Automile, a Swedish software startup specializing in fleet management software, received a $34-million round of investment from Insight Venture Partners, according to Business Insider Nordic. The funding will be used toward hiring, strategic planning, and quadrupling marketing efforts, said Automile co-founder and CEO Jens Nylander.
Automile provides companies that own vehicle fleets with a small tracking device that can be installed underneath a dashboard to record mileage, trips, and routes. The service is subscription-based, with Automile providing the device for free and customers paying on a per vehicle per month basis.
Insight Venture Partner is a New York-based private equity firm that has invested in companies such as Alibaba, Twitter, and Shopify.
Automile was founded in 2014 and has served companies such as Samsung and Nestle. Its investors include SaaStr, Point Nine Capital, Dawn Capital, Salesforce, and Skype founder Niklas Zennstrom. The latest round of investment with Insight Venture Partner brings the company's valuation to $120 million.
Automile hopes to generate $18 million in revenue in 2018 with expansion in European and American markets. In 2018, the company is planning on launching Anytrack, a tracker designed for use with vehicles other than cars.