News Summary

Montréal-based electric vehicle (EV) sales platform Lyteflo has successfully secured $3 million CAD in seed funding to enhance its EV Revenue Platform. The funding round was led by Diagram Ventures through its ClimateTech fund, with participation from Toronto-based Whitecap Venture Partners and Amplify Capital. Lyteflo aims to simplify the EV buying process for consumers and dealerships by providing a suite of tools that display essential information such as vehicle data, fuel and maintenance savings, and available incentives directly on dealership websites. The startup plans to utilize the funds to develop new features for its software platform, including EV battery testing and health reports, and to roll out a hardware product for capturing EV battery cell health data. Despite challenges posed by the suspension of federal incentive programs in Canada, Lyteflo is optimistic about the long-term growth of EV sales, bolstered by government pledges to achieve 100% zero-emission vehicle sales by 2035. Lyteflo currently employs seven people and seeks to expand its team while onboarding its first dealership clients. It has partnered with US company DealerOn to integrate its solutions into American dealerships.