Pitstop, a prognostics platform for predicting vehicle failures, has officially announced the closing of $1.5 million seed round of financing led by Ripple Ventures with WorldQuant Ventures, Hike VC, OCE, and Michael Castellarin (MD at Clairvest).
The financing closed more than 6 months ago.
Founded by CEO Shiva Bhardwaj, Toronto based Pitstop provides a cloud-based automotive prognostic platform that enables customers to understand and leverage the data available from their automotive assets.
As part of today’s announcement, Pistop has entered into a pilot test program with Continental, a leading automotive supplier and intelligent transportation technology company.
photo credit: Pitstop
Pitstop Announces $1.5M Seed Round; Expands Engagement with Global Automotive Firm Continental
Pitstop and Continental develop pilot test program to deliver connected car prognostics and remote vehicle diagnostics to the automotive aftermarket.
May 30, 2019 07:00 AM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–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.
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.
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.
Livy Jacobs, LivPR, 416-888-4695, firstname.lastname@example.org
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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