Slater Technology Fund Invests $250,000 in Connected Car Startup

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Slater Participates in $2.1-Million Seed Round of Funding for Rhode Island-Based Drive Time Metrics

Providence, R.I., September 19, 2016 – The Slater Technology Fund today announced it has committed $250,000 to Drive Time Metrics, a data company in the media space developing solutions for monetizing “connected car” data. The investment was part of a $2.1-million seed round that also included investment from Angel Street Capital, Sand Hill Angels and The Valley Fund.

A connected car is one equipped with a cellular modem allowing Internet access, and often also with a wireless local area network, enabling it to connect with other devices and services both inside and outside the vehicle. The market for connected cars is exploding, with BI Intelligence forecasting more than 380 million connected cars to be on the road by 2021.

Drive Time Metrics is capitalizing on the automotive industry’s trend towards the connected car to create innovative new revenue streams from connected car data, and to help automotive OEMs monetize their connected vehicle platforms.

Drive Time Metrics is led by a team of veterans from the media and automotive industries that has achieved considerable commercial success in leading technology ventures that have disrupted the music industry. The Drive Time Metrics management team includes:

  • Chief Executive Officer Rod MacKenzie, who previously worked as vice president of Aha Radio (acquired by Harman), as vice president of advanced applications at XM Satellite Radio and before that with Land Rover
  • Chief Technology Officer Rafael Saavedra, a former vice president of technology at Aha Radio, and founder of Meridian Group S.A., and Global Gateway Technologies
  • Co-Founder Alex Luke, who previously served as executive vice president at EMI Music, director of music programming at Apple, and vice president of music programming at Napster
  • Co-Founder Joe Gallagher, CEO of Aritaur Communications (parent company of Ando Media, and Net Radio Sales) and founder of Tower Ventures (acquired by American Tower and National Grid)
  • Co-Founder & CFO Robert Maccini, former CEO of Ando Media (developed internet radio audience ratings platform, Webcast Metrics), Net Radio Sales and Tower Ventures

“Drive Time Metrics has built a strong core team and developed an impressive new technology platform,” said Slater Managing Director Thorne Sparkman. “With all the time we spend driving, the car is looking like the next important battleground for digital applications.

About Slater Technology Fund

The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

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