Pitstop, an automotive predictive maintenance platform, recently announced a Series A round of funding led by Sensata Technologies, a global industrial technology company and a leading provider of sensor-rich solutions that create insights for customers, with participation from existing investors Ripple Ventures and Hike Ventures. Pitstop will use the funds to expand market reach, enhance product features and build additional prediction algorithms for the automotive industry. The amount of the Series A funding was undisclosed.
Pitstop’s prognostics platform aggregates data to identify vehicle failure before it happens. The comprehensive 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 is used to create predictions such as component level failures for batteries, engines or brakes weeks before it happens. Pitstop has reduced vehicle downtime by as much as 25 percent, which leads to time and money saved for the supply chain.
Sensata’s investment will enable Pitstop to work towards the goal of offering a ‘bumper-to-bumper’ prognostics platform. This collaboration allows both companies to enhance product features, build additional prediction algorithms and create new business models.
Commenting on the announcement, Jason Merszei, VP for Sensata’s Global Safety and Mobility Segment, said, “Our team at Sensata works every day to deliver the solutions that will help drive a smarter, more connected and cleaner world. We are looking forward to sharing knowledge and developing technologies with Pitstop, as we jointly address the Smart & Connected megatrend in the automotive landscape.”
“At a time when vehicle connectivity is growing at an exponential rate, Pitstop’s predictions are perfectly positioned to extract as much value from the growing complexity of a vehicle” said Shiva Bhardwaj, founder and CEO, Pitstop. “With Sensata as a partner and investor, we are solving a core pillar for the connected car industry and creating a substantial financial impact for the transportation market.”
Pitstop is used by Enterprise, OEMs, fleets and vehicle owners to better understand and organize maintenance needs, allowing them to reduce downtime and lower repair costs.