Pitstop, a Toronto, Canada-based automotive predictive maintenance platform, closed a Series A round of funding of undisclosed amount.
The round was led by Sensata Technologies, a global industrial technology company, with participation from existing investors Ripple Ventures and Hike Ventures.
The company will use the funds to expand market reach, enhance product features and build additional prediction algorithms for the automotive industry.
Led by Shiva Bhardwaj, Founder and CEO, Pitstop provides a prognostics platform that aggregates data to identify vehicle failure before it happens. The platform ingests time-series data from vehicle telematics and text-based event data logged by industry experts to classify its models. This data is then pulled into a data engine where machine learning and artificial intelligence are used to create predictions such as component level failures for batteries, engines or brakes weeks before they happen.
The solution is used by Enterprise, OEMs, fleets and vehicle owners to understand and organize maintenance needs, allowing them to reduce downtime and lower repair costs. Since announcing seed funding in 2019, Pitstop has partnered with companies including Aisin, Fleet Complete, Smartcar, and Continental AG, and recently launched in the Geotab marketplace to provide fleets with maintenance software that drastically reduces vehicle downtime.
The collaboration between Sensata and Pitstop allows both companies to enhance product features, build additional prediction algorithms and create new business models.