Lightfoot, the connected car technology company that rewards better drivers, has announced that it is the first recipient of a £1 million Innovation Loan from Innovate UK, the government’s innovation agency.
Lightfoot will use the loan to develop its technology and driver rewards platform towards a consumer launch later this year.
Often described as ‘the Fitbit for cars’, Lightfoot is a device that helps users maintain a smoother driving style, enabling them to stay within the engine’s efficiency sweet spot. Lightfoot also incentivises drivers by offering them access to an exclusive rewards platform which provides a range of discounts, perks and giveaways via its mobile app.
By warning drivers in real-time when they stray outside of this sweet spot, the device increases fuel efficiency, reduces fuel costs and mitigates environmental impact.
The loan award springs from Innovate UK’s two-year Innovation Loans programme pilot, which enables innovative companies to apply for low interest loans on a competitive basis to scale up their proven new technologies and business models.
The programme supports innovation across the UK by broadening the range of financial support available to fast-growing, pioneering businesses, so they can access funding at all stages of their development. A total of up to £50 million is available for business innovation projects and full information on how to apply can be found on the Innovate UK website.
Lightfoot CEO Mark Roberts, said: “We’re proud to be the first recipient of an Innovate UK Innovation Loan and it comes at a hugely exciting period of growth and expansion for the company. Lightfoot has already proven to be a huge success in the UK fleet market and this loan will help us launch the consumer proposition, scale the business and enter new countries.
“This new loan helps Lightfoot build on grants it has recently won from Innovate UK for R&D projects on car-to-car communication and its potential to be the link between autonomous and manually-driven vehicles. These developments will help to smooth the UK’s transition to self-driving cars. In the meantime, Lightfoot will continue to enable drivers to save money, save lives and save the planet through enabling and rewarding smoother driving.”
The company will move to new purpose-built premises in Exeter later this year after its workforce recently doubled. Revenues have also doubled in the past twelve months, with 100 percent growth also expected next year.