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State Of Mobility: Investment & Sector Trends To Watch 1 WHAT IS CB INSIGHTS? CB Insights helps the world’s leading companies make smarter technology decisions with data, not opinion. Our Technology Insights Platform provides companies with comprehensive data, expert insights and work management tools to drive growth and improve operations with technology. SIGN UP FOR A FREE TRIAL 2 CB Insights helps us compress our timeto-decision when gathering and analyzing data and getting an external view on what's happening in the market so we can quickly take action. Meraj Mohammad Vice President, Ventures Group, ADP 3 Our Most Popular Client-Exclusive Research The Future Of Transportation: The Impact Of Covid-19 On Mobility Q&A: The Impact Of Covid-19 On Mobility And Transportation What The Auto Tech Industry Could Look Like In A Post-Covid World 70+ Companies Driving Innovation In Electric Vehicles The Future For Electric Vehicles Looks Bright As Traction Around Charging Infrastructure Builds Market Map: 90+ Companies Defining The Micromobility Revolution Amid Failure And Market Uncertainty, How Self-Driving Tech Developers Are Pushing Forward Autonomous Trucking: Providers And Solutions Autonomous Last-Mile Delivery: Providers And Solutions Market Map: 50+ Companies Reshaping Auto Commerce 3 Ways Digitization Is Reshaping The Car-Buying Experience The Rise Of Connected Vehicles Is Creating A New Cybersecurity Market 40+ Corporations Working On Autonomous Vehicles 4 Contents 8 Summary 30 Sector Highlights 10 Market Drivers 76 Appendix 18 Investment Trends 5 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters, as well as the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering on-demand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 6 Summary of findings Overall auto & mobility trends Funding to the broader auto & mobility sector fell slightly in 2020: Funding was down 5% year-over-year (YoY) to $27.6B after falling 20% in 2019, while deals fell 21% in 2020 YoY to 522, the second consecutive annual drop. Despite a weaker start to the year, in part driven by the pandemic, activity picked up in H2 as companies addressing electrification and autonomy drew significant interest from investors. Exits reached a new peak in 2020 at 107, with 22 SPAC deals across auto & mobility: Electric vehicle (EV) companies led the SPAC lineup, comprising 58% of 2020’s total deals. Covid-19 temporarily reeled back deal activity: Investors scaled back funding in Q2’20 as the impact of the pandemic set in. That said, deal activity and funding both recovered in H2’20 as sentiment improved and investors saw fresh opportunities in commercial vehicles and logistics. North America’s share of auto & mobility deals is slipping: Asia and Europe are gaining deal share over time, as the regulatory backdrop for electrification and micromobility remains more favorable in developed nations outside the US. Europe’s deal share rose to 25% from 22% in 2019, while North America’s deal share fell for the fourth consecutive year to 32%, and Asia’s fell slightly to 39% from 41% the year prior. Auto & mobility unicorns born in 2020 span multiple verticals: Of the 8 unicorns born in 2020, 4 operate in auto commerce (Cars24, Creditas, Kavak, Socar), 1 focuses on electric vehicles (Cazoo), 2 work on autonomous vehicle (AV) training (Applied Intuition, Scale AI), and 1 operates in the ride-hailing space (Via Transportation). 7 Summary of findings Auto & mobility sector-specific trends Electric vehicle tech: EV tech companies raised a record $12.8B in funding across 193 deals in 2020. OEMs brought in the bulk of the funding — nearly $8B — as investors rewarded passenger and logistics vehicle makers. Autonomous vehicle tech: Funding to AV companies reached a new peak in 2020, garnering $7.3B across 105 deals. The ecosystem is maturing, as investors have identified tech leaders and are placing larger bets on these firms. Average deal size rose to $104M from $89M in 2019. Connected car tech: Deals to connected vehicle tech companies dipped for a second consecutive year in 2020, falling 34% to 70 deals, from 106 in 2019. Funding plunged 52% to $1B from $2.2B the year prior. Because connectivity solutions have been widely adopted, investors have pivoted focus to other areas of auto tech such as electrification and autonomy. Auto commerce: On the whole, auto commerce saw a dip in funding in 2020. However, auto e-commerce enablement companies saw unprecedented demand for their products during the pandemic, suggesting these solutions may garner more capital from investors in the year to come. Bike & scooter tech: Funding to bike and scooter companies rose 52% YoY in 2020 to $2.4B across 83 deals. Despite rapid adoption of bikes and scooters during the pandemic, funding failed to regain the momentum seen in 2017 — 2018, as investors remain skeptical of the viability of sharing platforms. Mobility-as-a-service (MaaS): Funding to shared mobility companies fell 20% in 2020 to $6.3B across 116 deals. Ridehailing took a substantial hit during the pandemic as lockdown orders and social distancing measures halted travel. 