The vehicle renting or leasing industry is highly competitive - but with Kyte, it’s now more simplified than ever. Operating in 10+ cities in the US and rapidly growing, Kyte deliveries on-demand cars to customers for a day, a few days, weeks, or even months.
⚾ The Elevator Pitch:
The precarious economy combined with the pandemic shook the entire car rental industry. Every player incurred massive losses. The entire industry’s revenue dropped by more than 25% percent, an estimated $23 billion loss.
Kyte saw this as an opportunity and launched the "Drive Kyte" initiative in the same year. The mission was simple - To give people better access to fewer cars on their doorsteps across new geographies.
And they are well aware of the challenges of the industry, characterized by inefficient attempts and poor experiences that don’t solve the customer's need. Hence, their main motive is - convenience - through technology and better manageability of their car fleet.
👇 The Drop Down:
Stage: Series A
Tech trend: Automative
Team - Engineer, Manufacturers, and Code Ninjas in the Auto industry.
📊 Why we like it
- 📈 The future of Teleoperated delivers
- To be clear, Kyte isn’t your obvious car delivery service - there are plenty of companies for that. How they distinguish from the market is its goal of partnering on pilot deployments and enabling future fleet management to self-driving automobiles. The company plans to begin testing out teleported delivery in 2022 and launch a small subset of the fleet by 2023. But first, they are focused on the commercial use case, mostly targeting the urban sector.
- 👫 From transporting landscape to multi-dollar venture
- The Kyte team has a wealth of experience, which has been reflected in their revenue growth over the last 2 years. What started as a fun idea, eventually turned into a multi-dollar venture - the founders are friends in the automotive world. Nikolaus was a machine learning engineer at Uber, Francesco was Head of Consumer App building at BMW, and Ludwig worked as an Auto manufacturer consultant at McKinsey. Each one of the founding members shared a passion for transportation and had all dedicated their careers to different transportation landscapes.
- 🏎️ They did their homework
- Gaining their experience from companies like Uber and BMW ride-sharing, Kyte followed a niche-specific approach right from the start. For instance, you won’t find Kyte rental car at an airport. Plus, they don’t have any 8-seater vans in their fleet. What they are focused on is building a sustainable autonomous system. The company recently raised a $30 million Series A round, much of which will go into the management of Kyte’s technical platform.
🤝 Get Involved with Drive Kyte
- Register your car with Drive Surfer
- Download Kyte App on iOS and Android
- Follow them on Facebook, Instagram, Twitter, and LinkedIn.