Raven Connected to Grow Team by 25% with Support from Telus Global Ventures

Ottawa-based startup Raven Connected has recently secured $10 million in Series A funding, positioning the company for significant growth and expansion in the connected car industry. This funding round, led by Telus Global Ventures with contributions from Export Development Canada (EDC) and return investors Celtic House Venture Partners and Graphite Ventures, will enable Raven to enhance its product offerings, expand its workforce, and broaden its market reach.

Raven Connected specializes in AI and Internet of Things (IoT) technologies for smart vehicles, with a particular focus on video telematics. The company’s core product includes features like live GPS tracking, vehicle diagnostics, and dual dash cams. These capabilities help businesses monitor their fleets, analyze driver behavior, and keep track of incidents. The integration of AI allows for advanced functionalities such as facial and object detection, which can identify who is driving and whether the driver is distracted by their cell phone.

Since its founding in 2016 by Dan Carruthers, Raven has experienced rapid customer growth and established strong relationships with key partners across North America. This growth is exemplified by its collaboration with Telus, which began in April 2022. Through this partnership, Raven delivered a co-branded video telematics solution aimed at underserved small and medium businesses. The collaboration with Telus is set to deepen, with plans to integrate new offerings and extend Raven’s technology and channel partnerships beyond North America.

The recent funding will allow Raven to expand its third-party integration partners and introduce new AI models, enhancing the overall functionality and appeal of its products. Additionally, the company plans to grow its workforce by more than 25% over the coming year, reflecting its commitment to scaling its operations and increasing its market presence.

Raven’s CEO, Dan Carruthers, highlighted the importance of this funding round in democratizing video telematics and expanding Raven’s footprint as a leading developer of connected vehicle technologies. The involvement of Telus, a Tier-1 communications infrastructure company, is particularly significant as it will enhance Raven’s scale and reach, facilitating expansion outside of North America.

Raven’s commitment to innovation is further underscored by its plans to introduce a comprehensive vehicle-to-everything (V2X) feature set. V2X technology integrates IoT devices in vehicles and enables communication with the car’s surroundings, such as traffic lights and other vehicles. This advancement aims to improve road safety by providing real-time information and reducing the risk of accidents.

The strategic partnerships and funding align with Raven’s vision of becoming the aftermarket video telematics vehicle solution of choice. By leveraging Telus’s dedicated IoT network, Raven can bypass the need to compete with mobile phone network traffic, ensuring reliable and efficient connectivity for its devices.

Raven’s recent participation in the connected car accelerator program run by L-SPARK and BlackBerry in July 2022 and securing an undisclosed amount in a seed extension round has also contributed to its growth trajectory. These initiatives have helped Raven refine its technology and expand its customer base, further establishing its presence in the connected car market.

The company’s innovative approach and robust technology have attracted significant attention and investment, positioning Raven for continued success. As part of its growth strategy, Raven plans to extend its services to additional countries, with three new markets set to launch by the end of 2024. This international expansion is backed by the strong performance of its recent launch into Spain, which achieved more in the first six months post-launch than the company did in its first 18 months in Germany.

The recent investment by Telus Global Ventures and other partners is a testament to Raven’s potential and the confidence investors have in its business model and technology. Telus Global Ventures has been active in the tech investment space, recently leading Swedish pet telehealth startup FirstVet’s €20 million ($29.3 million CAD) Series C funding round. This demonstrates Telus’s commitment to supporting innovative companies with strong growth potential.

In summary, Raven Connected’s recent $10 million Series A funding round marks a significant milestone in the company’s journey. The investment will enable Raven to enhance its AI and IoT technologies, expand its workforce, and broaden its market reach. With the support of Telus Global Ventures and other investors, Raven is well-positioned to become a leading player in the connected car industry, providing innovative solutions that enhance vehicle safety and efficiency. The company’s commitment to democratizing video telematics and expanding its V2X feature set underscores its vision of becoming the aftermarket video telematics vehicle solution of choice, paving the way for continued growth and success in the global market.