Porsche, UP.Labs launch AI Startup
The startup Pull Systems, jointly founded by the sports car manufacturer Porsche AG and the US company UP.Labs, is developing a machine-learning-as-a-service solution for the collection and analysis of vehicle data. Vehicle manufacturers, suppliers and third-party providers can all benefit from the improved data quality.
The Pull Systems platform is designed to quickly and easily generate important information about the vehicle, for example about the condition of the vehicle battery or the power electronics. The team around Pull Systems, which was already founded in 2022, consists of experienced automotive and technology experts who work together from the USA and Germany. The official founding of the company has now been announced at the South by Southwest technology show.
Pull Systems is the first spin-off from Porsche’s collaboration with UP.Labs. “With UP.Labs, we are expanding our digital ecosystem with an external venture lab. In this way, we are strengthening Porsche’s digital competence and entering into an exchange with international talents and their know-how,” says Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT.
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UP.Labs and Porsche want to jointly establish six new companies by 2025. The focus, as Porsche vaguely announced, is to be on “innovative and customised business models around the core topics of mobility”. “With UP.Labs, we are expanding our digital ecosystem to include an external venture lab. In this way, we are strengthening Porsche’s digital competence and entering into an exchange with international talents and their know-how,” says Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT. The startup aims to set new standards in data-based analyses to enhance the product experience.
Porsche has been working with a wide variety of companies from the digital and technology scene since 2016. International startups are often experts in specific problems and in this capacity support the transformation of the automotive industry with innovative solutions. The startups benefit from their proximity to Porsche. At the same time, the projects should also be scalable on the free market. UP.Labs is part of the UP.Partners ecosystem, which also includes UP.Ventures and the UP.Summit.
In addition to the cooperation with UP.Labs, the sports car manufacturer uses various other instruments: The venture capital unit Porsche Ventures participates directly in start-ups. Forward31, Porsche Digital’s company builder, uses its portfolio to tap into new target groups and value chains beyond the core automotive business. The APX accelerator programme, a joint venture between Porsche and the media company Axel Springer, is used to further develop companies that are still in an earlier start-up phase. In addition, Porsche is a partner of the open innovation platform Startup Autobahn.
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