8 Auto & Mobility Market Drivers 9 AUTO & MOBILITY MARKET DRIVERS Pandemic reshapes how people live and move The outbreak of Covid-19 in early 2020 had a substantial impact on transportation as travel came to a halt, consumers chose personal vehicles over shared, and e-commerce/delivery demand surged. US consumers are choosing personal cars over public transit Change in routing requests through October 27, 2020 since January 13, 2020 baseline in 5 most populous states in the US Uber pivots to delivery as ride-hailing suffers Uber’s gross bookings in the first 9 months of 2020 vs. 2019, by segment $36.2M $19.8M $20.2M $10.1M Sources: Apple, Uber Mobility Q1'19-Q3'19 Delivery Q1'20-Q3'20 10 AUTO & MOBILITY MARKET DRIVERS E-commerce demand drives focus on logistics Tech-enabled logistics came into focus in 2020 as consumers opted for online shopping and food delivery, creating a stronger need for last-mile efficiency. In response, a number of companies focused on passenger vehicles, while robotaxis explored opportunities in delivery. Earnings transcript mentions, last-mile delivery, 2010 — 2020 Uber scales up grocery business as delivery operations overtake ride sharing November 6, 2020 Sources: Grocery Dive, FreightWaves, The Verge GM bets on BrightDrop’s connected last-mile delivery ecosystem February 12, 2021 Cruise is teaming up with Walmart for robodelivery in Arizona November 10, 2020 11 AUTO & MOBILITY MARKET DRIVERS Bikes & scooters provide socially distant transit In urban hubs, bikes and scooters provided a socially distant mode of transport and served as a more affordable, convenient option than purchasing a new car. Earnings transcript mentions, bike OR bicycle OR scooter, 2008 — 2020 Cities are transforming as electric bike sales skyrocket May 14, 2020 Sources: The Verge, Engadget, The Economist It was a massive year for electric bikes and scooters December 18, 2020 The pandemic is giving e-bikes a boost August 1, 2020 12 AUTO & MOBILITY MARKET DRIVERS Pandemic lockdowns spur auto retail innovation The stay-at-home economy created a surge in demand for online car buying services and vehicle delivery services. Consumers are increasingly willing to buy a car online. Share of car buyers open to buying cars online (before vs. during Covid-19 pandemic) News mentions, digital AND dealership (2012 — 2020 YTD) Sources: CarGurus (left) 13 AUTO & MOBILITY MARKET DRIVERS Climate concerns drive focus on electric vehicles Vehicle electrification has become top-of-mind in the broader push to combat climate change. Tailwinds remain in place for electric vehicles: the regulatory backdrop in both China and Europe is favorable and falling battery costs will likely help spur adoption. News mentions, climate AND electric vehicle, 2011 — 2020 Electric vehicles close to ‘tipping point’ of mass adoption January 22, 2021 The electric car future is finally taking off December 10, 2020 Sources: The Guardian, FT, Automotive News Biden era holds big promise for future of electric vehicles January 11, 2021 14 AUTO & MOBILITY MARKET DRIVERS FAMGA ramped auto & mobility activity in 2020 • Strategic investments: Rivian (electric vehicles), Aurora (autonomous driving), Acko General Insurance (auto insurance), Deliveroo (on-demand delivery), Shuttl (mobility-as-a-service), Redwood Materials (battery recycling). • Acquisitions: Amazon acquired autonomous vehicle company Zoox in June 2020. Zoox remains a standalone business under Amazon and continues to focus on developing an autonomous passenger vehicle from the ground up. • Product: In October 2020, Amazon and Rivian unveiled their jointly developed electric delivery van. • Product: In December 2020, Amazon’s Zoox unveiled its self-driving taxi. • Strategic investments: Alphabet contributed to scooter-sharing platform Lime’s $170M Series E round in May 2020 and subsidiary Waymo’s $2.3B round in March 2020. • Partnerships: Waymo partnered with Daimler to co-develop self-driving semi-trucks as well as Fiat Chrysler and Volvo on passenger vehicle applications. • Product: Waymo expanded its Phoenix-based ride-hailing service to more users in October 2020. • Product: Apple may be aiming to launch an all-electric self-driving car by 2024, per news reports. It is reportedly working on its own battery technology. 16 AUTO & MOBILITY MARKET DRIVERS 2021 activity suggests even more involvement • Strategic investments: Rivian (EVs), Deliveroo (on-demand delivery); in January 2021, Amazon expanded its partnership with EV manufacturer Lion Electric, securing the right to buy up to 15.8% of the company. • Product: Amazon started testing Rivian’s electric delivery vans in Los Angeles in February 2021. • Partnership: Google partnered with Ford in a 6-year deal that brings Android tech to Ford vehicles and cloud services to Ford’s factory floor. • Product: Waymo began testing its robotaxis in San Francisco in February 2021. • Strategic investments: Microsoft contributed to Cruise’s $2B round in January 2021. As part of the investment, Cruise will use Microsoft’s cloud computing platform, Azure, for its self-driving vehicles, while parent GM will work with Microsoft to digitize its supply chains and more quickly launch new mobility services, such as robotaxis and last-mile delivery. • Partnership: Volkswagen expanded its partnership with Microsoft, which focused on cloud computing for connected vehicles, to include autonomous driving development. 