ORIX Ventures announced the closing of a term loan with Airbiquity®, a global leader in connected car services delivery. The funding will provide growth capital to fuel the continued expansion of Airbiquity’s cutting-edge connected car services delivery business, which currently supports over 5 million vehicles in 50+ countries and 30+ languages.
Headquartered in Seattle, Airbiquity’s cloud-based connected car platform, Choreo™, enables automotive OEMs, tier one suppliers, mobile network operators and content providers to deliver vehicle connectivity, infotainment, and safety and security features to today’s always-on drivers.
“Airbiquity has an exciting opportunity to extend our leadership in the rapidly evolving connected car services delivery space,” said Kamyar Moinzadeh, Airbiquity President and Chief Executive Officer. “We need and value committed, well-capitalized partners like ORIX to accelerate our innovative technology development, product delivery and revenue growth.”
According to Jeff Bede, Co-Head and Managing Director of ORIX Ventures, the Airbiquity transaction reflects ORIX Ventures’ ongoing appetite and ability to provide flexible debt capital to high-growth businesses.
“A core part of ORIX Ventures’ strategy is to finance market leading companies with strong revenue growth and differentiated technology,” Bede said. “Airbiquity has a global platform, impressive industry partnerships, an exceptional customer base and a proven solution in a growth market. We look forward to a longstanding relationship with the company.”