Los Angeles-based Rynse, which builds fleet management software, has closed on $5 million in seed funding led by Autotech Ventures. Other participants included returning investors Founder Collective, of Cambridge, Mass., and Correlation Ventures; and new investor, Hallandale, Fla.-based Connexa Capital.
Founded in 2022 by the alumni of Canada’s McGill University, Roland Lau and Jake Gutman, Rynse started serving government agencies in 2024. It has contracts with government agencies in 10 states, including California, Utah, Maryland, Pennsylvania and Florida. In Maryland, it serves Anne Arundel and Baltimore counties, and Pasadena and Sacramento cities in California.
Time-Saver
The funding is expected to help Rynse start selling its software, which can be used to fight fraud and for maintenance, to the private sector. The company also plans to use the new capital for product development, marketing and operational scaling.
“We set out to create a platform to reduce the administrative burden, offering unprecedented transparency into vehicle service to improve planning, security and compliance. On average, fleets using Rynse have reduced administrative time by an average of 20 hours a month,” said Lau, who was previously an investment banker at Lazard.
Rynse’s software connects with payment systems, along with a network of vendors, helping fleet managers streamline procurement and reduce fraud. Its gives billing administrators better controls to manage vendor payments.
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Sourcewell Ties
“Fleet operators and drivers want flexibility in terms of how they maintain their vehicles, but traditional contracting makes that difficult to achieve,” said Ivy Nguyen, principal at Menlo Park, Calif.-based Autotech Ventures. “We believe Rynse is a game-changer for the industry because of its potential to deliver immediate value by helping fleets operate more efficiently and with greater transparency.”
Rynse is also a Sourcewell supplier, making it an attractive partner for government fleets, said Lau. The deal has positioned the company for accelerated public sector growth, he added. The company cited Utah’s success in creating a network of car-wash vendors using Rynse’s ties to Sourcewell.
“As a Sourcewell recipient, Rynse solved a problem for us, quickly unlocking a broad network of trusted service providers across multiple locations throughout the state, saving our drivers time,” said Cory Weeks, director of fleet operations for Utah. “This streamlined our entire procurement process, allowing us to service our fleet through one centralized system, reducing costs and saving significant administrative time.”
