From a tiny Duke University engineering lab to a strategic investment by tire giant Bridgestone Corp., Durham technology firm Tyrata has come a long way.
CEO Jesko von Windheim, speaking after the firm disclosed a $2.5 million deal this week, called it validating.
“It is hugely validating to have a major company like Bridgestone invest, but also to get access to their channel,” Windheim said. “We have a commercial relationship with them, so this is not just an investment.”
Bridgestone is one of “a number of major tire suppliers” the firm has been working with since its inception, he said.
“The goal of this investment is basically to scale what we’re doing,” he said. “We’ve demonstrated that this product works. We’ve demonstrated a solid business model around it. Now the goal is to scale it.”
Tyrata’s technology measures tire tread, collecting wear data to provide actionable analytics to fleet management companies. For the past two years, it’s been working with Durham to help it manage the tire wear of its bus fleet. Right now, fleet firms are the target, but a future phase for the company could be the consumer market. With supply chain issues making newer vehicles costlier to come by, many are driving vehicles for longer – making maintenance particularly important.
Tyrata’s drive-over system replaces manual yard-checks. Sensors can accurately read tread depths and find irregular wear patterns so users can optimize the life of their tires.
In a statement, Brian Goldstine, president of mobility solutions at Bridgestone Americas, said the partnership “will allow us to strengthen and expand our portfolio of tire management solutions to fleets of all sizes as we work toward a safer, more efficient and more sustainable mobility future.”
Tyrata has 10 employees, outsourcing much of its production.
The latest infusion is a majority investment. While Windheim declined to provide details, he said the founders still have equity in the company.
Tyrata's last fundraise was in 2020.