivering location-relevant, personalized content to its customers in a safe and reliable manner.
About ThinkTank LLC
), a technology incubator and infrastructure
company founded by Scott Blum, is dedicated to financing and helping launch innovative technology companies.
Headquartered in Southern California's Aliso
Viejo, ThinkTank helps provide start-up businesses with equity investment capital, facilities, strategic direction and technical infrastructure.
ThinkTank companies include Aqueduct, buy.com, eFederal Systems, Enfrastructure, Executive Airlines, fax.com Internet Motors, Revelocity, sell.com, and Thinkbig.