Revvo will utilise the funding to continue to develop the product and expand its business development and technical teams
Revvo, a start-up offering internet of things (IoT) sensors for vehicle tyres, announced that it has secured US$ 4 million in Series A funding round led by investment firm Norwest Venture Partners. The funding also saw participation from Vulcan Capital and AngelList.
Revvo has entered the ecosystem of technology start-ups driving the transformation in mobility and transportation sectors. The start-up has developed a first-of-its-kind, sensor-enabled artificial intelligence (AI) software platform for monitoring tyres when the vehicle is on the road.
The company will utilise the funding to continue to develop the product and expand its business development and technical teams.
Generate real-time feed
The solution includes proprietary sensors that are integrated inside a vehicle tyre, which gather real-time feed of the performance and condition of a tyre. These sensors gather thousands of data points every second from the tyre’s interior which is then sent to the cloud through an app on driver’s phone.
Machine learning (ML) and AI models are then applied to the collected data set to better predict the tread wear of tyre. This, in turn, helps the fleet managers and drivers to better understand the overall health of tyres, leading to increased vehicle uptimes, improved efficiency and enhanced safety.
Speaking about the development, Sunjay Dodani (Ph.D.), CEO, Revvo, said, “Until now, tyres have not benefited from the mobility revolution. Through ML and AI, tyres can provide an invaluable data set of road conditions, driver behavior, and feedback for vehicle performance.”
“We’re extremely excited to have the support of the Norwest team, which will help us work toward our goal of enabling smart and connected tyres. Our team at Revvo is passionate about applying a data science-centric approach to bring intelligence to the only part of the vehicle that touches the ground,” he added.