Connected car firm Lightfoot receives 拢1 million innovation loan
The company, which rewards efficient drivers, has received one of Innovate UK鈥檚 new innovation loans to help develop its technology and rewards platform.
Lightfoot CEO Mark Roberts
Its technology 鈥� which has been described as a 鈥楩itbit for cars鈥� 鈥� is a small device that sits on a vehicle鈥檚 dashboard.
It monitors a user鈥檚 driving and shows real-time and long-term feedback to encourage better, more efficient driving. The results are a lower cost of motoring, fewer emissions, and improved road safety.
Previously available commercially to companies with driver fleets, is planning a consumer launch in Autumn 2018, which the loan will support.
Rewards for drivers
Lightfoot鈥檚 technology incentivises drivers to stay in the 鈥榮weet spot鈥�. The hardware supports a platform which provides rewards for better driving through deals, discounts and prizes.
Lightfoot even has leader-boards for the best drivers, effectively gamifying positive driving behaviours.
The initial roll out has been commercially-focused, receiving positive feedback from fleet managers and insurers as it has reduced costs and accidents.
Another knock-on effect has been that drivers who become 鈥楨lite Drivers鈥� using the Lightfoot system receive cheaper personal car insurance outside of their job.
Reaching the next stage
The next stage for the company is to roll out beyond business trade to the public consumer, with the ultimate goal of connecting the technology to smart city systems.
A new 拢1 million innovation loan from Innovate UK is part-funding this ambition.
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.
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.
The consumer launch will see users access the company鈥檚 rewards platform and technology but will also include intelligence on the car鈥檚 tax records, plus service alerts, mileage reporting, and vehicle health alerts.
Lightfoot also previously received a 3-year grant from Innovate UK as part of an investment into autonomous and connected vehicle technology.
Innovation loans
Innovation loans were launched in 2017 as part of a pilot programme that will run to 2019. There will be a total of up to 拢50 million available for business innovation projects.
Lightfoot is one of 13 companies to receive a loan offer from Innovate UK in the programme鈥檚 first competition, receiving funds from a total commitment of 拢8 million.
Mark said:
Our Innovate UK grant-funded projects have succeeded brilliantly, but we funded their commercialisation ourselves.
Converting Lightfoot into a consumer product is a bigger beast, so securing this loan was essential.
The innovation loans programme is open to UK-based SMEs and successful applicants are able to borrow between 拢100,000 and 拢1 million at low-interest.
Supporting growth
The programme is designed to help scale up some of the country鈥檚 most innovative companies.
Lightfoot has grown its staff significantly, out-growing its premises on an Exeter light-industrial estate, and has just moved into new purpose-built premises.
Lightfoot was initially formed as part of Ashwoods Electric Motors to focus on connected transport products and services but is now a standalone company.