CoPilot Announces $23 Million Series A1 Round to Accelerate Generative AI Capabilities

Funding will further the development of CoPilot’s AI capabilities, harnessing its proprietary data to provide car shoppers with an AI-powered expert partner to help navigate every step of the car shopping, buying, and owning processes

Chicago, IL – July 17, 2023 – CoPilot, the leading AI-powered, consumer-focused car shopping app, has announced a $23 million Series A1 financing from its existing investors to accelerate its investments in Generative AI. The new round brings CoPilot’s total funding to over $40 million. 

The funding is expected to build on CoPilot’s rapidly-accelerating growth. According to Similar Web, CoPilot had 2.7 million monthly visitors in June 2023, up 52% from April 2023. The investment will also allow CoPilot to double down on its long-standing commitment to AI to provide industry-leading products for consumers, in the wake of its recent launch of the first-ever ChatGPT car shopping plugin tool and the ongoing development of AI-powered products for its website and app.

“Our vision has long been to leverage the power of AI to help consumers navigate the car buying process. In fact, we chose the name CoPilot for this very reason,” said CoPilot CEO and Founder Pat Ryan. “Now, the world we’ve been waiting for – with the rise and the growing maturity of generative AI – has arrived. With this funding, it’s the perfect time to accelerate our efforts to build out the AI capabilities of our platform. We aim to continue to harness AI technology to not only create an unparalleled user experience, but also unlock the full potential of our data to empower consumers throughout the car shopping and buying process.” The company’s existing investors include Chicago Ventures, Next Coast Ventures, Max Levchin’s SciFi Ventures, Arthur Patterson (co-founder of Accel Partners), Satter Investments and Ryan Investments. 

CoPilot is a data-driven and AI-powered car shopping app that gives consumers the resources they need to navigate the car buying and ownership process. By monitoring the online inventory of virtually every car dealer in the country, every day, CoPilot gives consumers the information they need to buy confidently at the right time and right price.  

CoPilot’s ChatGPT plug-in, launched in June 2023, harnesses CoPilot’s proprietary data to give users real-time information about the vehicles they are interested in - translating research on ChatGPT into action in the real world. Since ChatGPT was trained on data through September 2021, CoPilot’s plugin brings access to real time data on the automotive market. For example, with CoPilot’s ChatGPT plugin, users can instantly search virtually every dealer in a geographic area for all of the cars matching their interests with CoPilot analyzing every car and ranking everything based on what is best for the consumer. CoPilot is also unique amongst major car shopping apps in that it does not accept money from dealers to promote their cars to consumers, ensuring independence of CoPilot’s recommendations and insights for consumers. 

CoPilot will also use this latest funding to continue the development of proprietary tools for its website and mobile apps, which will use OpenAI’s API to help users discover vehicles that meet their needs (even without logging in to ChatGPT). Car shoppers can compare vehicles across multiple critical, but hard-to-search dimensions – such as fuel economy, safety, capacity, and range – all with a single natural language prompt. They can then click through to find live, customized rankings and analysis for all matching cars found for sale in their area.

“CoPilot was founded to empower consumers with an unbiased expert resource needed to navigate every step of the car shopping and buying process with confidence,” Ryan said. “Arming consumers with their own expert CoPilot providing the most incisive insights empowers consumers to shop and buy like an expert.”

“We’ve long recognized the potential of AI to create transformational consumer technology,” Ryan added. “With this latest funding, we will accelerate our work to build out powerful Generative AI capabilities on top of our industry leading data platform to deliver on the promise of the AI Age.”

About CoPilot

CoPilot is a leading car buying app that provides consumers with an expert partner for high-consideration purchases, starting with car buying and ownership. The platform combines massive real-time data with a winning combination of human expertise and AI-powered search to introduce transparency to the shopping, purchasing and ownership journey. The mobile application takes the time, frustration, and guesswork out of the process, empowering people to easily navigate the risks of shopping for high-value items, and to buy with confidence at the right price and the right time.

CoPilot provides free AI-powered search and pricing tools for consumers. CoPilot’s AI-powered discovery tool provides car comparisons and model recommendations. The CoPilot plugin is the first to rank and return real-time listings within ChatGPT’s chat interface. Price Pulse makes it easy for car shoppers to check the current market value and Price Premium for any car, helping them to know what and when to buy, sell or trade-in, using the same data only dealers used to have.

For media publishers, CoPilot offers free, embeddable data tools, including Price Pulse market trends, allowing journalists and bloggers to integrate interactive charts and tables within their web content, apps, or newsletters, powered by CoPilot’s unique data and analytics. Follow CoPilot on Twitter here for original data and insights.

Media Contact:

Kerry Close

kclose@groupgordon.com

732-609-2644