Pitstop, an automotive predictive maintenance platform, recently announced a Series A round of funding led by Sensata Technologies, with participation from existing investors Ripple Ventures and Hike Ventures.
The company says 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 company says the 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, the company says, adding Pitstop has reduced vehicle downtime by as much as 25%.
The company says 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.
