Automotive Intelligence startup Acerta Analytics has announced it has raised $7 million in Series A funding led by OMERS Ventures, with additional participation from M12 – Microsoft’s venture fund, StandUp Ventures, Radical Ventures, EDC and Techstars.
The funding will enable Acerta to launch into new markets, expand its team, and extend the capabilities of its platform to generate insights into automotive production and vehicle data.
Today, automotive manufacturers face increasing complexity as vehicles become more connected and instrumented, generating massive amounts of data.
Acerta estimates that connected vehicles generated approximately 94 petabytes (PB) of data in 2019, while automotive manufacturing generated nearly ten times that amount. As this immense volume of vehicle data increases, automotive engineers require new tools to manage and extract information from it. Acerta’s platform uses artificial intelligence to help automakers leverage their data for insights into vehicle assembly or on-road performance.
“Every automotive engineer has dealt with issues during assembly or testing, but few have the ability to use their production data to predict when and where those issues will occur and prevent them,” said Greta Cutulenco, CEO and Co-Founder of Acerta.
“That’s why we’ve focused on providing predictive analytics to our customers to help them ensure vehicle quality, safety, and reliability.”
“Artificial intelligence has already played a huge role in stimulating innovation in the automotive industry, and it will continue to do so for many years to come,” said Brian Kobus, Partner, OMERS Ventures.
“We’ve entered a new phase in the world of transportation, and Acerta is in a unique position to empower automakers around the world by enabling them to harness the power of their data to deliver valuable insights, drive ROI, and ultimately make better decisions for their business and customers.”
This new funding round will also help Acerta ramp up sales and marketing operations while also scaling the business with the goal of getting the company’s platform into the hands of automakers everywhere.