Motorsport technology company Griiip secures series seed funding
Israel-based motorsport data technology company Griiip has successfully concluded series seed funding. US-based investment firm Sharp Alpha Advisors is among the leading investors in this round, joining existing strategic investors, including Porsche Ventures, the venture capital division of the iconic sports car manufacturer Porsche.
The funding will act as a catalyst to support Griiip’s continued global expansion as the company works to achieve its mission of leading the transformation of motorsport viewer experiences through the application of next-generation technology.
Already in action in the DTM racing series, Griiip’s cloud-based data platform makes real-time racing data available to motorsport fans, media and the gaming ecosystem. Griiip’s proprietary RedBox hardware collects data from race cars in real-time to a central cloud platform, where it is immediately analysed to create data-driven products, including live production graphics with expert insights, fantasy and sports betting applications and more connected fan engagement platforms.
“We’re very pleased to welcome our new investment partners into the Griiip team, a group who share our vision of transforming the way motorsport series and fans engage with each other through next-generation tech,” said Griiip founder and CEO Tamir Plachinsky. “As racing fans ourselves, we know how much demand there is among the motorsport community to bring series and fans closer together, and this first round of funding will help us do precisely that.
“The sports tech market has grown rapidly in recent years, particularly in the areas of sports data infrastructure, intelligent visualisation capabilities, computer vision-powered data collection, mobile fan engagement, and fantasy games and sports betting. While the global motorsport industry is rooted in technology, the viewing experience and fan engagement platforms have fallen behind other sports such as football, basketball, baseball and American football. Griiip makes the motorsport ecosystem more accessible for fans by providing innovative ways for racing organisations, leagues, franchises and car manufacturers to engage with, provide value to, and monetise their target audiences through the application of tech hardware and software.”
Sharp Alpha Advisors managing partner Lloyd Danzig said: “The business of motorsports is growing and evolving more rapidly than ever before, alongside a transformation in online betting and gaming. Griiip leverages data and analytics to enable racing teams, leagues and media platforms to modernise their infrastructure and compete in an increasingly digital business landscape. There is no company better positioned than Griiip to capitalise on the bridging of the digital and physical worlds of racing.”