The FINANCIAL — Total Energy Ventures (TEV), the venture capital arm of Total that invests in start-ups, has acquired an interest in Xee, an open platform that collects, processes and manages data from connected vehicles.
Founded in Lille, France, in 2012, Xee creates value for its clients optimizing their operations and suggesting them new offerings. Potential customers include auto service centers and vehicle fleet managers who want to develop predictive maintenance solutions, insurers looking to provide pay-as-you-drive solutions, and businesses interested in real-time marketing.
“Acquiring this stake enhances TEV’s portfolio of digital solutions. Connecting cars to the cloud is an important building block for the mobility of the future. Xee stands out from its competitors through the wide range of vehicle models and brands covered by its platform and the quantity of data collected and analyzed,” said Philippe Sauquet, Executive Vice President, Strategy & Innovation at Total. “We therefore want to support the growth of this data management platform, which both creates new relationships with vehicle owners and improves user experience in the long term.”
This funding round will enable Xee to accelerate the commercial deployment of its platform begun in 2016, invest to maintain its technological lead and expand the use of artificial intelligence to manage the data. Total will sit on the company’s Board of Directors as an observer, according to Total.