A one-stop shop for dealership EV solutions to accelerate sales.
Lyteflo, a new electric vehicle (EV) merchandising solution, today announced $3 million in Seed funding. Founded by Ryan Osten (CEO) and Dominick Rivard (CTO), Lyteflo seamlessly integrates into dealership websites to help auto dealers move their EV inventory faster and appraise EV batteries with precision: a one-stop shop to help dealerships win the electric future. Diagram led the oversubscribed round, with participation from Whitecap Venture Partners and Amplify Capital.
As manufacturers and consumers worldwide continue to drive the transition to EVs—projected to represent over 50% of total vehicle sales by 2035—the automotive industry must adapt to the changing landscape. After spending the last 100 years selling internal combustion engine (ICE) vehicles, many dealerships are struggling to pivot their strategies to an entirely different vehicle type. Lyteflo is helping dealerships thrive in the EV era by providing data-backed sales tools to answer customers’ most prominent questions.
Lyteflo’s EV Revenue Platform provides 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, adding critical EV information to the dealership vehicle detail pages. The team is working on integrating additional tools including EV battery testing and health reports as part of their EV Revenue Platform. Dealerships are embedding Lyteflo into their website to increase EV lead conversion, level up their sales team in the showroom, and ultimately sell EVs faster.
“While innovators and disruptors led the first wave of electric vehicle adoption, the next wave is going to fall on dealerships and more traditional retail channels,” said Co-Founder and CEO Ryan Osten. “EVs are a generational opportunity for dealerships. We created Lyteflo to help dealerships sell millions of EVs by providing the tools they need to capitalize on the EV movement rather than get left behind.”
As a Canadian automotive tech entrepreneur, Ryan has spent the last decade in the industry gaining significant expertise in the automotive retail customer experience. He was previously COO at Gubagoo, a leader in messaging and digital retailing solutions for automotive dealerships. Ryan helped steer Gubagoo to partnerships with over 6,000 dealerships, 90% of which are America’s top 150 dealer groups and certified OEM programs. Ryan helped lead Gubagoo to be acquired by Reynolds and Reynolds in 2021, staying on board for three more years to support the transition and expedite additional growth.
Lyteflo also recently announced a partnership with DealerOn, a leader in automotive website and marketing technology solutions. The collaboration allows DealerOn's 7000 dealers to connect with Lyteflo, putting its innovative tools in the hands of dealers nationwide to revolutionize the EV shopping experience.
“No one else is executing on both sales tools and battery intelligence like Lyteflo. Their solutions will help dealers get EVs off their lots and onto the road more quickly, which is key to accelerating the e-mobility transition,” said Paul Manias, Partner and Co-Head of Diagram’s ClimateTech Fund.
About Lyteflo
Lyteflo provides a one-stop shop for EV solutions, enabling dealerships with the data and tools they need to sell EVs faster. Lyteflo’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. All of Lyteflo’s products integrate seamlessly with dealership websites and in-store processes to help dealerships sell EVs faster and win the future of automotive retail.
For more information, visit lyteflo.com.
About Diagram
Diagram is a Venture Builder and Investor with over $400M in assets under management, specializing in launching and scaling ventures in Fintech and ClimateTech. Since 2016, Diagram has collaborated with exceptional founders to launch more than 25 ventures, combining access to capital, hands-on support, and a deep ecosystem of partners to catalyze the growth of world-changing companies.
For more information, visit diagram.ca.
About WhiteCap
Whitecap Venture Partners is a Toronto based early stage venture capital firm investing in high growth companies across B2B Software and MedTech. With a track record spanning almost three decades, its team of operators and investment professionals partner with entrepreneurs in verticals where they have deep domain expertise and can bring significant operational and strategic value to companies. Whitecap is investing out of their fifth fund, a $150M fund raised in 2021.
For more information, visit whitecapvp.com.
About Amplify Capital
Amplify Capital is a Canadian venture fund with over $85M in assets under management, investing in early-stage startups addressing urgent challenges in climate, health, and the future of work. Since 2016, Amplify Capital has supported over 25 companies and relentless founding teams across Canada and the U.S., in pursuit of superior returns and exceptional impact.
For more information, visit amplifycapital.ca.
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