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 serbinski


Investors Hit the Brakes on Automotive Startups

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Last year, Ted Serbinski called his accelerator, Techstars Detroit, the "'comeback city's' startup ecosystem." Since 2015, the accelerator had supported and mentored 54 transportation-related companies, with funding from some big transportation names, like Ford, Honda, AAA, and Nationwide. Success stories included Cargo, a startup that helps ride-hail drivers make supplemental income by running rider-friendly "convenience stores" out of their cars; Splt, a ride-share company acquired by Bosch in 2018; and Acerta, which applies machine learning to automotive manufacturing. Instead, it's shutting down, as earlier reported by TechCrunch. "Right now, there is no funding," says Serbinski, the accelerator's managing director.