Funding Round attributes
Lyteflo, a Toronto-based electric vehicle (EV) merchandising solution provider, announced on January 15, 2025, that it has secured $3 million in seed funding. The funding round was led by Diagram, with participation from Whitecap Venture Partners and Amplify Capital.
Founded by CEO Ryan Osten and CTO Dominick Rivard, Lyteflo integrates seamlessly into dealership websites, assisting auto dealers in expediting their EV inventory turnover and accurately appraising EV batteries. The company's EV Revenue Platform offers a comprehensive suite of tools that provide vehicle identification number (VIN)-specific information, including fuel and maintenance savings, applicable state, federal, and local tax incentives, a charger and trip planner, personalized ownership reports, and EV data enrichment. These features enhance dealership vehicle detail pages, aiming to increase EV lead conversion and improve sales team effectiveness in showrooms.
The automotive industry is undergoing a significant transformation, with EVs projected to account for over 50% of total vehicle sales by 2035. This shift necessitates that dealerships adapt their strategies from selling internal combustion engine vehicles to accommodating the distinct characteristics of EVs. Lyteflo addresses this need by equipping dealerships with data-driven sales tools designed to answer prevalent customer inquiries, thereby facilitating a smoother transition into the EV market.