16 Auto & Mobility Investment Trends 17 AUTO & MOBILITY INVESTMENT TRENDS Funding to auto & mobility fell slightly in 2020 Annual auto & mobility tech deals and funding, 2015 – 2020 Funding amount ($M) $50,000 $40,000 $30,000 387 $20,000 $10,000 $0 $17,497 2015 461 $13,851 2016 676 $42,234 2017 736 $36,458 2018 664 $29,070 2019 Deal count 800 522 600 400 200 $27,626 0 2020 18 AUTO & MOBILITY INVESTMENT TRENDS Auto & mobility rode the SPAC wave in 2020 In 2020, an unprecedented number of companies across industries went public via special purpose acquisition companies (SPACs). Number of IPOs via SPAC for auto & mobility startups, 2015 — 2020 22 Electric vehicle technology 1 2015 1 2016 1 2017 1 2018 1 2019 2020 Lidar Auto retail Connected car tech 19 AUTO & MOBILITY INVESTMENT TRENDS SPAC spree continues into 2021 Connected car data platform SPAC date: 2/1/2021 Otonomo Technologies offers a cloud-based SaaS car data exchange and marketplace that enables car OEMs to monetize car data in a safe, controlled, and secure manner. Lidar SPAC date: 2/24/2021 Joby Aviation is developing personal electric VTOL aircraft. The company has expertise in composite airframe design and fabrication, high-fidelity aerodynamic analysis, and highperformance electric motor design and fabrication. EV charging infrastructure Expected SPAC date: Q1’21 ChargePoint operates an electric vehicle (EV) charging network. The company provides property owners and drivers with the necessary charging stations, mobile apps, and analytics. Fuel cell trucks SPAC date: 2/5/2021 HYZON Motors is a global supplier of zero-emissions hydrogen fuel cell-powered commercial vehicles, including heavy-duty trucks, buses, and coaches. Peer-to-peer car sharing Expected SPAC date: Q1’21 Turo is a peer-to-peer car sharing marketplace that allows guests to choose from a selection of nearby cars, while hosts earn extra money to offset the costs of car ownership. Electric micromobility SPAC date: 2/8/2021 Helbiz is an intra-urban transportation company aiming to solve first- and last-mile transportation problems in hightraffic urban areas. 20 AUTO & MOBILITY INVESTMENT TRENDS Europe takes share from N. America & Asia Annual deal share by continent for auto and mobility tech companies, 2016 – 2020 100% Other 21% 22% 20% 22% 25% Europe 39% 50% 39% 39% 41% 39% Asia 38% 37% 36% 0% 2016 2017 2018 Note: “Other” includes Africa, South America, and Australia. 33% 2019 32% 2020 North America 21 AUTO & MOBILITY INVESTMENT TRENDS Auto & mobility sector is maturing Annual deal share by stage to auto & mobility tech companies, 2016 – 2020 100% 18% 23% 22% 22% 29% 7% 10% 5% 6% 5% 10% 12% 14% 9% 50% 22% 12% 19% 21% 22% 19% 40% 0% 2016 35% 2017 32% 2018 28% 2019 25% 2020 Note: “Other” includes convertible notes, corporate minority, growth equity, venture capital, and undisclosed rounds. Other Series E+ Series D Series C Series B Series A Seed/Angel 22 AUTO & MOBILITY INVESTMENT TRENDS Top 2020 rounds covered EVs, AVs, MaaS Company Deal date // Total disclosed AEmxiotudnattreaised ($M) fu$n8d,7in0g1M($M) Jul ’20 // $2,250M $8,701M Total disclosed Sfeulencdtiningv(e$sMto)rs Description T. Rowe Price, Amazon, Fidelity Investments, Coatue Management, D1 Capital Partners Rivian develops an integrated portfolio of electric vehicles, technologies, and services with a focus on developing an allelectric pickup truck. Mar ’20 // $2,250M $3,200M Nov ’20 // $1,528M $1,528M Magna International, AutoNation, Alphabet, Silver Lake, Mubadala Investment Co, Andreessen Horowitz Pudong VC, SAIC Motor, Alibaba Waymo is developing a full-stack self-driving solution and currently operates a commercial robotaxi service in the Phoenix, Arizona area. The company is a subsidiary of Alphabet (the parent company of Google). IM Motors (Zhiji Auto) is a high-end smart pure electric vehicle project jointly created by SAIC, Pudong New Area, and Alibaba Group. Sept ’20 // $1,476M $5,535M Baidu, SAIC Capital, Agile, Tsingshua Unigroup WM Motor is a China-based electric vehicle manufacturer. Mar ’20 // $1,200M $4,735M PayPal, Facebook, Mitsubishi, Visa Ventures, AIA Group, Bank Jago, JD.id, Blue Bird Gojek offers a variety of complete services starting from transportation, logistics, payment, food delivery, and other ondemand services, by connecting users to driver-partners. 23 AUTO & MOBILITY INVESTMENT TRENDS Largest exits in 2020 include EV cos, auto retail Company DEexaitl ddaattee //// Total disclosed AAmmoouunnttrraaiisseedd (($$MM)) fuEnxditintygp(e$M) Aug ’20 // $1,496M IPO Total disclosed Sfeulencdtiningv(e$sMto)rs $2,543M Jul ’20 // $1,093M IPO Lixiang Automotive Oct’ 20 // $724M IPO $1,921M $614M Description XPeng Motors is a manufacturer of Internet-based electric cars. The company has developed an electric drive system and intelligent system including motors, battery, electrical control system, and a central touchscreen. Lixiang Automotive aims to sell electric vehicles online and offline and provide related services including car maintenance, repairs, and insurance. Root sells auto insurance and relies on a mobile app, along with telematics and data science, to measure driving behavior and more accurately price each user’s policy. Sept ’20 // $560M Reverse merger $29.8M Hyliion is creating an add-on hybrid module for tractor trailers that will reduce fuel consumption with a payback of under a year. Jul ‘20 // $486.4M IPO $991.5M Farasis Energy is developing and commercializing energy storage solutions to increase energy efficiency for the transportation, consumer electronics, and power distribution markets. 