Partly raises $50M at a $500M valuation to crack the US auto parts market

SiliconANGLE UPDATED 09:00 EDT / JUNE 23 2026 AI Partly raises $50M at a $500M valuation to crack the US auto parts market by Duncan Riley Partly Group Ltd. , a New Zealand startup using artificial intelligence to change up the automotive parts business, announced today that it has raised $50 million new funding at a $500 million valuation. operation, betting that the country's collision repair sector is ready to buy software it has so far had to do without.

Founded in 2020 by former Rocket Lab Corp. engineer Levi Fawcett, Partly builds what it calls Interpreter, a foundation model trained specifically on vehicle parts. The pitch is narrow on purpose.

General-purpose models cannot reliably tell one part variant from another across the dozens of ways manufacturers structure their catalogs and Partly has spent more than four years and $10 million building one that can. It reads technical diagrams, damage photos and written repair descriptions, then maps them to a single standard for how a vehicle breaks into assemblies and how parts within those assemblies are named. The company sources training data from government records and licensed manufacturer feeds, runs its own vehicle tear-downs and has parts interpreters annotate the results by hand.