Predictive analytics firm Pitstop gets $1.5 million in venture capital funding
Pitstop will receive an injection of $1.5 million in seed funding from a Canadian venture capital fund.
The Toronto-based predictive analytics firm says the money will be used to continue to develop a platform that can anticipate vehicle failures before they happen.
In addition, Pitstop has announced a pilot program with automotive supplier and transportation technology company, Continental.
According to a Pitstop press release, the pilot test program will be instrumental in developing an “unparalleled, transformative and first-to-market offering that provides predictability about the future and addresses the current realities of today for customers throughout the automotive value chain.”
The funding round was led by venture capital funds Ripple Ventures, Hike, investment firm WorldQuant Ventures, Ontario Centres of Excellence (OCE) and Clairvest’s Michael Castellarin.
The pilot program combines capabilities of Pitstop’s data engine analytics with the Continental remote vehicle data (RVD) platforms to predict failures, prevent inefficiencies, and reduce maintenance costs faced by the automotive industry.
“With the growth of the global automotive market, and the global connected car market expected to reach $280.36 billion by 2026, we are seeing predictive analytics play a vital role in reducing unexpected downtime and costs for businesses operating in this industry,” said Pitstop founder and CEO, Shiva Bhardwaj. “As business models move from products to services, Pitstop is excited about exploring the opportunities presented by combining Continental’s RVD Platform with our analytics solution, to help our clients navigate the changing transportation industry.”
The Pitstop prognostics platform aggregates automotive data and sends it to a secure remote server where algorithms, artificial intelligence and machine learning tools provide useful information about increasingly complex automotive systems.