Wellesley, Mass.-based TruVideo has secured a $40 million minority growth investment from New York’s TZP Growth Equity as it helps automakers use advanced video and audio communications to engage with customers.
TruVideo was co-founded by Joe Shaker, who has been an automotive dealer/principal since the age of 24. His Shaker Auto Group runs seven thriving locations across New England. He is also the founder of CarDay, an internet-based used vehicle exchange company.
“This investment validates the quality of our innovation and the growth we have delivered,” said Shaker, who serves as the company’s CEO. “Our focus on communication technology has had a transformational effect on revenue and customer experiences for our direct dealers, software partners, and OEM relationships.”
TZP Growth Equity’s partner, Shamit Mehta, will take a board seat on TruVideo after buying the minority stake. “TruVideo’s innovative platform addresses a critical need in today’s market — enhancing transparency and trust in customer communications,” said Mehta.
TruVideo allows car and truck makers to embed its auto service technology — built with artificial intelligence, augmented reality and other advanced technologies — in their mobile or web apps. Its industry partnerships include one with Karmak, an elite dealership management system (DMS) specializing in commercial trucks and dealers, and another with point-of-sale lending technology provider Sunbit. TruVideo’s technology is used by over 6,700 dealerships.
Douglas Chrystall, TruVideo co-founder and chief technology officer, said leading companies are integrating its cutting-edge technologies into their platforms as they seek to deliver service and engage customers.
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“We’ve made it easier than ever to show exactly what needs to be done on a given service request through our state-of-the-art video platform,” he said on LinkedIn. “Within moments a customer can see what their service provider is seeing while hearing the service provider explain, in detail, what needs to be done.”
Founded in 2007, TZP Group is a multistrategy investment firm managing approximately $2 billion across its family of funds. It targets companies with solid historical performance and sustainable value propositions.
TD Securities acted as the strategic advisor to TruVideo, with Goodwin Procter providing legal counsel on the transaction. Greenberg Traurig served as legal counsel to TZP Growth Equity.