24 AUTO & MOBILITY INVESTMENT TRENDS Notable 2020 M&A deals across auto & mobility Autonomous delivery company Nuro acquired Ike, an autonomous trucking company. December 23, 2020 Self-driving company Aurora acquired Uber’s self-driving unit, Uber ATG. Uber is focusing more heavily on delivery and moving away from moonshots. December 7, 2020 Scooter-sharing platform Bird Rides acquired Berlin-based competitor Circ. January 27, 2020 Tech giant Amazon acquired Zoox, a self-driving tech provider focused on designing an autonomous passenger vehicle from the ground up. June 26, 2020 UK-based online auto retailer Cazoo acquired subscription platform Drover as part of plans to expand its reach across Europe. December 17, 2020 Shared mobility provider Via acquired Fleetonomy, a fleet management software provider for logistics and delivery. October 12, 2020 25 AUTO & MOBILITY INVESTMENT TRENDS New unicorns in auto retail, AV training, & EVs Socar Birth date // Amount raised ($M) 12/18/2020 // $255M Series E Current valuation ($M) $1,750M 12/1/2020 // $155M Series D $4,162M 11/24/2020 // $200M Series E $1,000M 10/22/2020 // $125M Series C $1,250M 10/16/2020 // $52.5M $1,000M Private Equity – II 10/1/2020 // N/A Series C $1,150M 10/1/2020 // $311M Series D $2,500M 3/30/2020 // $200M Series E $2,143.5M SoftBank Group, LGT Lightstone, Wellington Management, e.ventures, Amadeus Capital Partners Tiger Global Management, Spark Capital, Founders Fund, Accel, Index Ventures DST Global, Unbound, Sequoia Capital India, Euler Capital, Moore Strategic Ventures, EXOR Seeds Lux Capital, Andreessen Horowitz, General Catalyst, Kleiner Perkins Caufield & Byers Bain Capital, SK Group, Songhyun Investment, Stonebridge Capital SoftBank Group, DST Global, General Atlantic General Catalyst, BlackRock, Octopus Ventures, Entrée Capital Daimler, Shell Ventures, Pitango Venture Capital Creditas is a digital lending platform focused on secured lending. Core products include a version of home equity and auto loans. Valuation: $1.8B. Scale AI is an API for human labor that delivers high quality training data for AI applications such as self-driving cars and robotics. Valuation: $4.2B. Cars24 is a hybrid used car trading platform offering both online and offline services. Valuation: $1B. Applied Intuition provides software infrastructure to safely develop, test, and deploy autonomous vehicles at scale. Valuation: $1.3B. Socar is a car-sharing service in South Korea. Valuation: $1B. Kavak is an online used car marketplace that facilitates processes and paperwork, generates a personalized financing and guarantees system for each client. Valuation: $1.2B. Cazoo sells refurbished cars online, delivers them to customers' homes within 48 hours and offers a seven-day free returns policy. Valuation: $2.5B. Via is re-engineering public transit-from a regulated system of rigid routes and schedules to a fully dynamic, on-demand network. Valuation: $2.3B. 26 Globally there are 45 AUTO & MOBILITY UNICORNS Valued in aggregate at $226.8 BILLION 27 AHEAD IN 2021 Key trends for 2021 Zero-emission transportation Improving electric vehicle design and rolling out the proper infrastructure to support clean transportation of people and goods. Commercial vehicle innovation Doubling down on logistics and other commercial vehicle applications amid the pivot to the “convenience economy.” Return of the robotaxi Renewed interest in solutions that can accelerate training and enhance safety in autonomous passenger vehicles. Rethinking micromobility New form factors such as improved balance and portability for personal electric vehicles. Digital dealerships Preparing for the future of car buying and ownership, which involves digitizing the purchase process and adopting new ownership and usage models. 28 Auto & Mobility Sector Highlights 29 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 30 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 31 ELECTRIC VEHICLE TECH EV tech funding reached a new peak in 2020 Annual electric vehicle tech deals and funding, 2015 – 2020 Funding amount ($M) $15,000 $10,000 196 183 149 Deal count 250 193 200 150 $5,000 73 $0 $1,427 2015 89 $3,160 2016 $9,323 2017 $9,983 2018 $11,187 2019 100 50 $12,752 0 2020 32 ELECTRIC VEHICLE TECH Electrification remains top-of-mind Even amid a global pandemic, the backdrop for electric vehicles is favorable, as governments across the globe prioritize electric vehicle adoption and tech advancements drive improvements in vehicle capabilities. Earnings calls mentions, electric vehicle OR electrification, 2008 — 2020 Auto Makers Charge Ahead With ElectricVehicle Plans July 19, 2020 Sources: The Wall Street Journal, Washington Post, The Verge General Motors to eliminate gasoline and diesel light-duty cars and SUVs by 2035 January 28, 2021 Uber pledges to shift to ‘100 percent’ electric vehicles by 2030 September 8, 2020 33 ELECTRIC VEHICLE TECH EV cos dominate auto & mobility SPACs Companies developing technology to support EVs comprised the majority (68%) of auto & mobility SPAC announcements in 2020. Number of IPOs via SPAC for auto & mobility startups, 2015 — 2020 22 Electric vehicle technology 1 2015 1 2016 1 2017 1 2018 1 2019 2020 Lidar Auto retail Connected car tech 34 HIGHLIGHT #1: PASSENGER EVS Passenger vehicle OEMs garner investor interest Latest round: Amount: About: Corporate Minority – VII (1/19/2021) $2.7B Rivian develops an integrated portfolio of electric vehicles and services with a focus on an all-electric pickup truck. Latest round: Amount: About: Series D (9/22/2020) $1.5B WM Motor is a Chinabased electric vehicle manufacturer. Latest round: Amount: About: Series C (12/4/2020) $305.5M Hozon Auto focuses on the research & development and manufacturing of new energy vehicles (NEV). 35 HIGHLIGHT #2: EV CHARGING Companies are improving the charging process Latest round: Amount: About: Series C (1/26/2021) $50M FreeWire Technologies is developing infrastructurelight fast-chargers that minimize stress on the local grid. Latest round: Amount: About: Series B (2/1/2021) $39.9M Wallbox offers a system designed to optimize the charging of electric vehicles, reducing charging time and energy costs. Latest round: Amount: About: Unattributed VC – II (2/23/2021) $18M WiTricity has commercialized a technology that transfers electric energy or power without wires. 