Idea is to regulate a vehicle's maximum speed according to the speed limit set on the road.
We already have a product and first partners in the local market - in Georgia. We signed a partnership agreement with the biggest Georgian GPS Tracking and Fleet Management company - GeoGPS. They are operating since 2001 and takes 60% of the market shares. GeoGPS is an official representative of an international company GURTAM, which provides a software and telematics solution in 140 countries and has more than 2,5 million users on its fleet management platform Wialon.
Currently, we have applied for the Innovation Grants Program, organized by the Georgias Innovation and Technology Agency (GITA) and The World Bank. This project is financing 50% of startup need in a maximum amount of 230 000 $. Another 50% should be co-invested from another source of financing.
We are searching for a co-investor to support us in this grant project.
After financing, with EnCata, we will start a certification process of our device according to the US and EU standards. We have confirmed interest from some international companies, which are ready to resell our product in different countries worldwide.
Private Entities - For family cars, young drivers or self-comfort to obey the speed law.
Fleet management Companies - Owners of commercial fleets are served by the land fleet management companies. To prevent the speeding the Land fleet management companies have two offers: 1) Vehicle monitoring - if the speed limit is exceeded, the fleet owner is notified about speeding. 2) Static speed limiters, which restricts the car to only one predetermined speed and is ineffective on different sections of the road, as speed limits vary by location. Consequently, their services do not prevent speeding and related problems. We are offering adaptive speed regulation, which automizes speeding prevention.
Problem or Opportunity
The number of road accidents caused by speeding is very high. It kills thousands of people each year and brings more than 50 billion material loss. No private entities and commercial fleet owners can deal with speeding.
Solution (product or service)
We have developed hardware and software “ISA-Intelligent Speed Assistant” to improve fleet management services and increase the overall safety of transportation. The ISA regulates vehicles' maximum speed according to the speed limit set on the road in real-time. Simply, you will obey the speed limits wherever you are. ISA can be used by private and commercial entities. With the help of ISA, fleet management companies are able to propose improved fleet management services to their clients. This solution fills a gap in the transition from ordinary cars to autonomous vehicles.
Our main advantage is that we created a new product for the already existed GPS Tracking market and they can use our device as an extension. While our competitors have included all needed technologies in one device and went in competition with other GPS Tracking service providers.
Advantages or differentiators
Our device is compatible with Android and almost to any GPS tracker and Tracking Platform. The way we are reaching speed limitation is the safest way. We are not touching the car's onboard computer and other dangerous parts and it is a huge advantage compared to competitors. The installation process takes about 10-15 minutes. Because of the simple solution, production costs are very cost-efficient and also this solution gives us the opportunity to implement a more effective business model than our competitors.
Price per device: 100 USD.
We are suppliers of international fleet management companies and based on market analyses we are going to generate about 25 mln USD income during the next 3-4 years.
B2B - We will supply fleet management companies with our product. These companies will sell the device to the end-users - commercial fleet owners.
We choose this model because fleet management companies already have data about their client needs and using their sales channels we can reach more commercial fleet owners.
Money will be spent on
Certification of product according to the US and EU standards. Operational Expenses. IP protection. Sales and Marketing. Production.