SCOTTSDALE, Ariz., April 12, 2023 /PRNewswire/ -- In Revenue Capital, the first operator-immersive capital firm focused on early-growth investing, together with Tech Square Ventures announces the closing of its joint $3.8 million funding round for Pitstop, a fleet maintenance software that provides powerful AI-driven predictive analytics and insights in an affordable, easy-to-use solution. The firms, with participation from Automotive Ventures, SaaS Ventures and others, 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," says Shiva Bhardwaj, chief executive officer of Pitstop. "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 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.
"Pitstop's goal is to become the leader for predictive insights that will empower fleet owners to increase ROI in several ways," says 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."
In Revenue Capital is deeply committed to working with B2B verticalized software-as-a-service (SaaS) startups and extending its value-add Immersive Operator Network. When considering investments, the team runs all potential companies through an extensive set of criteria in order to land on the select few that will benefit most from their unique model and have the most revenue potential. Pitstop checked all of these boxes, having a strong team with startup and vertical specific backgrounds, along with rich data science and AI experience. The company's analytics help fleets and OEMs save significant costs on maintenance (per vehicle and on the entire fleet) as well as reduces downtime in fleets, by surfacing issues before they happen.
To learn more about Operator Immersive Capital and sign up to receive a first look at In Revenue Capital's forthcoming book, 'The Cheat Code', visit inrevenue.capital.
About In Revenue Capital
In Revenue Capital was created as a founder-friendly fix to a broken venture capital (VC) system, in which deals work out well in aggregate for financiers but more often poorly for portfolio companies. Coupling capital with rich go-to-market (GTM) expertise in a true value-add model, the firm offers both funding and embedded operators to help founders and their companies grow and succeed. For more information, please visit inrevenue.capital.
About Pitstop
Pitstop is a predictive maintenance software, using AI-driven insights and automated maintenance features to enable fleets to leverage the wealth of vehicle data to significantly reduce downtime and costs. Pitstop predicts and prioritizes vehicle failures, data and maintenance needs in real-time to dramatically improve overall operational efficiencies. For more information, please visit pitstopconnect.com.
SOURCE In Revenue Capital
Original press release available here: https://www.prnewswire.com/news-releases/in-revenue-capital-joins-pitstops-3-8-million-seed-funding-round-led-by-tech-square-ventures-301795181.html
