Carketa, a provider of automotive data and intelligence software, announced it has closed on a $4.4 million early growth financing round.

The round was led by Capital Eleven, a new investor, with participation from new and existing investors including Crosslink Capital, Origin Ventures, Allegis Capital and Peak Ventures.

“We believe in Carketa’s vision,” Capital Eleven managing partner Travis Hawkes said, “and are confident that their innovative solutions will continue to disrupt the automotive industry and drive significant value for dealers and other industry players alike.”

Carketa, founded by Jason Berry and Brady Thurgood, is designed to help dealerships buy, manage, service and sell inventory faster and for more profit while enabling finance, insurance, lending, warranty and other related companies to better target and interact with dealers who fit their business models.

“This round of funding validates the leadership role Carketa is taking in the automotive industry with our suite of profit intelligence software tools, paired with proprietary real-time data and insights,” Carketa CEO Tim Hansen said. “This was the right amount of capital from the right group of investors to help our company push our platform, data, and insights forward.”

The strategic investment follows the recent launch of the artificial intelligence-infused Buy Suite, designed to help dealers know what inventory to acquire, where to find that inventory, and how much to pay for it. The company said more than 1,000 dealerships have adopted the Buy Suite tools and data services since its release from beta in May.

“Carketa is bringing data and insights to bear in a market that was forced to adapt to rapid change,” said Scott Stern, a partner in Origin Ventures, which led Carketa’s seed round of funding. “Vehicle values continue to oscillate as inventory supply and demand remain in flux, requiring dealerships and other value creators who work with dealerships to rely on data and insights to maximize profit creation. Carketa is uniquely positioned to be the trusted partner to dealerships and enterprises in the automotive industry.”