USAA Leads Funding Round for Automobile App Developer

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USAA is the lead investor in a venture-capital funding round for a developer of mobile applications for automobiles.

The $70 billion-asset company in San Antonio made an investment in Automatic Labs, which it said will use the proceeds to fund its sampling of apps and its development platform.

A group of at least 10 investors committed $24 million to the San Francisco company in this round of venture capital; the size of USAA's investment was not disclosed.

"Automatic is breathing new life into car ownership by connecting any car on the road today to a world of apps that help with everything from sending emergency assistance after a crash to easily filing expense reports," Victor Pascucci, USAA's head of corporate development, said in a news release.

The investor group also included CDK Global in Hoffman Estates, Ill., which specializes in tech and digital marketing for the automobile industry; Comcast Ventures in San Francisco; tech incubator Y Combinator in Mountain View, Calif.; and individuals Mark Goines and Jared Kopf.

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