Swedish Startup Space

Springworks Wants To Make The Car Smart – Now Valued At $12 Million

Written by on November 23, 2015

Telia launched their new app Telia Sense on Thursday, with technology from Swedish startup Springworks. At the same time, we can report that Springworks were valued at $12 million when Telia invested in the start-up earlier this year.

The new app Telia Sense connects your car to your phone and through the new service you as driver can receive information about speed limits and how environmentally friendly you are driving, among other things. At the press conference Telia also announced that insurance company Folksam and car retailer Bilia will be offering certain features in the app to their customers.

The app is connected to the car through a little box sending data to Springworks cloud solution.

“We are also helping with collaborator’s services in the app. Folksam and Bilia are not our direct customers but we have a dialogue with them regarding integration in the service”, company CEO Erik Ramberg says.

The people behind Springworks have worked for several years with large companies such as Volvo, Spotify and King but under different circumstances. The collaboration with the telecom giant TeliaSonera is their first with a large corporation as far as the Springworks solution goes.

“To be integrated with Telia is really huge. It is the customer we wanted the most”, the company’s product director Jonas Jepson says.

Have you conquered Sweden now?

“Yes, from our perspective. But we will obviously help Telia win over users now. Most of all, we are very happy today because we have finally communicated this which we have worked on for years”, Erik Ramberg says.

TeliaSonera are already familiar with start-ups. The company has, among other things, invested in Spotify. Breakit reported earlier this year that TeliaSonera also have invested in Springworks. At that time the parties chose not to reveal how big the investment was.

According to documents from Bolagsverket (The Swedish Companies Registration Office) Telia invested a total of $3.6 million was financed at a $12 million valuation.

For starters, the service will be uncoiled in Sweden with the long-term plan to get it out on Telia’s markets in the Nordic and Baltic nations. Springworks, on their part are not satisfied with these countries.

“We will launch this together with Telia for now. But we are also working on finding our next operator, which will mean other markets of course. The positive about all of this is that the same kind of cars are found everywhere”, Erik Ramberg says.

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