CARFIT, the global autotech startup focused on predictive automotive maintenance, is pleased to announce it has raised an additional $2.5 million, bringing its seed round to a total of $4.5 million.
CARFIT has developed a patented technology based on AI-assisted vibration analysis to understand use pattern and anticipate maintenance needs.
Paris, France – Palo Alto, CA, USA (October 11, 2018) – Investors in CARFIT’s latest round include BGV, Plug and Play, Mobivia-Carstudio and Bernard, with the assistance of Bpifrance. CARFIT’s technology can either be used as an aftermarket solution to address maintenance or mobility services markets or it can be natively embedded by OEMs or automotive suppliers in future vehicles. The company focuses on monitoring and detecting anomalies related to wear parts such as brakes, tires or suspensions, which mostly lack sensors.
Engines have become highly reliable and the switch to electric powertrains will eventually result in even less frequent maintenance. However, the industry anticipates that vehicles will be used more intensively in order to reduce cost, which will result in increased maintenance needs for wear parts. CARFIT technology will help address the consequences of this trend.
“ … they are investing in future; tomorrow’s autonomous vehicles will need autonomous monitoring and maintenance. CARFIT brings a critical solution to address these needs, learning from vehicles in existing fleets.” Nicolas Olivier, CEO of CARFIT.
“We are delighted to lead this funding round for CARFIT, a deep tech company at the intersection of the automotive space and artificial intelligence.” Amir Nayyerhabibi, partner at BGV in Palo Alto, CA.