Sports-tech start-up Griiip wins international award

Wayne Zuckerman, an early American-based supporter, first invested in Griiip when they were manufacturing cars.

 Mitch Evans (9) in action during the New York City E-Prix racing event at Brooklyn Circuit. (photo credit:  JOHN JONES-USA TODAY SPORTS)
Mitch Evans (9) in action during the New York City E-Prix racing event at Brooklyn Circuit.
(photo credit: JOHN JONES-USA TODAY SPORTS)

Petah Tikva-based Griiip recently won the “Best Startup Tech Company” at the 2022 SportsPro OTT Awards that took place in Madrid. The company, founded in 2015, developed a data-driven platform focusing on motorsports to help grow the fan base.

Initially founded as a racing car production company – they developed the first Israeli-made sports car – Griiip realized that the data they compiled in the process of building cars and putting them to use was extremely valuable.

CEO Tamir Plachinsky told The Jerusalem Post that “we transitioned during COVID out of car manufacturing and took the data we gathered and made that the focus of the company. The industry loved it.”

What makes their technology unique is the industry in which they operate it. Plachinsky said that “when you watch basketball or soccer, not so much is going on so you only really need one camera to interpret what is going on. Motorsports is very different. You need many cameras and ways to see the entire track.”

Because of this, “our technology can be used to service the entire industry such as racing series, expanding fan bases, opening new revenue streams and providing companies – such as sports betting providers – with valuable data,” he continued. “We are using this data to bridge the gap between viewers and the sport.”

Even more interesting is the practical benefit for drivers. According to Plachinsky, motorsports is the only sport in the world where you can fine-tune your skills on a computer and translate that into real-world success. With their data, they can provide drivers with the tools to improve their practice.

The company, which has 23 employees, closed a $4.9 million fundraising round last year and is currently in the process of raising an extension to that round. Included in their round was German-automobile giant Porsche, with whom they also work.

Wayne Zuckerman, an early American-based supporter, first invested in Griiip when they were manufacturing cars. The self-proclaimed “car guy” said the company stood out immediately as an investment for him. “No one was doing this as an Israeli company - this type of work with cars,” said Zuckerman, who has continued investing in subsequent rounds.

Griiip also counts Formula E, the electric car branch of the Formula racing series among their customers. “2023 is our transition stage to growth because we see the industry really liking our product,” concluded Plachinsky.