Autotech’s strategy is seemingly working already, too. The firm, which is today announcing the close of its debut fund with $120 million in capital commitments, has already funded six companies, including the growing rideshare giant Lyft.
Lyft fit perfectly into the criteria of Autotech, which looks to back either very early-stage companies where its introductions can make a meaningful impact, or relatively mature deals, where it can “make money off little risk in a relatively short amount of time,” says co-founder Alexei Andreev, a physicist turned longtime investor. He founded Autotech with Quin Garcia, a self-described “car guy” whose past roles have included heading up automotive alliances on behalf of the now defunct electric vehicle network startup Better Place.
At the same time, Autotech made sense for Lyft, too, explains Andreev, who says Autotech joined the company’s December 2015 Series F round, buying primary shares serviced home
“Companies know that we leverage our LPs to help us understand pain points, then we help startups to scale up by introducing them to our LPs,” he says Cloud Desktop
Among the other startups in Autotech’s portfolio are DeepScale, a startup developing technology that processes the information a car receives about its surroundings from sensors; Outdoorsy, which is akin to an Airbnb for recreational vehicles; Work Truck Solutions, whose software helps owners of commercial truck fleets track their vehicles; Volta Charging, an EV charging startup that gives away electricity, making money by selling advertising space on the stations; and a logistics platform company called Realign Technology.
Garcia and Andreev say they’re on the cusp on signing two more deals, too Beauty Mama