Fleet maintenance software platform Pitstop grabs $3.8m in VC

• Tech Square Ventures led the round
• The other investors included In Revenue Capital, SaaS Ventures, Automotive Ventures and Service Provider Capital
• The funds raised will support the continuing development of Pitstop’s technology, expansion of its customer base and investment in human capital

Toronto-based Pitstop, a fleet maintenance software company that provides artificial intelligence (AI)-enabled predictive analytics and insights, has secured $3.8 million in financing.

Tech Square Ventures led the round. The other investors included In Revenue Capital, SaaS Ventures, Automotive Ventures and Service Provider Capital.

Founded in 2013, Pitstop’s AI analytics provide actionable insights for fleets to understand, anticipate and resolve issues with their vehicles. By surfacing issues before they happen, the software reduces operations downtime, saves costs on maintenance and helps fleet managers, finance and operations executives manage their assets better.

The funds raised will support the continuing development of Pitstop’s technology, expansion of its customer base and investment in human capital.

On the round, Vasant Kamath, a general partner at Tech Square Ventures, said in a statement, “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.”

Based in Atlanta, Tech Square targets seed-stage and early-stage companies operating in the enterprise, marketplace technology, and technology-enabled service markets.