Car IQ: Raises $15M in Series B Funding

Car IQ Raises $15M in Series B Funding

• Car IQ, an Oakland, Calif.-based payment solution developed specifically for fleet vehicles, raised $15m in Series B funding
• The round was led by Forté Ventures with participation from new investors Ally Ventures, BlackBerry Limited, State Farm Ventures, and TELUS Ventures and existing investors
• The company intends to use the funds to continue to expand operations and its business reach
• The company provides a contactless payment network that allows connected cars and trucks to pay merchants and service providers without a credit card
• With CarIQ, vehicles can pay for a wide variety of services including fueling, tolling, parking, and more without needing to add extra hardware to the vehicle
• The company’s patent-pending “Know Your Machine℠” technology is accepted by payment networks