With expanding connected car market and business models moving from products to services, predictive analytics is to play a vital role in reducing unexpected downtime and costs for businesses operating in autonomous industry.
This fact is being recognized and companies working in this field are gaining attention from the industry. A prognostics platform for predicting vehicle failures, Pitstop, has announced $1.5 million in seed financing. The funding round was led by Toronto-based VC fund Ripple Ventures with participation from WorldQuant Ventures, Hike VC, OCE, and MD from Clairvest Michael Castellarin.
Pitsop is a cloud-based automotive prognostic platform that enables customers to understand and leverage the data available from their automotive assets. It aggregates data with cloud-based proprietary algorithms, AI and machine learning to provide real-time actionable information that is used by connected vehicle clients to deliver increased financial returns.
Apart from this, the Toronto based company is also working on a pilot test program with Continental, a known automotive supplier and intelligent transportation technology company.
The program combines capabilities of the Pitstop Data Engine and the Continental Remote Vehicle Data (RVD) Platform to provide real-time, actionable insights to the automotive industry, including the aftermarket, through a dashboard and mobile application.
The combined data and prognostics tool can predict failures, prevent inefficiencies and reduce maintenance costs faced by the automotive industry.
Both the companies claim that the pilot test program between positions them with an unparalleled, transformative and first to market offering that provides predictability about the future and addresses the current realities of today for customers throughout the automotive value chain.
Source: Press Release