ThinxNet in a €10 million investment round backed by BP Ventures.
ThinxNet, a Munich, Germany-based company operating a digital connected car platform, announced that it raised €10 million ($11.9M) in capital investment.
The money was raised from BP Ventures, the investing arm of oil and gas giant BP and will be used to expand the service into international markets. The deal is part of a larger partnership, whereas BP will become a distributor via its BP filling stations.
ThinxNet, founded in 2014 by Jens Hutzschenreuter and Nikola Deskovic and led by CEO Armin Höll-Steier, developed ryd, a connected car platform focusing on ryd pay (mobile payment at the pump at gas stations) and ryd box (retrofit OBD2 device making cars smart). The company says its solution is implemented by 3,000 partner service stations across seven countries, serving 1.4 million direct customers. Currently ryd is available in Germany, Austria and Switzerland.