Home / iot / Connected car firm secures £1 million from Innovate UK

Connected car firm secures £1 million from Innovate UK

Attached vehicle start-up Lightfoot has secured a £1 million mortgage from Innovate UK to deliver its riding rewards platform to marketplace later this 12 months.

That is the primary award of its sort from the United Kingdom’s generation technique board.

Primarily based in Exeter, the corporate has advanced a tool that is helping customers enhance their riding method whilst lowering gas prices and mitigating environmental affects.

It additionally provides drivers get right of entry to to an unique rewards programme the place they may be able to get reductions, perks, and giveaways from a spread of companions.

Then again, they may be able to best unencumber those in the event that they pressure accountability – which the platform is designed to incentivise them to do.

Investment luck

Lightfoot not too long ago certified for Innovate UK’s Innovation Loans scheme, which gives generation firms with low-interest loans to lend a hand them scale up their applied sciences and industry fashions.

The corporate stated it’ll use the cash to enhance its related vehicle platform within the run-up to launching the goods q4. It’s having a look to combine new intelligence reporting metrics, akin to tax information, carrier indicators, automobile valuations, mileage monitoring, and automobile well being indicators with the gadget.

National liberate

Mark Roberts, CEO of Lightfoot, stated the finance will permit his corporate to broaden the generation and roll it out to drivers around the nation. “We’re proud to be the primary recipient of an Innovate UK Innovation Mortgage and it comes at a vastly thrilling length of enlargement and enlargement for the corporate,” he stated.

“Lightfoot has already confirmed to be an enormous luck in the United Kingdom fleet marketplace and this mortgage will lend a hand us release the shopper proposition, scale the industry, and input new international locations.”

Over the last few years, Lightfoot has advanced a long lasting dating with Innovate UK. The corporate in the past gained a three-year grant from the general public frame.

“This new mortgage is helping Lightfoot construct on grants it has not too long ago gained from Innovate UK for R&D initiatives on car-to-car conversation and its possible to be the hyperlink between self reliant and manually pushed automobiles,” persisted Roberts.

“Those trends will lend a hand to clean the United Kingdom’s transition to self-driving vehicles. Within the period in-between, Lightfoot will proceed to allow drivers to save cash, save lives, and save the planet thru enabling and rewarding smoother riding.”

Investment innovation

Dr Ruth McKernan, govt chair of Innovate UK, stated the loans give firms the power to broaden leading edge, life-changing applied sciences. “Innovate UK is happy to provide its new Innovation Loans as inventions want various kinds of investment fortify, relying on how shut they’re to marketplace,” she stated.

“Getting the proper investment on the proper time will also be recreation replacing for a industry, to scale up its productiveness and enlargement.

She added: “Affected person, versatile loans lend a hand inventions which are as regards to marketplace, the place there’s much less chance concerned, and we sit up for rolling out this scheme additional.

“It’s implausible that Lightfoot has gained any such first loans. Now, leading edge, formidable companies throughout the United Kingdom can see Lightfoot’s trailblazing paintings in Exeter and the alternatives that Innovation Loans be offering and apply in its footsteps.”

Web of Industry says

Using connected-car applied sciences to enhance human beings’ riding talents via incentivising higher on-the-road behaviour is an leading edge one, and illustrates the various sudden advantages of a related international.

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