AutoGravity, a 2-year-old startup in Irvine, has landed a big investment partner in Daimler Financial Services AG.
While terms of the investment were not disclosed, Reuters reported Daimler was making “a double-digit million euro” investment. Daimler Financial Services is a division of German auto giant Daimler AG in Germany.
In conjunction with Daimler, AutoGravity launched a national rollout across 46 states in the U.S. The announcement was made in London last week to investors.
AutoGravity was created in 2015 by Andy Hinrichs, Nicholas Stellman and Serge Vartanov. The company’s auto comparison app works with banks and lenders to give users four financing choices.
AutoGravity piloted its digital financing platform in mid-2016 with Mercedes-Benz Financial Services USA LLC. More finance providers have been added in the meantime, the company said in a statement. The app now includes leases and used-car financing.
“With our investment in AutoGravity, we are now taking the strategic step of preparing the conventional financing and leasing business for digital sales channels,” Klaus Entenmann, with Daimler Financial Services AG, said in the statement.
Using a smartphone, app users can browse and select vehicles from different manufacturers and then choose a finance offer. The platform is available in the Unites States through iOS, Android and Web applications. AutoGravity said its apps have surpassed 150,000 downloads since its pilot debuted.
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