Michael Sheffield
Senior Staff writer
Memphis Business Journal
Preteckt, a graduate of the 2014 cohort of Seed Hatchery, raised $300,000 to further develop its technology after securing two significant contracts. Preteckt created a software that monitors all parts of a truck to predict specific part failure up to 30 days in advance. Predicting failures can decrease vehicle downtime by 30 percent.
The company recently finalized contracts for Expediter Services and Trans-Carriers to implement the tracking software into their fleets across the U.S., increasing vehicle uptime by 3.3 percent and increasing profits by more than 35 percent.
“Preteckt has demonstrated an exceptional ability to scale and poise their business for success,” said Eric Mathews, CEO and founder of Start Co. “We are proud to accelerate a logistics startup, as this is such an important industry for our Memphis economy.”
“We’re so eager to bring our technology to new and existing customers in the coming months, helping them harness critical fleet data to reduce costs and maximize efficiency,” said Peter Bassa, CEO and co-founder of Preteckt. “This round of funding will help us expand our reach to provide even more technology capabilities and build upon our business model for continued success.”