Global industrial technology company Sensata leads round to help scale and deploy Pitstop across automotive supply chain
TORONTO–(BUSINESS WIRE)–October 1, 2020–
Pitstop, an automotive predictive maintenance platform, today announced a Series A round of funding led by Sensata Technologies, a global industrial technology company and 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 is 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 are used to create predictions such as component level failures for batteries, engines or brakes weeks before they happen. 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, Vice President 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.
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.
About Pitstop
Pitstop is an automotive prognostics platform that allows customers to clearly understand and leverage data from their automotive assets. Pitstop aggregates data with proprietary algorithms, AI and machine learning to provide real-time insights for the transportation supply chain. By predicting vehicle failures before they happen, enterprise companies, fleet managers and vehicle owners use Pitstop to understand and organize maintenance needs, while avoiding costly repairs and reducing downtime. For more information visit pitstopconnect.com
About Sensata Technologies
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 20,000 employees and operations in 11 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, electrified, and connected. For more information, please visit Sensata’s website at www.sensata.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201001005340/en/
Livy Jacobs, LivPR, [email protected]
Source: Read Full Article