Porsche and UP Labs: Joint Startup
Photo Credit: https://newsroom.porsche.com/en_US/2023/company/porsche-uplabs-joint-startup-pull-systems-31606.html
Porsche AG and its partner UP.Labs have started their first company together. Pull Systems is building a machine-learning-as-a-service solution to capture and analyze vehicle data.
The Pull Systems platform provides quick and easy access to vehicle information, such as the battery's or power electronics' condition. Pull Systems will improve data quality for vehicle manufacturers, suppliers, and third parties.
In 2022, the team was launched by experts from the automotive industry and is based in California and Germany. Pull Systems has been announced at South by Southwest.
The first startup from Porsche's collaboration with UP.Labs, the venture lab of mobility investment firm UP.Partners, is Pull Systems. “With UP.Labs, we are expanding our digital ecosystem to include an external venture lab. In this way, we are strengthening Porsche's digital expertise 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.
Together, Porsche and UP.Labs plan to build six new companies by 2025 with innovative and customized business models around mobility topics that are strategic for Porsche and the industry. Pull Systems, the first of these companies, was funded by UP.Partners and aims to set new standards in data-driven analytics to make products better.
Transforming the auto industry
Porsche has been in the startup ecosystem since 2016 and partners with a wide variety of companies. It's not uncommon for international startups to be experts in specific problems, so they can help transform the automotive industry. Pull Systems and the other startups from UP.Labs will create new business models. In addition to being close to Porsche, the startups also want to be scalable. The UP.Labs ecosystem also includes UP.Ventures and UP.Summit.
John Kuolt, Founder and CEO of UP.Labs, says it's important not only to launch projects that drive tech advancements, but also to think about business. "I'm looking forward to the new challenge of further developing Pull Systems together with Porsche and UP.Labs," says Kuolt. "We will combine our competencies to positively transform the future of mobility."
The Porsche startup ecosystem
Porsche keeps expanding its startup ecosystem to increase its innovative strength. Apart from UP.Labs, which focuses on core strategic issues, Porsche Ventures also invests directly in promising startups. Porsche Digital's company builder Forward31 builds startups to tap into new target groups and value chains beyond its core automotive business. The APX accelerator program, 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. Also, Porsche is part of "Startup Autobahn", an open innovation platform.
REFERENCE: https://newsroom.porsche.com/en_US/2023/company/porsche-uplabs-joint-startup-pull-systems-31606.html
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