36 HIGHLIGHT #3: BATTERY TECHNOLOGY Investors place bets across battery types LITHIUM-ION BATTERIES SOLID-STATE BATTERIES ULTRACAPACITORS Latest round: Amount: About: Unattributed – II (9/29/2020) $600M Northvolt is a supplier of sustainable, high-quality lithium-ion battery cells. Latest round: Amount: About: Series D (4/8/2020) $100M ProLogium Technology manufactures solid-state lithium ceramic battery (LCB) products, which are ultra-thin, high energy density, and ultra-safe. Latest round: Amount: About: Series D (11/3/2020) $48.4M Skeleton Technologies is a manufacturer and developer of high energy and power density ultracapacitors. 37 HIGHLIGHT #4: BATTERY MANAGEMENT Software solutions optimize battery design & use Latest round: About: Series A (3/25/2020) Amount: $11.9M TWAICE supports enterprises across industries with digital twin-based predictive battery analytics software. It empowers customers to develop and use battery systems more efficiently and sustainably while making them more reliable and durable. Latest round: About: Seed VC – II (11/26/2020) Amount: $6M PowerUp designs and markets battery management and optimization solutions, mainly for fleet managers of autonomous devices. 38 HIGHLIGHT #5: END-OF-LIFE BATTERY TECH As EV battery supply grows, companies innovate RECYCLING REPURPOSING Latest round: About: Corporate Minority (9/18/2020) Amount: N/A Amazon-backed Redwood Materials is developing a recycling process for used batteries that allows them to be reused for new battery cells. In February, the company announced a recycling deal with Envision AESC, the battery manufacturer for the Nissan LEAF. Latest round: About: Unattributed (7/20/2020) Amount: $0.4M Spiers New Technologies (SNT) is a full-service provider of "4R" services (repair, remanufacturing, refurbishing and repurposing) for advanced battery packs used in hybrid and electric vehicles. SNT's 4R services allow vehicle OEMs to optimize the life cycle management of their battery pack inventory and maximize value. 39 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 40 AUTONOMOUS VEHICLE TECH AV funding builds with newfound interest Annual autonomous vehicle tech deals and funding, 2015 – 2020 Funding amount ($M) $8,000 $6,000 $4,000 95 169 146 126 Deal count 200 150 105 100 $2,000 $0 44 $730 2015 $1,092 2016 $3,745 2017 $6,771 2018 $7,217 2019 50 $7,284 0 2020 41 AUTONOMOUS VEHICLE TECH Ecosystem matures as investors pick winners Annual deal share by stage to autonomous vehicle tech companies, 2016 – 2020 100% 13% 7% 27% 50% 49% 0% 2016 14% 11% 27% 40% 2017 11% 5% 14% 32% 38% 2018 15% 7% 23% 34% 19% 2019 24% 5% 13% 14% 22% 20% 2020 Other Series E+ Series D Series C Series B Series A Seed/Angel Note: “Other” includes convertible notes, corporate minority, growth equity, venture capital, and undisclosed rounds. 42 AUTONOMOUS VEHICLE TECH Collaboration, consolidation in AVs will continue Aurora Partners With Toyota on Self-Driving Sienna Taxis February 11, 2021 Uber sells its self-driving unit to Aurora December 7, 2020 Hyundai-Aptiv joint venture Motional and Lyft prep robotaxi service December 16, 2020 Nuro acquires self-driving truck Company Ike December 23, 2020 Waymo and Daimler are teaming up to build fully driverless semi trucks October 27, 2020 Apple approached Nissan to work on autonomous car project February 14, 2021 Sources: WIRED, Automotive News, The Verge, CNBC, VentureBeat, FT 43 HIGHLIGHT #1: ROBOTAXIS & PASSENGER VEHICLES Passenger applications see renewed interest Latest round: Amount: About: Unattributed VC – II (5/12/2020) $950M Alphabet subsidiary Waymo is developing a full-stack self-driving solution and currently operates a commercial robotaxi service in the Phoenix, Arizona area. Latest round: Amount: About: Series C – II (2/8/2021) $100M Pony.ai is building a selfdriving stack solution for passenger and delivery vehicles. Latest round: Amount: About: Series B – II (1/14/2021) $46M WeRide.ai is a mobility company powered by AI technology focused on autonomous vehicles. 44 HIGHLIGHT #2: AUTONOMOUS DELIVERY Logistics use case gains traction in pandemic LAST-MILE MIDDLE-MILE Latest round: About: Series C (11/9/2020) Amount: $500M Nuro is a robotics company transforming local commerce through driverless delivery. The company develops and operates a fleet of selfdriving vehicles that deliver local goods of all kinds, from dinner to dry cleaning. Nuro's service helps merchants deliver goods to customers quickly, affordably, and safely. Latest round: About: Series A (11/23/2020) Amount: $25M Short-haul autonomous driving company Gatik is one of the only self-driving logistics companies focused on what it calls the “middle mile,” which connects warehouses and micro-fulfillment centers with stores and distribution centers. Many believe the “middle mile” is easier to automate because the routes are fixed, making the go-tomarket time faster. 45 HIGHLIGHT #3: AUTONOMOUS TRUCKING Sentiment around trucking is improving Latest round: Amount: About: Unattributed VC (2/4/2021) N/A TuSimple is developing a commercial-ready Level 4 (SAE) fully autonomous driving solution for the logistics industry. Latest round: Amount: About: Series A – II (11/9/2020) $120M Inceptio Technology specializes in a selfdriving truck network operation. Latest round: Amount: About: Series D (2/10/2021) $200M Plus develops self-driving trucks to enable largescale commercialization of autonomous transport. 