£1m Innovation Loan helps SME Lightfoot develop connected car technology
Innovation loans are currently open for applications. Find out how they helped SME Lightfoot develop connected car technology.
Lightfoot’s technology – which has been referred to as a ‘Fitbit for cars’ monitors a drivers’ behaviour and uses the data to encourage better and more economical driving. When the results are good, the driver will be rewarded through deals, discounts and prizes. Elite drivers can even benefit from cheaper car insurance. A leader board rewards the best drivers, using gamification techniques to engage customers.
Previously targeted at fleet drivers, Lightfoot is using the innovation loan to commercialise the product for the consumer market.
Mark Roberts, Lightfoot CEO, said:
“This loan is pivotal for us. We are on the brink of our B2C launch but are determined to find the perfect balance between expansion and maintaining the quality we offer our B2B customers. Converting Lightfoot into a consumer product is a beast, so securing this loan was essential.
Receiving this loan means we can validate the right commercial model for what is, potentially, a landmark contribution to the health of our air and roads”.
Lightfoot is one of 13 companies to receive a loan offer from Innovate UK in the programme’s first competition, receiving funds from a total commitment of £8 million.
Innovation loans will offer affordable, patient, flexible, repayable funding for later-stage research & development projects with a clear route to commercial success. Registration for this round of Innovation Loans closes on 29th August 2018.
More details on briefing events and how to apply can be found here.