Lyteflo Secures $3 Million in Funding to Transform EV Sales
Lyteflo Secures Major Funding to Drive EV Sales Growth
Lyteflo, an innovative electric vehicle (EV) merchandising solution, has successfully raised $3 million in a Seed funding round. Founded by Ryan Osten, the CEO, and Dominick Rivard, the CTO, Lyteflo aims to revolutionize the way dealerships sell EVs. By integrating seamlessly into dealership websites, Lyteflo provides essential tools that enable auto dealers to sell their EV inventory more quickly while accurately appraising EV batteries.
A New Era for Automotive Dealerships
The rise of electric vehicles is reshaping the automotive landscape. With projections indicating that by 2035, EVs could account for over 50% of total vehicle sales, dealerships are recognizing the need to adapt their sales strategies. For over a century, traditional dealerships have primarily focused on internal combustion engine vehicles, making the shift to EVs a challenge. Lyteflo addresses this need by offering tools that equip dealerships with data-driven insights to engage with customers effectively.
Understanding the Benefits of the EV Revenue Platform
Lyteflo’s EV Revenue Platform is a comprehensive solution that delivers various tools tailored to enhance the customer buying experience. Key features include VIN-specific savings reports, detailing fuel and maintenance savings, applicable government tax incentives, and a planner for chargers—all designed to enrich the dealership's inventory presentation and attract interest in EVs. Further developments are underway, including EV battery health reports to ensure that dealerships have all the necessary resources to convert leads into sales efficiently.
The Vision of Lyteflo's Founders
CEO Ryan Osten believes that the future of the automotive industry lies in the hands of traditional dealerships. He remarked, “While innovators and disruptors led the first wave of electric vehicle adoption, the next wave is going to fall on dealerships and more traditional retail channels. EVs represent a generational opportunity for dealerships.” His vision for Lyteflo is clear: to empower dealerships to lead in the EV market and leverage the growing consumer interest in electric vehicles.
The Leadership Behind Lyteflo
Ryan Osten is no stranger to the automotive tech landscape. Previously serving as COO at Gubagoo, he played an integral role in establishing partnerships with numerous dealerships. His experience spans a decade where he has contributed significantly to enhancing the automotive retail customer experience, leading to Gubagoo's acquisition by Reynolds and Reynolds in 2021.
Collaborations to Enhance EV Experiences
Recently, Lyteflo announced a collaboration with DealerOn, an industry leader in automotive website technology. This partnership is expected to provide DealerOn's network of over 7,000 dealers with access to Lyteflo's cutting-edge solutions, enhancing the EV shopping experience across North America. Paul Manias, a Partner and Co-Head of Diagram’s ClimateTech Fund, praised Lyteflo’s unique approach to integrating sales tools with battery intelligence to facilitate faster EV sales.
About Lyteflo
Lyteflo is a leading provider of comprehensive EV solutions tailored for dealerships. Their cutting-edge EV Revenue Platform leverages both first-party and third-party data to deliver insightful tools for merchandising and conversion. The company’s goal is to enable dealerships not only to sell EVs faster but also to establish a robust presence as leaders in the transition to electric automotive retail.
About Diagram
Diagram operates as a Venture Builder and Investor with a solid track record and more than $400M in assets under management, focusing on launching ventures in the Fintech and ClimateTech sectors. Since its inception, Diagram has been at the forefront of fostering innovation, partnering with ambitious founders to establish significant companies.
About Whitecap Venture Partners
Whitecap Venture Partners is a recognized early-stage venture capital firm based in Toronto, with almost three decades of experience investing in high-growth companies across sectors such as B2B software and MedTech. Their expertise and responsive approach position them as valuable allies for entrepreneurs.
About Amplify Capital
Amplify Capital is a Canadian venture fund managing over $85M in assets, focusing on early-stage companies tackling climate and societal challenges. Since its formation, Amplify Capital has championed numerous firms, supporting founding teams in their pursuit of impactful solutions.
Frequently Asked Questions
What is Lyteflo?
Lyteflo is an innovative electric vehicle merchandising solution aimed at helping dealerships sell EVs more efficiently and effectively.
How much funding did Lyteflo raise?
Lyteflo raised $3 million in a Seed funding round to enhance its EV merchandising capabilities.
What tools does the EV Revenue Platform offer?
The platform includes tools for calculating savings on EVs, capturing tax incentives, and providing personalized reports for better customer engagement.
Who are the founders of Lyteflo?
Lyteflo was founded by Ryan Osten (CEO) and Dominick Rivard (CTO), both of whom bring extensive experience from the automotive tech sector.
What is the goal of Lyteflo?
Lyteflo aims to empower dealerships to lead in the EV market through data-driven insights, enhancing customer experiences, and promoting the sale of electric vehicles.
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