Remember that future we were promised where our vehicle magically tells us that we’re about to break down? Or actually never does? Or that the pickup truck arrives before the move even knows something is wrong? That future is arriving. But like many things, the practical reality is that this technology starts to arrive in the fleet management industry before it arrives for consumers.
The market for maintenance of fleets of buses and trucks is worth $ 200 billion in annual spending, so as you can imagine, it’s a juicy sector to get into. In Portugal, a unit of entrepreneurs and scientists assembled to look into this and came up with a fascinating startup that is now attracting the attention of investors.
Today, Stratio is emerging from stealth to help OEMs, distributors and fleets benefit from AI-driven predictive intelligence.
The idea is to apply machine learning representations that retrieve and investigate millions of data points per vehicle per era to vehicles both in developing and on the road leading. It turns out that if you compare the real versus the believed behaviour of the actual vehicle components themselves, you can improve automated tests and predictive intellect that can assess the vehicle’s condition. Then you can detect early anomalies and omissions. This is exactly what Stratio does.
It does this by lay a sensor box-of-tricks under a vehicle, like a bus. This container connects within available sensors in the vehicle using the existing API — something crucial for OEMs. Using proprietary machine learning, it can predict when something will end, days ahead of time. Most existing containers like this only track spot , not analytics.
Stratio likewise works with OEMs during the vehicle testing phase to identify issues and their root cause to get more reliable vehicles to market faster, lower the potential for warranty claim fraud costs and expand the after-sales revenues. It’s a triple whammy in cost savings.
The round is one of the largest ever seed copes in Portugal and potentially the largest enterprise/ deep tech first investment in the country.
It has a proprietary AI engine, Stratio CortexTM, and technology support from the European Space Agency. Ultimately the aim is to apply machine learning modelings and enable the so-called ” zero downtime” future.
Rui Sales and Ricardo Margalho, co-founders of Stratio, say the idea for Stratio came to them when their bus broken down and they missed what could have been a career-changing meeting in New York:” Knowing that today’s existing vehicles cause a massive quantity of data, we set out to build a machine learning product suite that evaluations high-density vehicle data in real time to predict and thwart vehicles from breaking down.”
Stratio launched in 2017, after receiving technological support from the European Space Agency and paying identification from the EU Commission.
Alongside the co-founders is Rune Prytz, a former Volvo Trucks research engineer in machine learning and big-hearted data, which are currently makes all of Stratio’s efforts in AI. Stratio now counts MAN, DAF Trucks and VECTIA as patrons, among others.
Krishna Visvanathan, spouse at Crane Venture Partners, noted, “Stratio Automotive is one of the most exciting corporations in our portfolio of data-driven enterprise software enterprises. It has the trifecta of a super produce, a late data moat coupled with AI expertise and great customer traction.”
So far, Stratio has attracted customers and operations in more than 10 key sells across Europe, the U.K ., U.S ., India and Singapore.