46 HIGHLIGHT #4: SENSORS & PERCEPTION Wide variety of sensors hold appeal for AVs LIDAR RADAR THERMAL Latest round: Amount: About: Series C – II (8/1/2020) $45M Hesai Photonics Technology develops smart sensing solutions for autonomous cars and natural gas leak detection systems. Latest round: Amount: About: Series C (12/15/2020) $45M Uhnder makes digital automotive radar-on-chip sensors for advanced driver assistance systems and autonomous driving solutions. Latest round: Amount: About: Series B (10/22/2020) $15M AdaSky develops VIPER, a thermal sensor that enables an autonomous vehicle to sense and analyze its surroundings in any lighting or weather condition. 47 HIGHLIGHT #5: SIMULATION & TRAINING Companies speed up the training process DATA LABELING SIMULATION UNSUPERVISED LEARNING Latest round: Amount: About: Series D (12/1/2020) $155M Scale is an AI data platform that provides highly accurate training and validation data for autonomous vehicles. Latest round: Amount: About: Series A (12/9/2020) $11M Parallel Domain’s data generation platform allows the user to configure and generate high-fidelity data through simple API requests. Latest round: Amount: About: Seed VC (3/25/2020) $13M Helm.ai is an AI-centric company working on the fundamental perception problem for autonomous navigation. 48 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 49 CONNECTED VEHICLE TECH Connectivity funding dips; focus shifts to AV, EV Annual connected vehicle tech deals and funding, 2015 – 2020 Funding amount ($M) $3,000 $2,500 $2,000 $1,500 69 $1,000 $500 $0 $523 2015 78 $534 2016 117 $1,370 2017 111 $2,537 2018 106 $2,160 2019 Deal count 160 120 70 80 40 $1,044 0 2020 50 CONNECTED VEHICLE TECH Vehicle connectivity comes into focus amid pandemic The rise of fleet-based services and the pandemic’s disruption of supply chains have created new opportunities for connectivity platforms and services. News mentions, connected vehicle OR connected car OR telematics, 2011 — 2020 HIGHLIGHTS: • The ongoing transition to fleet-based services and logistics is highlighting the need for solutions that enable fleet monitoring, tracking, and route optimization. • Sensors and other solutions that provide realtime diagnostics and predictive maintenance are helping fleet operators minimize costs. • Companies are also capitalizing on the value generated from connected vehicle data, launching marketplaces that allow OEMs to monetize the data collected by their vehicles. 51 HIGHLIGHT #1: DATA MARKETPLACES Data platforms create monetization opportunities Latest round: About: Series A (12/18/2020) Amount: $7M Motorq is a connected-car data ecosystem that enables enterprise users to collaborate with OEMs and device makers. Motorq provides enterprises simple APIs to access data and analytics from multiple OEMs and devices, with privacy and security workflows. In turn, Motorq provides OEMs a secure way to connect with enterprises at scale. Latest round: About: Unattributed VC (8/3/2020) Amount: $11.7M wejo is a connected car data platform that collects data from 15M connected vehicles and provides insights for a wide range of third parties, including smart city planners, governments, and retailers. 52 HIGHLIGHT #2: FLEET MANAGEMENT Fleet utilization cos provide flexibility Latest round: About: Series C (12/2/2020) Amount: $45M Ridecell is a platform that provides fleet management and monetization solutions. The high-yield fleet automation platform automates actions triggered by vehicle data that control vehicle availability, maintenance, and access. Latest round: About: Series A (4/16/2020) Amount: $7.5M Autofleet is developing fleet optimization software that allows fleet operators to repurpose idle vehicles for applications in high demand. The company already has partnerships with Avis Budget Group, Zipcar, and Suzuki. 53 HIGHLIGHT #3: DIAGNOSTICS & PREDICTIVE MAINTENANCE Predictive maintenance can eliminate costs Latest round: About: Series A (3/1/2020) Amount: $1.7M Preteckt provides prognostics as a service (PaaS) to connected and autonomous vehicles and fleets by leveraging proprietary algorithms to analyze vehicle data. Latest round: About: Series A (10/1/2020) Amount: N/A Pitstop provides a prognostics platform that aggregates automotive data and sends it to a secure remote server where algorithms, artificial intelligence and machine learning tools provide useful information about increasingly complex automotive systems. 54 HIGHLIGHT #4: INTELLIGENT ROUTING Tech advancements improve route optimization Latest round: About: Seed VC (12/15/2020) Amount: $6.1M The Routing Company is an on-demand vehicle routing and management platform for shared transportation. Latest round: About: Series B (6/18/2020) Amount: $15M Wise Systems is an autonomous dispatching and routing software. Through real-time updates to drivers, fleet managers and customers, Wise Systems increases efficiency, transparency, reliability, and decreases costs. 