Pitstop, a Toronto prognostics platform for predicting vehicle failures, has received $1.5 million in seed financing, led by Toronto-based venture capital fund Ripple Venture, according to a news release.
Pitstop — with European technology company Continental Corp. — offers a combined data and prognostics tool that can predict failures, prevent inefficiencies and reduce maintenance costs faced by the automotive industry, the company said.
The Pitstop prognostics platform gathers automotive data and sends it to a secure remote server where algorithms, artificial intelligence and machine learning tools provide information about increasingly complex automotive systems, the company said.
Pitstop is a cloud-based automotive prognostic platform that enables customers to examine data available from their automotive assets. Pitstop aggregates data with cloud-based proprietary algorithms, artificial intelligence and machine learning.
Founded in 1871, Continental develops transportation technologies and services. In 2018, it generated sales of 44.4 billion euros. The company has about 245,000 employees in 60 countries and markets, according to Continental officials. — Transport Topics