LONDON, May 13, 2019 /PRNewswire/ --
- Stratio makes AI in the automotive sector a reality by taking on the $200B annual preventive maintenance market using predictive intelligence
- Fusing automotive engineering with scienti?c research and powered by AI engine Stratio Cortex, the company is gaining major momentum with the backing of UK and US investors
- With technology support from the European Space Agency, Stratio is enabling a zero downtime future
The automotive sector may be hyping AI for autonomous vehicles and driver assistance, but there's another area where AI can affect $200B in annual expenditures: preventive maintenance.
Stratio is bringing AI to vehicles by applying machine learning models that analyse millions of data points per vehicle and day. By comparing real vs. expected behaviour of components, Stratio works with OEMs during the vehicle testing phase to launch more reliable vehicles to market faster, lower warranty claim fraud costs and expand aftersales revenues.
Stratio launched in 2017, after receiving technological support from the European Space Agency, and earned recognition from the EU Commission as one of the top 3 most disruptive technologies in the transportation industry.
Rui Sales and Ricardo Margalho, co-founders of Stratio explained, "The idea came to us when our bus broke down and we missed what could have been a career-changing meeting in New York. We set out to build a machine learning product suite that analyses high-density vehicle data in real time to prevent vehicles from breaking down."
These learnings were taken into its R&D Department by Rune Prytz, a former Volvo Trucks Research Engineer in AI and big data.
Having attracted the attention of many of the world's most admired OEMs and distribution companies, Stratio now counts MAN, DAF Trucks and VECTIA as customers.
Krishna Visvanathan, Partner at Crane Venture Partners, commented, "Stratio Automotive is one of the most exciting companies in our portfolio of data-driven enterprise software businesses, it has the trifecta of a super product, a deep data moat coupled with AI expertise and great traction."
The company raised 3M€ to bolster its global footprint in key markets across Europe, UK, US, India and Singapore. Stratio is on track for a 500% revenue growth in 2019 and is pushing the transformation of the automotive industry towards a zero downtime future.
