May 26, 2022

Kyte, a startup that delivers rental cars to customers’ doorsteps, has raised $200 million in asset-backed debt financing from Goldman Sachs and Ares Global Management, money the company will use to pay for new vehicles that will fuel its expansion. promote

Kyte, which currently has a presence in 13 US markets and launched this week in Portland, Oregon, plans to expand its fleet to about 10,000 vehicles next year, according to the company. Whether or not electric and advanced driver assistance system (ADAS) vehicles are part of Kyte’s current fleet, the company wants to make this offering a priority for its customers going forward.

“The main factor for us has always been user experience,” Kyte co-founder Ludwig Schoenak said in an email to gaming-updates. “The capabilities of ADAS and eventually fully autonomous driving will make a huge difference in how we drive on our roads… Sitting still is expensive most of the time. Instead, we think the fleet will deploy them. This is the future that Kyte is building towards.”

Last October, Kyte raised $30 million in Series A after the company said its long-term goal was to build platforms that could deliver vehicles via remote control or autonomous systems. First, it must expand on its current model, which relies on “kiters” or partner drivers who abandon cars after trips and often use micromobility to move between trips to improve and prove the use case. Getting to know cool new technologies.

Kyte previously told gaming-updates that it would begin testing remote delivery of its rental cars in 2022. Kyte is “in talks” with several providers, Schoenack said, but says none of the existing players have a ready-made solution for large-scale deployment.

Kite failed to explain in time why a “turnkey mass deployment solution” is needed to conduct a test pilot.

The company also did not specify which manufacturers it plans to buy the vehicle from in the near future, or whether any of its new vehicles will have automatic driving features or even if they will be electric.

A quick look at the company’s website shows Nissan Versace, Toyota Corollas and Hyundai Tucson in each market. Prices vary depending on the day of the week when the vehicle is rented and for how long. For example, the Versa might cost you $62 including insurance, shipping, and taxes for a mid-week rental for the day, but that goes up to $72 if you rent a car for the weekend. As you would expect, the daily price also goes down if you rent a car for a longer period.

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