55 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 56 AUTO COMMERCE Auto commerce funding dipped in 2020 Annual auto commerce deals and funding, 2015 – 2020 Funding amount ($M) $6,000 138 134 119 $4,500 100 112 $3,000 Deal count 160 120 89 80 $1,500 $0 $2,398 2015 $2,913 2016 $4,104 2017 $5,270 2018 $4,087 2019 40 $2,788 0 2020 57 AUTO COMMERCE Dealers go digital and embrace omnichannel Auto dealers have been slow to adopt digital car-buying solutions, but with lockdowns closing dealership doors, the pandemic accelerated the shift to omnichannel auto retail. Earnings calls mentions, major brick-and-mortar auto dealerships1, online OR e-commerce OR omnichannel, 2008 — 2020 The coronavirus pandemic has upended auto sales and buying a car will never be the same May 21, 2020 1Public brick-and-mortar dealerships include the following: America’s Car-Mart, Autohome, Asbury Automotive Group, AutoNation, Consumer Portfolio Services, Lazydays Holdings, LKQ, Penske Automotive, Sonic Automotive Sources: CNBC, Bloomberg, Automotive News Covid and a Crowd of Startups Are Forever Changing How Americans Buy Cars October 15, 2020 Dealers seek flexibility on facilities as pandemic alters consumer behavior October 19, 2020 58 HIGHLIGHT #1: AUTO E-COMMERCE Digital dealerships turn to public markets Q2’20: Online used-car seller Vroom went public in June 2020. The company saw a substantial increase in demand as a result of the pandemic, as people turned to digital methods of purchasing cars. Similar to its competitor Carvana, Vroom offers no-haggle pricing and a no-questions-asked return policy. Q4’20: Used car marketplace Shift Technologies went public via SPAC in October 2020. The company raised over $300M from the deal. Shift allows users to buy, sell, and finance cars online. The company offers a "buy it now" option that allows a buyer to purchase a vehicle online without a test drive. 59 HIGHLIGHT #1: AUTO E-COMMERCE Online car buying takes off in pandemic ONLINE AUCTION DIGITAL DEALERSHIP DIGITAL MARKETPLACE Latest round: Amount: About: Series E – II (10/15/2020) $55M ACV Auctions enables used car dealers to view, bid, and purchase car inventory via online auctions. Latest round: Amount: About: Series D (10/1/2020) $311M Cazoo sells refurbished cars online, delivers them to customers' homes within 48 hours, and offers a seven-day free returns policy. Latest round: Amount: About: Unattributed (10/29/2020) $0.1M VINN Automotive Technologies offers an automotive e-commerce marketplace. 60 HIGHLIGHT #2: E-COMMERCE ENABLEMENT Cos help dealers move their businesses online Latest round: Amount: About: Series A – II (8/20/2020) $15M Modal makes software for car dealerships to move the entire buying process online. Latest round: Amount: About: Series B – II (2/14/2020) N/A AutoFi is a retail platform that allows car buyers to purchase and finance a car from a wide variety of financial institutions within or outside the dealership. Latest round: Amount: About: Series A (2/1/2021) $7.8M Digital Motors builds a car-buying platform for auto retailers, dealerships, brands, and manufacturers. 61 HIGHLIGHT #3: SUBSCRIPTIONS New ownership models offer convenience Latest round: Amount: About: Series B – II (9/11/2020) $14.7M Cluno (acquired by Cazoo in Feb ‘21) is a subscription service that allows users to pay a fixed monthly fee instead of buying, renting, or financing a vehicle. Latest round: Amount: About: Series C (9/4/2020) $54.7M Switzerland-based Carvolution offers car subscriptions. Customers pay a monthly price for a vehicle and are free to switch cars as they’d like. Latest round: Amount: About: Series A (5/12/2020) $1M Invygo is a car subscription company based in the United Arab Emirates. 62 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 63 BIKE & SCOOTER TECH Funding to bike & scooter cos rose in 2020 Annual bike and scooter tech deals and funding, 2015 – 2020 Funding amount ($M) $5,000 $4,000 $3,000 $2,000 $1,000 $0 21 $239 2015 41 $515 2016 110 98 94 $3,250 2017 $4,924 2018 $1,564 2019 Deal count 120 83 90 60 30 $2,373 0 2020 64 BIKE & SCOOTER TECH Sector matures despite profitability concerns Annual deal share by stage to auto & mobility tech companies, 2016 – 2020 100% 5% 17% 22% 50% 56% 0% 2016 18% 6% 6% 13% 50% 2017 19% 8% 19% 45% 2018 18% 9% 26% 40% 2019 18% 8% 13% 22% 34% 2020 Other Series E+ Series D Series C Series B Series A Seed/Angel Note: “Other” includes convertible notes, corporate minority, growth equity, venture capital, and undisclosed rounds. 65 HIGHLIGHT #1: VEHICLE DESIGN New form factors are improving accessibility THREE-WHEELED SCOOTERS FOLDABLE E-BIKES Q1’21: Ford-owned micromobility company Spin unveiled a new scooter in partnership with Segway-Ninebot and software provider Tortoise. The new design has 3 wheels, allowing scooters to balance without a kickstand. Q1’21: In February 2021, electric bike manufacturer Rad Power Bikes unveiled a foldable fat tire e-bike, called the RadMini. Fat tire bikes offer more balance with a more durable tire, and the folding capability makes the bike more convenient for urban commuters. 66 HIGHLIGHT #2: D2C MICROMOBILITY Personal e-bikes take off in pandemic Latest round: Amount: About: Series B (7/23/2020) $26M Cowboy is a smart electric bike company. Latest round: Amount: About: Series B (9/16/2020) $40M VanMoof makes and sells smart bikes and accessories. Latest round: Amount: About: Series A (8/24/2020) $5M Zoomo, fka Bolt Bikes, offers electric bikes for delivery couriers and businesses. 67 HIGHLIGHT #3: CONNECTIVITY & TELEMATICS Connectivity improves fleet mgmt capabilities Latest round: About: Series C (12/21/2020) Amount: $60M Superpedestrian is a micromobility engineering and technology company that operates LINK, a shared e-scooter service that boasts on-board intelligence capabilities. This includes autonomous maintenance and self-repair. Latest round: About: Series A (3/12/2020) Amount: $10M Ride Report develops a solution for cities to integrate new forms of micromobility. Its service offers communication between operators and the cities they serve, enabling access to micromobility options while ensuring the programs achieve broader city goals of safety, equity, and sustainability. 