LOVC invests alongside Comet Labs as part of the company’s $2M seed round.
MEMPHIS, Tenn., March 26, 2019 /PRNewswire/ — Las Olas Venture Capital (LOVC) announces an investment in Preteckt. Preteckt provides Vehicle Prognostics as a Service (VPaaS) to connected and autonomous vehicle manufacturers and service providers. Vehicle uptime is getting increasingly important as transport solutions become more complex and the transport industry seeks new ways of being competitive.
Currently, over $700B is spent annually on motor vehicle maintenance, and over $340B is wasted from downtime, missed schedules, or unnecessary maintenance. Typical diagnostic and predictive maintenance methods require extensive experimentation and modelling during development. Preteckt leverages its proprietary real-time automotive data architecture to allow for continuous integration of AI, Deep Learning and Machine Learning algorithms. That proprietary architecture has been designed specifically to handle automotive data and provides a 100x speed advantage over typical Big Data solutions allowing for real-time analytics that iterate toward zero false-positives.
“We’re very excited to be working with Las Olas VC. They bring decades of experience as successful founders themselves,” said Ken Sills, CEO and Co-Founder of Preteckt. “They are there for you with the right advice at the right time so that we can execute faster and stay focused on delivering the best product to our customers.”
“While the general state-of-the-art of AI is becoming quite good – say perhaps 80% accurate – 80% good isn’t good enough for most commercial applications that rely on mission critical data accuracy,” said Dean Hatton, LOVC Founding Partner. “To improve accuracy, Human-in-the-Loop computing is required to supplement the machine learning process. In the near term, the companies that figure out how to make HITL efficient will be winners in the AI space. The Preteckt team has made great advances already and is laser-focused on perfecting the model for automotive prognostics. We at LOVC are thrilled to be supporting Ken and the Preteckt team in this effort,” said Hatton.
About Las Olas Venture Capital
Las Olas VC is a B2B focused, early stage investment firm backing the next generation of enterprise tech founders. Las Olas VC’s mission is to provide capital leveraging its extensive operating experience and network to help B2B founders win. Dean Hatton, Esteban Reyes, Paul Tanner and Mark Volchek are the Founding Partners of Las Olas VC.
For more information visit www.lasolasvc.com