Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on solutions for the automotive sector. As there is a large number of startups working on a wide variety of solutions, we want to share our insights with you. This time, we are taking a look at 4 promising predictive analytics startups impacting the automotive industry.
Heat Map: 4 Top Predictive Analytics Startups impacting the Automotive Industry
For our 4 top picks, we used a data-driven startup scouting approach to identify the most relevant solutions globally. The Global Startup Heat Map below highlights 4 interesting examples out of 67 relevant solutions. Depending on your specific needs, your top picks might look entirely different.
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Carmen – Predictive Maintenance
Vehicle breakdowns are one of the major causes of road accidents. These breakdowns often occur due to human negligence in the timely service and maintenance of vehicles. Predictive analytics solutions inform the owner about the potential requirement of maintenance before a breakdown can occur. Data collected from the various sensors fitted in a vehicle assists in carrying out predictive maintenance tasks.
Singapore-based startup Carmen provides predictive analytics solutions that predict issues in a vehicle and sends SMS alerts to ensure timely service and maintenance. This is achieved via a dongle that plugs into the vehicle and reads data while the customer is driving. This data is transmitted to the smartphone via Bluetooth, which is then uploaded to the cloud and analyzed for any potential problems. In the case of a problem, an alert is sent to the customer’s smartphone as well as the car workshop.
TWAICE – Battery Model & Simulation
The lack of an efficient battery management system results in loss of revenue across industries. Electric Vehicles (EVs) also face this problem as variation in voltages during charging can damage the battery. Predictive analytics integrated with artificial intelligence (AI) facilitates the feedback and monitoring system for batteries to avoid unnecessary damage that assists in extending the lifespan of batteries.
German startup TWAICE develops digital twin software for OEMs (Original Equipment Manufacturers). The software assists the manufacturers in improving battery management to streamline the production process of batteries. Moreover, the software predicts the requirement for maintenance of the battery when it is used by the customer.
Dealer Market Exchange (DMX.io) – Real-Time Automotive Appraising
Automotive vendors usually find it challenging to calculate a fair price for any used vehicles in the market. Startups are working on predictive analytics solutions that predict the market price of a vehicle based on vehicle data and consumer demand at that point in time. These solutions assist automotive vendors as well as the consumers to get a fair deal for any used vehicle.
Puerto Rican startup Dealer Market Exchange develops Appraise-it, an application based on predictive analytics and AI. Appraise-it predicts the appraisal price of any vehicle by comparing the details of the vehicle to other vehicles on the market. Appraise-it also generates an “in-the-moment price” in real-time that refers to the price a consumer will be paying at that particular time.
Peazy – Smart Parking Solutions
Parking is a daunting task for drivers in any metropolitan city across the globe. Startups are developing predictive analytics solutions to assist drivers as well as the government to utilize a city’s available parking infrastructure more efficiently. These solutions are based on the data collected through various sources to predict the availability of parking spots in real-time.
Dutch startup Peazy designs and develops the Peazy Dashboard, that assists policymakers to predict the effects of parking policy changes. This dashboard predicts the future behavior of vehicle parking slots based on the data collected from parking meters and parking garages. This data is also used to optimize the price of parking in different locations and for different times of the day.
What About The Other 63 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence for your Proof of Concept (PoC), partnership, or investment targets. The 4 startups showcased above are promising examples out of 67 we analyzed for this article. To identify the most relevant solutions based on your specific criteria and collaboration strategy, get in touch.
