Automotive predictive maintenance platform Pitstop has announced a Series A round of funding led by Sensata Technologies.
Pitstop will use the financing to expand its market reach, enhance product features and build additional prediction algorithms for the automotive industry.
The company's prognostics platform aggregates data to identify vehicle failures before they occur. It ingests time-series data from vehicle telematics and other data logged by industry experts, according to a Pitstop officials.
"The data is then pulled into a search engine, where machine learning and artificial intelligence is 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%, which leads to time and money saved for the supply chain."
Sensata's investment will enable Pitstop to work toward its 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."
"We are looking forward to sharing knowledge and developing technologies with Pitstop, as we jointly address the 'smart and connected' megatrend in the automotive landscape," says Jason Merszei, vice president of Sensata's global safety and mobility segment.
"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," adds Shiva Bhardwaj, Pitstop's founder and CEO. "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."
