Construct is excited to announce Kinetic has raised $21M in their Series B financing, led by Menlo Ventures. Construct led the Series A in Kinetic with our friends at Lux in early 2023, and this marks a milestone in their journey to make automotive maintenance effortless.
As Nikhil Naikal, the co-founder and CEO of Kinetic, likes to say, modern vehicles have become mechanically simple and digitally complex. This digital complexity comes from the plethora of sensors and Advanced Driver Assistance Systems (ADAS) equipment that have become an expectation in any car sold in the last decade. ADAS systems include the cameras, radar, and LIDAR that power blind spot detection, 360 degree views, lane keeping, and even more advanced features as we move towards autonomy.
But with this new technology comes a paradigm shift of the infrastructure needed to keep our vehicles working correctly. The 30,000 collision repair shops in the US, which drive $50B of revenue annually, are focused on the PHYSICAL repair and maintenance of vehicles, leaving a gap in the market for DIGITAL repair and maintenance of vehicles.
Kinetic is at the forefront of this opportunity in the market. Utilizing advancements in AI, cloud computing, and robotics, Kinetic is redefining car repair through its network of high-tech service centers.
Each Kinetic service center employs precision robotics, advanced calibration software, and skilled in-house technicians. Focusing initially on post-collision sensor calibration, Kinetic uses vision models and LIDAR to navigate the complex calibration processes unique to each vehicle make and model. This allows Kinetic to perform critical calibrations in under 15 minutes, compared to the hours required by traditional methods, delivering unparalleled precision and consistency.
Kinetic’s innovative approach benefits everyone involved. Consumers enjoy faster, higher-quality repairs. Auto repair shops partnering with Kinetic can enhance their service offerings and operational efficiency. Insurance companies gain better visibility into repair processes, reducing the risk of inflated costs and encouraging more business toward Kinetic-affiliated shops.
Providing simplicity for customers in this market requires a complex solution across AI, robotics, and operations, and Kinetic’s leadership team brings proven execution across all these disciplines. Nikhil Naikal, CEO, is a seasoned entrepreneur in the automotive sector, previously founded Mapper, which was acquired by Velodyne Lidar. Sander Marques, CTO, who worked alongside Naikal at Mapper and Velodyne, brings extensive experience in automotive engineering. Chris Weber, COO, with his background in scaling operations at Uber, complements the team with robust operational expertise.
Kinetic represents how we see software and technology transforming a foundational industry within mobility. We’re honored to continue the journey with the team at Kinetic and look forward to the positive impacts their technology will have on the auto repair industry and beyond.