Pitstop,
a prognostics platform for predicting vehicle failures before they happen, today
announced $1.5 million in seed financing as well as a pilot test program
with leading automotive supplier and intelligent transportation
technology company, Continental.
The funding round was led by Toronto-based VC fund Ripple
Ventures with participation from WorldQuant Ventures, Hike VC, OCE,
and MD from Clairvest Michael Castellarin.
The program combines capabilities of the Pitstop Data Engine and the
Continental Remote Vehicle Data (RVD) Platform to provide real-time,
actionable insights to the automotive industry, including the
aftermarket, through a dashboard and mobile application. The combined
data and prognostics tool can 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.
“Continental is excited to be working with Pitstop on the opportunities
that combining Pitstop’s analytics platform with Continental’s RVD
platform can bring to the automotive industry,” said Christopher
Bahlman, Head of Diagnostics & Services for the Independent Aftermarket
segment of Continental’s Commercial Vehicles & Aftermarket Business Unit
in North America.
The pilot test program between Pitstop and Continental positions both
companies with 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.
About Pitstop
Based in Toronto, Canada, Pitstop
is a cloud-based automotive prognostic platform that enables customers
to understand and leverage the data available from their automotive
assets. Pitstop aggregates data with cloud-based proprietary algorithms,
AI and machine learning to provide real-time actionable information that
is used by connected vehicle clients to deliver increased financial
returns. In 2019, Pitstop received the Frost & Sullivan Product
Leadership Award for the Vehicle Prognostics Service Industry in North
America. For more information, visit: pitstopconnect.com.
About Continental
Continental develops pioneering
technologies and services for the sustainable and connected mobility of
people and their goods. Founded in 1871, the technology company offers
safe, efficient, intelligent and affordable solutions for vehicles,
machines, traffic and transportation. In 2018, Continental generated
sales of €44.4 billion and currently employs around 245,000 people in 60
countries and markets.
Information management in and beyond the vehicle is at the very heart of
the Interior division. The product portfolio for different types of
vehicles includes: instrument clusters, multifunctional and head-up
displays, control units, access control and tire-information systems,
radios, infotainment systems, input devices, control panels, climate
control units, software, cockpits as well as services and solutions for
telematics and Intelligent Transportation Systems. The Interior division
employs around 48,000 people worldwide and generated sales of €9.7
billion in 2018.
Within the Interior Division, the Commercial Vehicles & Aftermarket
Business Unit accommodates the specific requirements of the commercial
vehicle, special vehicle and aftermarket sector. A global network of
sales and service companies ensures proximity to local customers
covering the product brands of Continental, VDO, ATE, GALFER and Barum.
The Business Unit offers web based managed services, fleet management
and tachograph solutions, electronic products, systems and services for
commercial and special vehicles, a broad selection of products for
specialized workshops and spare parts for the Independent Aftermarket
and the Original Equipment Services after end of series production of
the vehicle manufacturer.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190530005043/en/