Pitstop (Next Founders, 2019), a cloud-based platform that uses machine learning to perform predictive vehicle maintenance, has announced it has raised $1.5 million CAD in seed financing.
The funding round, closed in September, was led by Ripple Ventures, with participation from WorldQuant Ventures, Hike VC, Ontario Centres for Excellence, and Clairvest managing director Michael Castellarin. Pitstop’s dashboard and mobile application provide real-time, actionable insights to the automotive industry. Its data and prognostics tool aims to predict failures, prevent inefficiencies, and reduce maintenance costs for vehicle owners.
Pitstop CEO Shiva Bhardwaj told BetaKit the new funding will fuel new enterprise partnerships and scale the company’s platform.
“There are so many systems on a car that no one human being, or one team, can manually ensure are running as effectively as they can,” Bhardwaj said. “You need software to automatically detect failures and then fix the cars, to eventually provide self-healing capabilities, to some degree.”Read More