Pitstop, Continental Develop Test Pilot Program
May 30, 2019—Pitstop, a prognostics platform for predicting vehicle failures before they happen, today announced $1.5 million in seed financing as well as a pilot test program with automotive supplier and intelligent transportation technology company Continental.
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.
The program combines capabilities of the Pitstop Data Engine and the Continental Remote Vehicle Data (RVD) Platform to provide real-time insights to the automotive industry, including the aftermarket, through a dashboard and mobile application.
“With the growth of the global automotive market, and the global connected car market expected to reach $280.36 billion by 2026, we are seeing predictive analytics play a vital role in reducing unexpected downtime and costs for businesses operating in this industry,” said Pitstop founder and CEO, Shiva Bhardwaj.