Tyrata Raises $2.9M for Tire Tread Monitoring Product Deployment
Tyrata now well-positioned for IntelliTread™ Drive-Over System (DOS) product-qualification and scaling for its global customer
DURHAM, NC — October 21, 2020 — Tyrata, Inc., a tire sensor and data management company, has raised $2.9 million in financing from global investors. Tyrata was able to raise the funds in spite of significant COVID-19 pandemic headwinds, a confirmation of the persistent market-demand for automated tread depth monitoring and the strength of Tyrata’s technology and data services offering. The funds will be used to complete customer qualification of the IntelliTread™ Drive-Over System (DOS), establish high-volume manufacturing in global markets and speed development of the Tyrata Internal Tread Sensor product line.
The IntelliTread™ Drive-Over System was developed based on the unmet need for low-cost, easy-to-deploy tread wear monitoring in both passenger and commercial vehicle fleets. DOS collects tire 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 tire tread in real time. The system automates critical safety and tire management processes that are typically costly, slow and labor-intensive, and provides daily feedback for a more efficient and safer operation.
Tyrata’s close collaboration with the world’s top tire manufacturers and fleets will enable the company to deploy and optimize the IntelliTread™ Drive-Over System (DOS) and data analytics platform with existing tire management, as well as speed development of new tire business models driving renewed competitiveness and profitably for their customers. Tyrata 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, CEO of Tyrata. “Our ability to raise funds in these difficult times further confirms the need for solutions that optimize existing operations and spark business innovation within the tire service industry.”
Tyrata is seeking additional investors to close out the current round of financing. Interested organizations may contact Luka Lojk at [email protected] or +1-704-593-8418 for more information.
Tyrata, Inc., is a tire sensor and data management company offering tire health solutions for fleet management, tire manufacturers and automotive service centers. The company’s IntelliTread™ technology monitors, tracks and predicts tire tread life, and is the only technology on the market that delivers direct measurements of tread depth in real-time. Sensors are linked to cloud-based data management and analytics to warn drivers, service advisors and depot managers when tires are dangerously thin. Tyrata is dedicated to improving tire safety, reducing maintenance costs and increasing profitability for its customers. For more information, visit www.tyrata.com.