FUSE Autotech closes another $10M in funding
In January, Walser Automotive Group, in partnership with PICO Venture Partners, announced the launch of a cloud-based predictive finance management system fueled by artificial intelligence that’s designed to cut the delivery process down from an average of three hours to 30 minutes.
On Thursday, that company — FUSE Autotech — announced the completion of its $10 million Series A round of financing, led by Target Global. Participation also included PICO Venture Partners, former Auto1 chief operating officer Christopher Muhr and Escavel Capital.
FUSE Autotech said through a news release that this new round of funding will be used to expand its product and R&D teams.
“We are excited to complete this round together with leading auto industry software experts whose significant experience adds enormous value as we scale our company,” FUSE Autotech chief executive officer Colton Ray said. “The investment will allow us to expedite development and focus on expansion.”
FUSE Autotech currently serves more than 100 dealerships in the United States through various FUSE SaaS products. The company is processing nearly $1 billion worth of vehicle transactions per year.
“We are excited to add FUSE Autotech to our mobility fund as we continue to partner with entrepreneurs to transform the automotive industry,” Target Global general partner and vice chairman Shmuel Chafets said in the news release.
“We began this journey with Auto1, which has grown into Europe’s largest wholesale platform for used cars. Today, FUSE’s innovative solutions are reinventing the financing segment of the industry and bringing tremendous added value for dealerships on a path that is set up for rapid growth,” Chafets continued.
Also involved with the company is Elie Wurtman, managing partner of PICO Venture Partners and co-founder of Vroom.
“The automotive industry experience is rapidly evolving on all fronts and one of the biggest opportunities is reinventing the finance process into a fully automated omnichannel experience,” Wurtman said.
“I am excited to work together with Andrew, Shmuel and Chris and to bring our expertise in both the auto industry and scaling software companies to lead FUSE on a quick pathway from launch to scale,” she went on to say.