Sensata Technologies invests in Pitstop
12/01/2021
Pitstop, a Canadian automotive predictive maintenance platform, has announced a Series A round of funding led by Sensata Technologies in the USA, 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 predictive 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%, 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 will allow both companies to enhance product features, build additional predictive algorithms and create new business models.
Pitstop is used by Enterprise, original equipment manufacturers, fleets and vehicle owners to better understand and organise 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.
