A $9.25M Series A helps Sheeva.AI bring its driver services platform to market

A Northern Virginia company that seeks to make automotive services easier now boasts $9.25 million to commercialize its product.

The company is Tysons Corner, Virginia-based Sheeva.AI, whose patented geolocation technology lets drivers seamlessly pay for and receive services like fueling, electric vehicle (EV) charging, parking and curbside pickup from the comfort of their cars. Sheeva.AI raised the funds in a recently announced Series A; the money will accelerate the commercialization of in-vehicle payments and services via connected cars’ infotainment screens. 

Evgeny Klochikhin, founder and CEO, acknowledged the challenges of fundraising during an uncertain economic climate.  

“It was frustrating at times, but fundraising often is — even in the best conditions,” he told Technical.ly. “Persistence pays off in the end. Having a product that is convenient, easy to use and leverages advanced patented technology for today’s consumers definitely helps.”

Klochikhin was grateful for investments from key players in the automotive and mobility industries, including Reynolds and Reynolds, Poppe + Potthoff Capital and Pegasus Tech Ventures. With their support, he said, the company aims to make its tech publicly available by the end of 2023.

Evgeny Klochikhin. (Courtesy photo)

Sheeva.AI credits funders with roots in both its home state and neighboring Maryland for providing the necessary networks and resources at its start. The company received its initial funding in 2017 from Conscious Venture Lab in Baltimore, Maryland and Canty Ventures in nearby Ellicott City.  Sheeva.AI leaders decided to place its headquarters in Tysons Corner because of “access to talent, developed infrastructure and a thriving economy,” said Klochikhin. 

“Amazon validated that Northern Virginia is one of the top global tech hubs in the world by choosing it for its HQ2,” added Klochikhin, whose company also maintains offices in Michigan, India, Italy and Germany. 

Earlier this year, the Virginia Economic Development Partnership (VEDP) sponsored a cohort of Virginia companies, including Sheeva.AI, to attend the premiere CES trade show.  the premier event in consumer technology. Chief Revenue Officer Adam Rouls said that this experience helped put Sheeva.AI before more people who could aid its growth. 

“Over 200,000 people attended the event, and we had nonstop meetings and discussions the whole time we were there,” Rouls said. “With VEDP’s support, we were able to have a booth at this global cornerstone tech event, which led to a constant stream of people stopping by to talk about in-vehicle payments and location-based services.”  

With all of the aforementioned developments, Klochikhin sees Sheeva.AI as well on the path to global expansion.  

“Those first transactions are happening now, and we hope [we] will be in millions of cars across the US, Europe, India, and Japan in the coming years,” he said in an announcement.