Lightfoot has made history by becoming the first to secure a £1 million loan from Innovate UK.
This groundbreaking funding will accelerate the development and consumer launch of its connected car technology.
Lightfoot’s Milestone Achievement
Lightfoot has become the pioneering recipient of a £1 million Innovation Loan from Innovate UK, a landmark achievement that signifies a new era in connected car technology. This funding will enable Lightfoot to enhance its technology and driver rewards platform for consumer launch later this year.
Described as the ‘Fitbit for cars’, Lightfoot offers real-time feedback to drivers, promoting a smoother driving style. By helping drivers stay within the engine’s efficiency sweet spot, it boosts fuel efficiency, reduces costs, and lowers environmental impact. The device also encourages drivers by providing access to an exclusive rewards platform, offering discounts and perks via its mobile app.
Innovate UK’s Support for Innovation
The £1 million loan is part of Innovate UK’s two-year Innovation Loans programme pilot. This initiative aims to broaden financial support for growth-driven businesses by providing low-interest loans to companies with proven technologies seeking upscaling.
With up to £50 million available for business innovation projects, Innovate UK enables enterprises to advance through various funding stages. This support plays a crucial role in scaling productivity and growth. Companies like Lightfoot benefit significantly from these financial opportunities, as they can focus on expanding their business operations.
Future Plans and Developments
The loan will be strategically used to further develop Lightfoot’s connected car technology before its anticipated consumer debut in autumn 2018.
Future enhancements will include providing users with superior car intelligence such as tax records, service alerts, vehicle valuations, and health alerts, effectively broadening the functionality of the Lightfoot system.
“We’re proud to be the first recipient of an Innovate UK Innovation Loan,” exclaimed Lightfoot CEO Mark Roberts. This period of growth will see Lightfoot scale its business and venture into new markets, building on recent grants for R&D projects, including innovations in car-to-car communication.
Advancements in Car Technology
Lightfoot’s technology connects seamlessly to vehicle systems through the on-board diagnostics port, using sophisticated analytics akin to those employed in Formula 1 to monitor engine stress and driver performance.
This technology delivers performance feedback to drivers, viewable through a user-friendly mobile app. Such advancements are not only technologically impressive but also provide practical benefits to the end users, promoting safer driving habits.
Insurance companies have reported substantial reductions in accident rates among Lightfoot users, underscoring the system’s efficacy in enhancing road safety.
Company Expansion and Market Impact
The company is set to relocate to new, purpose-built premises in Exeter, a move prompted by the doubling of its workforce.
Revenues have mirrored this growth, having doubled in the past year. Such exponential growth illustrates the company’s solid market position and highlights its potential for future expansion.
Anticipated growth next year is also set at 100 percent, as Lightfoot continues to innovate and expand its reach both domestically and internationally.
Innovate UK’s Perspective
Innovate UK’s executive chair, Dr Ruth McKernan, expressed enthusiasm about the new Innovation Loans, noting that appropriate funding can be pivotal for businesses nearing market-readiness.
These loans are structured to offer flexibility and patience, assisting businesses where risk is minimal but growth potential is high. This scheme is poised to roll out further, benefitting more companies in the near future.
A Look to the Future
Lightfoot’s pioneering steps with the Innovate UK loan set a precedent for other companies in the tech industry.
As the company continues to grow and expand its product offerings, it further establishes its role as a leader in connected car technology.
Lightfoot is poised for significant growth and technological enhancement.
With Innovate UK’s support, the company sets a benchmark in innovation for the automotive industry.