68 HIGHLIGHT #4: CHARGING INFRASTRUCTURE Companies improve the charging process BATTERY SWAPPING CHARGING INFRASTRUCTURE Latest round: About: Series C (11/10/2020) Amount: $250M Tier Mobility is a Germany-based urban mobility company that allows people to rent electric kickscooters. In October, the company began replacing its Paris fleet with e-scooters equipped with swappable batteries, a model that eliminates the need to transport scooters to warehouses each day for charging. Latest round: About: Series A (7/8/2020) Amount: $5M Swiftmile provides a parking and charging system for shared electric scooters and e-bikes. The company charges scooter-sharing operators by the minute and is currently open to all operators. Eventually, the company will only charge its customers’ scooters. 69 WHAT THE STATE OF AUTO & MOBILITY COVERS ELECTRIC VEHICLE TECH Companies developing electric vehicles and the technology that supports them, such as charging and battery tech. Icon here Icon here AUTONOMOUS VEHICLE TECH Companies working on autonomous vehicle design, development, and training, as well as the components that support self-navigation. Icon here CONNECTED VEHICLE TECH Companies enabling in-vehicle connectivity and connectivityrelated applications such as telematics and fleet management. AUTO COMMERCE Tech-enabled companies reshaping the way people buy, sell, trade, or purchase cars, RVs, trucks, and fleets. BIKE AND SCOOTER TECH Companies developing personal or shared bikes and scooters and the underlying technology that supports them, like network infrastructure and charging tech. MOBILITY-AS-A-SERVICE Companies offering ondemand access to passenger and personal vehicles, as well as companies integrating multiple modes of transit into one service. 70 MOBILITY-AS-A-SERVICE Activity declines for 2nd consecutive year Annual mobility-as-a-service deals and funding, 2015 – 2020 Funding amount ($M) $30,000 194 172 165 $20,000 125 128 Deal count 200 160 116 120 $10,000 $13,155 $0 2015 $6,666 2016 $26,471 2017 $14,456 2018 $7,819 2019 80 40 $6,259 0 2020 71 HIGHLIGHT #1: SHARED MICROMOBILITY Shared micromobility gains traction in Europe SCOOTER-SHARING BIKE-SHARING MOPED-SHARING Latest round: Amount: About: Series C (12/1/2020) $106.7M VOI Technology is a Stockholm-based company managing an on-demand fleet of electric scooters. Latest round: Amount: About: Series D (12/16/2020) $182.8M Bolt is an Estonia-based ride-hailing and shared mobility company. In June 2020, it launched an electric bike-sharing service in Paris. Latest round: Amount: About: Series C (2/24/2020) $25.7M Cityscoot is a Paris-based electric moped rental scheme. 72 HIGHLIGHT #2: PEER-TO-PEER VEHICLE SHARING Road trips drive demand for vehicle sharing Latest round: Amount: About: Series E (10/14/2020) $140M Getaround is a peer-to-peer car-sharing app that allows users to rent vehicles from private car owners. Latest round: Amount: About: Series E – II (2/6/2020) $30M Turo is a peer-to-peer car sharing marketplace for people to book cars from a community of local hosts across the US, Canada, the UK, and Germany. Latest round: Amount: About: Private Equity – II (10/21/2020) $100M RVshare is a peer-to-peer RV rental marketplace. 73 HIGHLIGHT #3: SUPER APPS Momentum behind SE Asia’s “super apps” persists Latest round: About: Corporate Minority - II (11/17/2020) Amount: $150M Indonesia-based Gojek offers a variety of complete services starting from transportation, logistics, payment, food delivery, and other ondemand services, by connecting users to driverpartners. Latest round: About: Series I – III (2/16/2021) Amount: N/A Singapore-based Grab is an on-demand transportation and mobile payments platform, offering private car, motorbike, taxi, and carpooling services in Southeast Asia. 74 Appendix 75 Methodology CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in this report. If you have any questions about the definitions or methodological principles used, we encourage you to reach out to CB Insights directly. Additionally, if you feel your firm has been under-represented, please send an email to info@cbinsights.com and we can work together to ensure your firm’s investment data is up to date. What is included: • Equity financing and deals to tech-enabled auto and mobility companies and other private companies, as prescribed by the 6 categories (Collections) highlighted in this report. • Categories are not mutually exclusive. For example, a company developing an autonomous, electric vehicle may be included in both the Autonomous Vehicle Tech and Electric Vehicle Tech collections. • Historical funding data is subject to change as our technology & data operations explore global datasets and refine company classifications. What is excluded: • We exclude companies focused solely on connected infrastructure and smart cities. • We exclude certain supply chain and logistics solutions such as digital freight brokerage, digital freight forwarding, and supply chain visibility platforms. On the supply chain front, we prioritize trucking and last-mile delivery automation. 76 Get All The Data Used In This Report ELECTRIC VEHICLE TECH COLLECTION CONNECTED CAR TECH COLLECTION BIKE AND SCOOTER TECH COLLECTION AUTONOMOUS DRIVING TECH COLLECTION AUTO COMMERCE COLLECTION MOBILITY-AS-A-SERVICE COLLECTION 77
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