Pitstop, a Toronto, Canada-based prognostics platform for predicting vehicle failures before they happen, raised $1.5m in seed financing.
The round was led by Ripple Ventures with participation from WorldQuant Ventures, Hike VC, OCE, and Michael Castellarin.
The company intends to use the funds to launch its platform.
a pilot test program with leading automotive supplier and intelligent transportation technology company, Continental.
Led by Founder and CEO Shiva Bhardwaj, Pitstop provides a prognostics platform that 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.
The company has also announced a pilot test program with automotive supplier and transportation tech company Continental.
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.