Automotive Ventures among firms investing in AI-fueled fleet maintenance software company
Automotive Ventures said last week it is closing its new DealerFund to new investors at the end of the month.
But the firm isn’t idling until the point.
Automotive Ventures is part of the group to invest in Pitstop, a fleet maintenance software company that provides powerful AI-driven predictive analytics and insights in an affordable, easy-to-use solution.
On Wednesday, In Revenue Capital, together with Tech Square Ventures, announced the closing of its joint $3.8 million funding round in Pitstop.
Also participating were Automotive Ventures, SaaS Ventures and others, which chose to invest in the predictive fleet maintenance SaaS provider because of their belief in its founder, the startup’s innovative technology, product market fit, and go-to-market needs that will be filled by In Revenue Capital’s operator-immersive model.
“We had great traction early on with Pitstop, but knew we needed more capital to really get our revenue engine going and to scale,” Pitstop CEO Shiva Bhardwaj said in a news release. “But, we also knew capital alone wouldn’t be the answer. We were thrilled to enter into an investor partnership with Tech Square Ventures and In Revenue Capital, through which Pitstop’s operations are receiving the funds to grow — along with the hands-on expertise required to take us to the next level of our GTM growth.”
In Revenue Capital and Tech Square Ventures said were eager to back Pitstop for many reasons, among which were its founder’s pedigree, knowledge and vision.
Bhardwaj worked at NVIDIA and GB Autos, bringing his experiences in AI and vehicle maintenance together to found Pitstop. Bhardwaj’s industry knowledge coupled with Pitstop’s AI technology along with transformative market conditions in the fleet management space made Pitstop a valuable and promising startup, according to the investors.
“Pitstop’s goal is to become the leader for predictive insights that will empower fleet owners to increase ROI in several ways,” said Vasant Kamath, general partner of Tech Square Ventures.
“In Revenue Capital is providing significant strategic and tactical input on the company’s go-to-market initiatives, and we are excited to have them in the round. Together, we’re excited to take Pitstop’s vision and existing groundwork and supercharge their growth and revenue,” Kamath went on to say.