Augmented Reality Startup Car360 Fuels Atlanta Expansion with $3.5M Raise from Mark Cuban, BIP Capital

Staff Report From Metro Atlanta CEO

Wednesday, June 28th, 2017

Car360, a company at the forefront of bringing computer vision and augmented reality to the auto industry, announced it has completed a $3.55 million Series A round of financing. Atlanta-based BIP Capital (recently merged with Accelerant Venture Capital) led the round, with participation from existing investor, Mark Cuban's Radical Investments, and new investor Service Provider Capital. Atlanta technology veteran John Hanger joined Car360 in March 2017 as CEO to develop a go-to-market strategy and drive immediate funding opportunities. The company plans to use the funding to grow its team by up to 60 positions in Atlanta to expand sales and marketing and to execute the product roadmap.

The Car360 platform utilizes computer vision and augmented reality to enable interactive visualization of cars and related data, dramatically improving user experiences that were previously characterized by time- and bandwidth-consuming searches through countless still photos or long videos and arcane condition reports. With Car360, users can intuitively and quickly navigate and digest the vehicle imagery and data of interest. Companies that can benefit from Car360's platform include automotive manufacturers, dealers, professional car photographers, auctions, inspection companies and insurance claim processors. Car360 has numerous global automotive software solution providers as customers, including Canada's autoTRADER.ca.

"The use of disconnected collections of photos, videos and textual data to describe cars on web pages is as old as the web itself and has not evolved much—until now," said BIP Capital Managing Partner Paul Iaffaldano. "With the rapid demand among consumers to evaluate major purchase decisions through augmented reality, companies that use Car360 are on the cutting-edge of giving customers the best experience short of actually test driving a vehicle."

Car360 was created by founder Bruno Francois, whose previous photography app, Cycloramic, proved popular with iPhone users globally due to its ability to spin hands-free thanks to patented technology. Cycloramic was ranked #1 on the Apple App Store worldwide, has had 20 million downloads to date and appeared on ABC's Shark Tank, receiving an investment from Mark Cuban. After connecting with Francois at Venture Atlanta 2016, John Hanger joined Car360 several months later as CEO.

"Car360 is undoubtedly a cool product from an experiential viewpoint," said Hanger. "But its true financial potential rests on the significant return on investment that companies in the auto industry are poised to receive by shifting their customers' experience literally into high gear through augmented reality to drive sales, or to make inspection processes more efficient and effective."