UK car tech startup lightfoot, which sells a telematics system that gives real-time feedback to drivers combined with a rewards platform to further incentivize good driving, has picked up £3.2 million (~$4M) from London-based early-stage venture fund BGF.
Former Dyson CEO, Martin McCourt, also contributed to the investment, and will join lightfoot’s board as a non-executive chairman.
The startup has previously received grant funding from government-backed Innovate UK and later an innovate loan. But this looks to be their first tranche of VC.
Lightfoot’s telematics device, which it bills as a sort of ‘Fitbit for cars’, plugs into a vehicle’s onboard computer and rests on the dashboard — where the driver can easily see the visual cues it provides as they drive (using a traffic light color-coded feedback system).
The idea is to offer a more reciprocal alternative to traditional ‘blackbox’ telematics systems which just record driving data and don’t give the driver an opportunity to imp..