Investors facilitating Tyrata’s customer qualification & further development
Tyre sensor and data management company Tyrata Inc. says it has raised US$2.9 million in financing from global investors, and will use these funds to complete customer qualification of its IntelliTread Drive-Over System (DOS), establish high-volume manufacturing in global markets and speed development of the Tyrata Internal Tread Sensor product line.
According to the US-based company, its ability to raise these funds in spite of significant COVID-19 pandemic headwinds confirm the “persistent market demand” for automated tread depth monitoring, as well as the “strength of Tyrata’s technology and data services offering.”
The IntelliTread Drive-Over System was developed to meet demand for a low-cost, easy-to-deploy tread wear monitoring in both passenger and commercial vehicle fleets. DOS collects tyre wear data when a vehicle drives over a speed-bump-like unit which is then linked to cloud-based data analytics to alert service and depot managers as to the actual condition of the tyre tread in real time. The system automates critical safety and tyre management processes that are typically costly, slow and labour-intensive, and provides daily feedback for more efficient and safer operation.
Tyrata’s close collaboration with leading global tyre manufacturers and fleets will enable the company to deploy and optimise the IntelliTread Drive-Over System and data analytics platform with existing tyre management, as well as speed development of new tyre business models driving renewed competitiveness and profitably for their customers. The company recently announced that the Marubeni Corporation will have rights to distribute and service Tyrata’s DOS platform in Japan and will begin introducing DOS units to its customers in the fourth quarter of 2020.
“Despite COVID’s impact on the business environment, Tyrata has been able to sustain operations and is now well-positioned to ramp up its products and services,” said Jesko von Windheim, chief executive officer of Tyrata. “Our ability to raise funds in these difficult times further confirms the need for solutions that optimise existing operations and spark business innovation within the tyre service industry.”
Tyrata is now seeking additional investors to “close out the current round of financing.”