The infusion of cash will allow for three things, the company says:
the completion of customer qualification for the IntelliTread Drive-Over System;
the establishment of high-volume manufacturing in global markets; and
the acceleration of the development of the Tyrata Internal Tread Sensor product line.
Tyrata says its ability to raise the $2.9 million from investors around the world, despite the pandemic, is confirmation of the market demand for the technology.
The IntelliTread Drive-Over System is designed to be an easy-to-deploy tread wear monitoring system for both passenger and commercial vehicle fleets. The system collects tire wear data when a vehicle drives over a speed-bump-like unit which is then linked to cloud-based data analytics to alert fleets as to the actual condition of the tire tread in real time.
Tyrata has also signed an agreement with the Marubeni Corp.to distribute and service Tyrata's platform in Japan. Units will begin to be introduced to customers there in the fourth quarter of 2020.
"Despite COVID's impact on the business environment, Tyrata has been able to sustain operations and is now well-positioned to ramp up its products and services," said Jesko von Windheim, CEO of Tyrata. "Our ability to raise funds in these difficult times further confirms the need for solutions that optimize existing operations and spark business innovation within the tire service industry."
