AutoComplete has completed a financing round to further its expansion and development of an artificial intelligence-based technology platform for auto insurance, according to The Presidio Group, which advised the company in the deal.

Presidio said the SAFE-structured capital raise, led by Bain Ventures and FM Capital, included seven new strategic dealership group investors — AutoNation, Butler Automotive Group, Flow Automotive, Ken Garff Automotive Group, Mills Automotive Group, OREMOR Automotive Group and Pohanka Automotive Group.

Presidio was also an investor in the round. The amount raised was not disclosed.

“The market potential for AutoComplete’s turnkey auto insurance platform is tremendous,” AutoComplete co-CEO Ahmed Khaishgi said, “and the backing from major dealership groups further validates our ability to grow and become an entrenched part of the automotive retailing ecosystem.”

Khaishgi, who previously launched insurance technology platform SquareTrade and oversaw its 2017 sale to Allstate, co-founded San Francisco-based AutoComplete in 2021.

AutoComplete is designed to let dealers streamline internal operations and monetize the vehicle insurance process within their dealerships, without disrupting a car sale. The platform shops for the most competitive insurance offers based on a customer’s specific requirements to speed up the shopping process and save money.

“AutoComplete helps dealers solve a pain point that often emerges late in the vehicle-buying process: Does the consumer have insurance lined up to cover his or her new purchase?” Presidio managing director Keith Style said.

“The technology can help dealerships build out a brand-new profit stream — the ‘I’ in F&I — with minimal effort. The dealers who signed on as investors in this financing round clearly saw the value of AutoComplete’s solution.”