Revvo Technologies, a Silicon Valley-based technology company that offers an intelligent software platform to manage and optimize tires using connected vehicle data and proprietary "smart" tire-mounted sensors, announced it has raised an additional $6M in Series Seed funding. Cercano Management led the round, with participation from Discount Tire and Norwest Venture Partners.
SAN MATEO, Calif., May 13, 2022 /PRNewswire-PRWeb/ --The mobility and transportation sectors continue to advance with more connected and autonomous vehicle technologies to improve safety and efficiency. However, the tire has lagged in being incorporated into the connected ecosystem, despite being one of the most critical components of a vehicle's performance, safety, and reliability.
The market offers a massive opportunity with over $225 billion spent on 2.3 billion tires in the last year alone. Revvo's initial focus has been on the fleet sector, a segment consuming tires at a disproportionately high rate with clear pain points around tire usage.
With over 25 million miles of tire data captured since the last funding round, Revvo has hardened their AI and data platform used by fleets to maximize tire usage and minimize their costs. Revvo's growing customer base includes fleets of autonomous vehicles, last mile delivery vans, refuse trucks, and class 8 trucks and trailers. Leveraging Revvo's connected vehicle and sensor-enabled AI software platform, these fleets have experienced increases in tire life upwards of 30%, a reduction of 70% in critical tire issues, and a reduction of 50% in labor time associated with tires.
Revvo's platform is collecting data from fleet tires deployed across the world, providing visibility and predictive analytics on each vehicle's tire life and alerting in real-time of any tire damage. The software delivers actionable insights from Revvo's AI and machine learning models leveraging data from Revvo's tire sensors and vehicle telematics. This helps fleet managers and the tire retailers who service these fleets identify remaining tread and life for each tire, any irregularities detected in pressure, temperature, rotation, and load with corresponding corrective actions to ensure maximum tire life and vehicle uptime.
"We are propelling the tire into the connected vehicle ecosystem, using our experience in AI and machine learning. Today we focus on fleets and service providers of tires, helping them identify and act on tires that need attention in order to ensure vehicles are safe and do not suffer any downtime," said Sunjay Dodani, Ph.D, Revvo's CEO.
"We are really excited about our partnership with Revvo and how complimentary it is to our strategy of providing an inviting, easy and safe tire and wheel experience." said Chris Adams Vice President of Fleet and partnerships at Discount Tire.
"We have had very positive feedback from our fleet customers that are currently using Revvo, helping them reduce vehicle down time while enhancing vehicle and driver safety. We look forward to continuing to partner with Revvo and expand into new markets," Adams added.
Revvo will use the financing to expand its go to market and partnership teams.
For more information, please visit: http://www.revvo.ai
Media Contact
Facundo Tassara, Revvo Technologies, Inc, 1 6506951057, [email protected]
SOURCE Revvo Technologies, Inc
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