Montréal-based startup Lyteflo has raised $3 million CAD in seed funding to refine its EV Revenue Platform, designed to help car dealerships sell electric vehicles (EVs) more effectively.
The round, led by Diagram Ventures, included participation from Whitecap Venture Partners and Amplify Capital. This funding builds on an earlier $700,000 SAFE round, bringing Lyteflo’s total funding to date to $3.7 million CAD.
Simplifying EV Sales for Dealerships
Lyteflo’s SaaS platform streamlines the EV purchasing process by providing dealerships with tools to display key EV information, including:
- Charging costs and capacities.
- Fuel and maintenance savings.
- Available government incentives.
The platform integrates first- and third-party data from government and private sources to answer common consumer questions, aiming to make EVs more accessible and transparent.
Ryan Osten, CEO and co-founder of Lyteflo, explained:
“Dealerships need new strategies to sell EVs effectively. Our tools are designed to help them move the needle, enabling them to sell more EVs profitably.”
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Expanding Capabilities
The new funding will be used to:
- Develop additional features, including EV battery health reports and testing tools.
- Launch a hardware product later this year to monitor EV battery cell health, integrating this data into Lyteflo’s platform for resale transparency.
Growing Market Potential
Despite uncertainties in government incentive programs, EV adoption continues to rise. Zero-emission vehicles accounted for 15% of new vehicle registrations in Canada during Q3 2024, with Québec leading the charge in registrations and charging infrastructure.
Osten emphasized the long-term potential of EVs:
“EVs are here to stay—they’re too big to fail. While short-term affordability may fluctuate, infrastructure and costs will improve, making EVs more mainstream.”
Scaling Operations and Partnerships
Currently employing seven people, Lyteflo plans to expand its team as it onboards its first dealership clients. The company has partnered with US-based DealerOn to integrate its platform with American dealerships.
With its innovative tools and strong investor backing, Lyteflo is set to transform the EV sales process, making it more efficient and customer-friendly for dealerships and buyers alike.
