Stratio announces $12 million Series A funding round to accelerate growth
Real-time predictive fleet maintenance platform Stratio has announced a $12 million Series A funding round to further accelerate the company’s global expansion.
Stratio, the real-time predictive fleet maintenance platform, has announced a $12 million Series A funding round to further accelerate its growth. The investment, led by Forestay Capital, the Deep Tech and SaaS Venture Capital arm of Waypoint Capital, with participation from existing investor Crane Venture Partners, will be used to further accelerate the company’s global expansion, increase its R&D, speed up overall time-to-market and double its headcount by the end of 2022.
Stratio already has its technology deployed in five of the top 10 transportation companies in the world and has enabled transportation for 1.3 billion people so far. The company’s Annual Recurring Revenue (ARR) has grown 2700 per cent since its Seed investment round, while the company has invested an average of 65 per cent of its budget in R&D since that same period.
Stratio’s AI-based predictive fleet maintenance prevents hundreds of thousands of breakdowns from happening every day, thus saving millions of people from the hassle of public transportation delays, postponed deliveries or late arrival of essential goods. Downtime becomes a critical problem for fleets responsible for food, medicine or healthcare supplies transportation. Hospitals, pharmacies or supermarkets are just a few examples of businesses that are heavily dependent on reliable transportation services.
By harnessing the power of data, and using augmented intelligence, Stratio provides real-time actionable insights through a scalable platform that collects, analyses and explains when the next breakdown will happen. Its fully explainable AI system allows fleet managers and operators to easily understand the reasons behind each potential breakdown, thus moving away from a reactive maintenance approach that leads to vehicle downtime, lost revenue, unhappy customers and a damaged reputation.
“Stratio’s contribution to zero downtime impacts the global economy and people’s lives every single day. Real-time predictive fleet maintenance provides a magnified look that leads to better planning and better decisions. That means higher quality and cheaper public transportation, on-time deliveries while serving more customers at a lower cost” said Stratio’s Co-Founders, Ricardo Margalho, CEO, and Rui Sales, President. “Stratio’s technology is empowering fleet operators across the globe by providing them with the most comprehensive and easy-to-manage platform in this space. We believe that this technology will soon be available to every vehicle around the world and that enabling a zero-downtime future will change transportation as we know it.”
Stratio has customers across EMEA, U.S., LATAM and APAC, and has expanded its footprint to strategic markets such as North America, Australia, Brazil and Mexico. Some of its key clients include Ford Trucks, Arriva, Keolis, RATP Dev, Go-Ahead, ComfortDelGro and more. Fleets using Stratio’s technology circle the globe 20 times each day while the platform processes more than five billion data points.
“Stratio’s technology fascinated us right from the beginning. Not only are they far advanced in terms of datasets uniqueness – which virtually allow them to work with any fleet across the globe – but they also have been growing at an incredible pace,” said Frederic Wohlwend, Managing Partner at Forestay. “Their R&D investment over the last few years makes them industry front runners, and they are very well placed to massively scale a piece of technology that has ramifications across the entire global economy and will certainly impact how everything moves on the planet. We’re thrilled to be partnering with Ricardo Margalho and Rui Sales, and the rest of the talented Stratio team on this next chapter of their growth”.
The combination of large-scale processing, autonomous AI system and individual vehicle data collectors allow businesses to fully leverage the data under the hood. The combination of AI and IoT results in a feedback loop that feeds itself continuously and helps the system to improve automatically without human intervention. By providing a real-time view on potential electric, mechanical and system failures, Stratio offers a zero downtime solution to businesses where costs can quickly mount while service quality dramatically decreases, affecting transportation services on which people rely.
Stratio’s technology also has a big impact on zero-emission transition for transportation companies. The company has been working with several large fleet operators in deploying its predictive maintenance technology to help companies ensure zero downtime while operating this cleaner form of transportation.
Transitioning to a fully electric fleet requires twice the investment when compared to standard internal combustion vehicles. In order to justify the ROI tied to the costly initial investment, transportation services must operate vehicles much longer and intensively when compared to traditional fleets. Predictive maintenance is the critical final piece to keep vehicles off the workshop and on the road, enabling the economic viability that is needed for zero-emission vehicles’ mainstream adoption.