Lyteflo Secures $3 Million to Revolutionize EV Sales Solutions
Lyteflo, a Toronto-based provider of electric vehicle (EV) merchandising solutions, has secured $3 million in Seed funding. The funding round was led by Diagram, with participation from Whitecap Venture Partners and Amplify Capital.
The company, founded by Ryan Osten (CEO) and Dominick Rivard (CTO), offers a comprehensive EV Revenue Platform designed to help car dealerships sell electric vehicles more efficiently. This platform integrates seamlessly into dealership websites, providing a suite of tools that communicate VIN-specific EV savings, including fuel and maintenance savings, state, federal, and local tax incentives, a charger and trip planner, personalized ownership reports, and EV data enrichment.
Lyteflo’s solution addresses the challenges faced by dealerships in adapting to the rapidly changing automotive landscape. With electric vehicles projected to represent over 50% of total vehicle sales by 2035, dealerships need to pivot their strategies to effectively sell EVs. Lyteflo’s platform provides data-backed sales tools to answer customers’ most prominent questions, helping dealerships increase EV lead conversion, enhance their sales team’s capabilities in the showroom, and ultimately sell EVs faster.
The company’s EV Revenue Platform is powered by its comprehensive EV Data Engine, which employs first and third-party data to deliver its EV conversion and merchandising solutions. This platform integrates seamlessly with dealership websites and in-store processes, enabling dealerships to sell EVs more efficiently and capitalize on the growing demand for electric vehicles.
Lyteflo has also recently announced a partnership with DealerOn, a leader in automotive website and marketing technology solutions. This collaboration allows DealerOn’s 7,000 dealers to connect with Lyteflo, putting its innovative tools in the hands of dealers nationwide to revolutionize the EV shopping experience.
The funding will be used to expand Lyteflo’s operations and development efforts. The company aims to further enhance its EV Revenue Platform by integrating additional tools, including EV battery testing and health reports. This will provide dealerships with a comprehensive suite of solutions to help them thrive in the EV era.
Lyteflo’s founders bring significant expertise in the automotive retail customer experience. Ryan Osten, previously COO at Gubagoo, a leader in messaging and digital retailing solutions for automotive dealerships, helped steer Gubagoo to partnerships with over 6,000 dealerships and its eventual acquisition by Reynolds and Reynolds in 2021.
The investment in Lyteflo reflects the growing importance of electric vehicles in the automotive industry. With Diagram’s ClimateTech Fund focusing on ventures that accelerate the e-mobility transition, Lyteflo’s solutions are seen as critical in helping dealerships adapt to this changing landscape. The company’s innovative approach to EV merchandising and its comprehensive EV Revenue Platform position it as a key player in the future of automotive retail.
Lyteflo’s partnership with DealerOn and its recent funding round underscore the company’s commitment to revolutionizing the EV shopping experience and helping dealerships capitalize on the growing demand for electric vehicles. With its comprehensive suite of tools and data-backed sales solutions, Lyteflo is poised to play a significant role in shaping the future of the automotive industry.
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