# Carma Technology Corporation

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/carma-technology

- Industry: Retail
- Headquarters: Austin, US
- Website: www.gocarma.com/
- Total disclosed funding: $7.6M
- Latest round: Series B (Dec 31, 2018)
- Investors on record: 1

## About

Carma Technology Corporation specializes in innovative road pricing solutions through its smartphone application, enhancing transportation efficiency and improving traffic management for users nationwide.Founded in 2007 in Austin, US, Carma Technology Corporation develops technology for road pricing solutions. The company has completed a total of 17 deals. In December 2018, they raised USD 5.6 mn in a Series A funding round led by SOSV. CEO Lawrence Mulligan oversees the firm, while founder Paul Steinberg has a history of entrepreneurial ventures.GoCarma's primary offerings center around a smartphone-based road pricing solution designed to enhance efficiency in transportation management. The core product, the GoCarma app, allows users to price roads in real time, eliminating the need for traditional toll tags or onboard units (OBUs). This app is engineered to provide seamless interoperability across various regions, automatically verifying vehicles at toll facilities. GoCarma's services are employed by transportation agencies to address challenges such as traffic congestion and high-occupancy vehicle (HOV) monitoring. The app currently serves a diverse user base, including over 80,000 drivers who benefit from toll discounts on managed lanes nationwide, particularly in markets like Los Angeles, Dallas-Fort Worth, and other major metropolitan areas across the U.S. Furthermore, GoCarma has collaborated with the Louisiana Department of Transportation and Development (LA DOTD) to operate managed lanes along the I-12 corridor in East Baton Rouge, demonstrating its tangible impact on traffic flow optimization.GoCarma's revenue model is structured around transactions facilitated by its app, primarily focusing on B2B partnerships with transportation agencies and direct service offerings to consumers. Revenue is generated through user transactions that occur as drivers engage with the app for road pricing and HOV verification services. The app operates on a cost-to-collect model, with transaction costs reported to be below USD 0.18 per verification, ensuring affordability for agencies while facilitating a smooth user experience. Pricing structures may involve agreements where participating agencies pay for the service based on the volume of verifications processed, while users benefit from discounts offered through the app. Furthermore, GoCarma’s technological solutions enable agencies to efficiently manage and optimize toll operations, thus enhancing overall revenue potential through increased compliance and reduced operational costs.Following its most recent funding deal in December 2018, Carma Technology Corporation plans to leverage the USD 5.6 mn raised to enhance its product offering and explore new market opportunities. They intend to enhance the GoCarma app with new features designed to improve user experience and broaden its application in various regions. The company aims to expand its services into additional metropolitan areas across the U.S. and potentially into international markets, with specific targets to be determined as they strategize their growth initiatives.

## Funding rounds

- Series B, Dec 31, 2018 — SOSV
- Series A, Dec 14, 2010, $5.6M — SOSV
- Seed, Mar 1, 2007, $2M — SOSV

## Investors

- SOSV (https://capitalatlas.ai/funds/sosv) — Seed, Series A, Series B