Pitstop, a Toronto, Canada-based fleet maintenance software that provides powerful AI-driven predictive analytics and insights in an affordable, easy-to-use solution, closed $3.8 million in funding.
The round was led by Tech Square Ventures, with participation from In Revenue Capital, Automotive Ventures, SaaS Ventures, and others.
The investment, in conjunction with the operator-immersive model, accelerates the growth of AI predictive fleet maintenance SaaS.
"We were thrilled to enter into an investor partnership with Tech Square Ventures and In Revenue Capital. Along with the capital, both teams' hands-on expertise will help propel Pitstop to the next level. I'm very proud of what our team accomplished thus far... It is and will continue to be a big year for us!" Shiva Bhardwaj, CEO & Founder at Pitstop. (Pitstop-linkedin post)
Pitstop is a predictive maintenance software that uses AI-driven insights and automated maintenance features to enable fleets to leverage the wealth of vehicle data to significantly reduce downtime and costs.
The company predicts and prioritizes vehicle failures, data, and maintenance needs in real-time to dramatically improve overall operational efficiencies.
Company: Pitstop
Raised: $3.8M
Round: Unknown
Funding Month: April 2023
Lead Investors: Tech Square Ventures
Additional Investors: In Revenue Capital, Automotive Ventures, and SaaS Ventures
Company Website: https://pitstopconnect.com/
Software Category: Fleet Maintenance Software
About the Company: Founded in 2015 by Shiva Bhardwaj, Pitstop is a predictive maintenance platform that delivers actionable insights for the transportation industry through a powerful combination of AI, machine learning technology, and cloud-based proprietary algorithms. Pitstop offers fleet predictive maintenance and fleet electrification solutions, supporting businesses in navigating through analyzing vehicle health, data overload, and tough decision-making. The company empowers millions of automotive professionals to make better business decisions while leading the industry into a more efficient, safer, and cleaner future. The company is headquartered in Toronto, Ontario.
Source: https://www.prnewswire.com/news-releases/in-revenue-capital-joins-pitstops-3-8-million-seed-funding-round-led-by-tech-square-ventures-301795181.html