UK automobile tech startup lightfoot, which sells a telematics equipment that gives precise-time remarks to drivers combined with a rewards platform to further incentivize decent riding, has picked up £three.2 million (~$ 4M) from London-based mostly early-stage assignment fund BGF.
Former Dyson CEO, Martin McCourt, also contributed to the funding, and will be part of lightfoot’s board as a non-govt chairman.
The startup has up to now received furnish funding from government-backed Innovate UK and later an innovate loan. however this appears to be their first tranche of VC. And a spokesperson tested it’s being handled as a sequence A.
Lightfoot’s telematics equipment, which it bills as a sort of ‘Fitbit for cars’, plugs right into a car’s onboard computing device and rests on the dashboard — the place the driving force can conveniently see the visual cues it provides as they drive (the use of a site visitors easy color-coded comments equipment).
The theory is to present a extra reciprocal option to normal ‘blackbox’ telematics methods which just listing driving records and don’t give the driver an opportunity to enrich their driving.
Smoother using is linked to reduced gasoline consumption, lessen emissions and a lower possibility of accidents. So there are loads of explanation why fleet owners — lightfood’s preliminary target for the tech — may want to encourage it.
On the motive force facet lightfood combines actual-time remarks with a rewards platform that offers particular person incentives, akin to reduce assurance premiums and offers-linked coupon codes on things like eating places, holidays, days away and retail.
It uses a gamification method right here, with a so-known as ‘Elite Driver’ status being obligatory to unencumber rewards. A using score of eighty five% required to attain that reputation. Lightfoot says eighty% of its users hit the mark and are in a position to remain there, whereas 97% achieve Elite Driver fame “at some factor”.
The business was launched in 2013, by way of entrepreneur Mark Roberts, and now has more than 20,000 drivers the use of the tech across more than 150 fleet shoppers — together with Virgin Media, Dixons Carphone, Southern Water, Ecotricity, Greencore and Dyno Rod.
It’s opening up to individual motorists with a UK client launch today, and plans to extend the proposition globally being slated as “already underway”.
It says the brand new funding will be used to feed these growth plans, together with ramping up hiring across the enterprise.
Commenting in a statement, Ned Dorbin, BGF investor and new lightfoot board member observed: “Lightfoot is a brilliant, sensible and formidable business with a first class administration group. After 5 years of operation, they have dependent a robust reputation in the market and developed a clear method for increase.”
“We’re on a mission to alternate the way americans believe about driving. And to make it fun again,” delivered Lightfoot’s founder and CEO, Mark Roberts, in one more supporting statement. “We desire every person to enjoy the unbelievable advantages that smoother riding can have on their wallets and our planet.
“up to now, we’ve created a group of Lightfoot drivers who’re earning better offers for enhanced driving – now, we’re excited to grow this with more like-minded motorists who agree with first rate riding deserves profitable.”