Latest Funding Will Drive Pitstop's Continuing Innovation In The Fleet Analytics Space

TORONTO, ONTARIO, CANADA, April 13, 2023/EINPresswire.com/ -- Pitstop, a fleet maintenance software that provides powerful AI-driven predictive analytics and insights, announced it has raised $3.8 million in a round led by Tech Square Ventures. The funding will drive the continuing development of Pitstop’s software, the expansion of its growing customer base, and its investment in human capital. The round included participation from In Revenue Capital, SaaS Ventures, Automotive Ventures and Service Provider Capital.

Vasant Kamath, a general partner at Tech Square Ventures, said, “We are excited to invest in Pitstop to bring deep maintenance analytics to the logistics space. The Pitstop team has built amazing technology to deliver truly predictive capabilities to managers, owners and customers of fleets. We believe there is significant strategic value in their solution, and we are delighted to support them in this new stage of growth."

Founded on the principle that fleets need true visibility into the health of their assets, Pitstop solves these issues for a variety of applications. Pitstop’s AI analytics, fueled by many years of algorithm development and combining billions of data points, provide actionable insights for fleets to understand, anticipate and resolve issues with their vehicles. By surfacing issues before they happen, Pitstop’s software meaningfully reduces operations downtime, saves significant costs on maintenance, and helps fleet managers, finance and operations executives manage their expensive assets better.

Pitstop’s analytics are changing the industry — its algorithms have been tested by major OEMs, parts manufacturers, large fleets and fleet service providers, all validating its leading position in predictive analytics. Pitstop was recently accepted into the prestigious Engage program, which partners leading technology companies with major Fortune 500 partners to solve their supply chain and logistics problems.

Shiva Bhardwaj, Founder and CEO of Pitstop, said, “With the support of Tech Square Ventures and our new investors, the team and I are excited to accelerate our go-to-market strategy to meet the increasing demand for sophisticated maintenance analytics. We will use this investment to continue delivering what the fleet market is asking for, and continue to expand and deliver greater intelligence solutions using our powerful technology.”

About Pitstop
Pitstop is a predictive maintenance software, using AI-driven insights and automated maintenance features to enable fleets to leverage the wealth of vehicle data to significantly reduce downtime and costs. Pitstop predicts and prioritizes vehicle failures, data and maintenance needs in real-time to dramatically improve overall operational efficiencies. For more information, please visit pitstopconnect.com.

About Tech Square Ventures
Tech Square Ventures is an Atlanta-based early-stage venture capital firm that partners with visionary entrepreneurs to help them with what they need most – access to markets and customers. Tech Square Ventures’ platform is built on a strategic network of innovation ecosystem, corporate, and university relationships that help founders inform and accelerate go-to-market strategies. For more information, visit www.techsquareventures.com or follow Tech Square Ventures on LinkedIn or Twitter

Hyundo Kwon
Tech Square Ventures
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