Copenhagen startup Tracksights has raised €1 million Pre-Seed from Maki Ventures for its AI-powered platform for the automotive sector.
The platform is digitising an industry that often relies on clipboards and spreadsheets, and is plagued by data fragmentation, complexity and inefficiency.
I spoke to Tracksights Mark Lunding Pedersen (CEO) and Magnus Wasteson (CFO) to learn more.
Wasteson comes from the automotive sector and worked for years at Porsche Denmark. He recounts:
"My experience was in the premium division, handling brands like Porsche, Lamborghini, and Bentley, as well as financial leasing. I saw firsthand how manual and outdated the industry's workflows were, especially considering the high-value assets being dealt with.
Mark and I realised we could bring a more intelligent, data-driven approach to this space, and that became the foundation of our business."
Combined with Lunding Pedersen's experience in finance, the duo saw an opportunity to apply financial intelligence to the automotive industry, which led us to co-found our company.
TrackSights has developed a platform that consolidates and simplifies data across the automotive market and specific vehicles, offering instant, actionable insights via a one-stop platform, giving users a 360° view of the global market.
Before securing funding, TrackSights tested the market to see if customers were willing to pay for its offering. Lunding Pedersen shared:
"Within the first two weeks, we onboarded nine customers, validating our business model."
According to Lunding Pedersen, there's increasing volatility in the automotive market, especially with the rise of electric vehicles and competition from China.
"Understanding vehicle valuations and market trends is more critical than ever. We help our clients, including car dealerships, leasing companies, and financial institutions, make better-informed decisions based on real-time data."
TrackSights use cases range from individual vehicle valuation to bulk fleet assessments, financial reporting, tax leasing calculations, and long-term forecasting of vehicle worth.
Specific examples per sector include:
- Car dealerships: For managing inventory and pricing decisions.
- Leasing companies: To forecast residual values and optimise leasing terms.
- Financial institutions: For financing decisions and risk assessment.
- Insurance companies: For more accurate vehicle valuations.
Tracksights is currently rolling out its proprietary platform to early adopters but plans to launch in March 2025 officially.
Version 1.0 focuses on vehicle valuation, using real-time and historical data, but the company has future plans to integrate speculative forecasting based on various "what-if" scenarios, such as tariffs and policy changes.
The investment will allow TrackSights to expand its solution, starting with the Nordic market, then in Germany and across Europe.
Lead image: TrackSights. Photo: uncredited.
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