Serial entrepreneur Scott Painter, known for his ventures in the automotive industry, has faced challenges with his latest project, Autonomy, an all-electric vehicle subscription company. Despite assembling a fleet of 1,000 cars, far from the initial target of 23,000, Painter is now shifting his focus to a new endeavor called Autonomy Data Services (ADS). In an exclusive interview with TechCrunch, Painter reveals that ADS will offer a software platform and data to automakers interested in operating their subscription services for various vehicles.
The new company has already made strides by generating revenue with an early version of its service and is in discussions with multiple automakers, including those who have previously attempted subscription services. Partnering with Deloitte, ADS aims to provide a software-as-a-service solution to automakers while customizing the platform for them. This move marks another turnaround for Painter, who has faced challenges in his entrepreneurial journey, including his involvement with TrueCar and Fair.
To realize his vision for ADS, Painter had to navigate financial obstacles and convince Autonomy’s investors to support the transition. By converting debt into equity and making personal sacrifices, such as selling a beach house and mortgaging property, Painter displayed his commitment to the project. Despite these challenges, he remains optimistic about the potential of ADS in the evolving automotive market.
One key aspect of ADS is its acquisition of data from bankrupt companies like Shift Technologies, Fair, Canvas, and Xchange, which Painter believes will provide valuable insights into customer behavior and preferences. Leveraging this data, ADS aims to offer automakers a deeper understanding of subscription services, enabling them to set competitive pricing and attract customers. Additionally, the acquisition of intellectual property and software assets from these defunct businesses positions ADS for rapid growth and expansion into new markets.
With a $2.5 million investment secured, Painter is now seeking an equity partner to inject additional capital into ADS, allowing the company to scale and collaborate with Deloitte effectively. The goal is to secure between $5 million and $8 million in funding to support ADS’s growth over the next two years. Despite the challenges and uncertainties in the automotive industry, Painter’s determination and strategic approach to data-driven solutions position ADS as a promising player in the evolving landscape of vehicle subscription services.
