NSW Government backs smart car technology
Media release | 18 June 2018
Sydney Startup Hub company iungo.com.au has developed a 'fitness tracker' for cars which allows drivers to analyse data from their car computer to better manage insurers, mechanics and other car related services.
Deputy Premier and Minister for Small Business John Barilaro said the technology was developed with assistance of a $55,000 grant from the NSW Government-backed Jobs for NSW.
“Jobs for NSW is all about helping our start-ups and small businesses create new jobs with a range of financial support – including grants, loans and loan guarantees – as an investment in our future economy,” Mr Barilaro said.
iungo CEO Roy Cooke said the company, which operates out of the Stone and Chalk fintech incubator at the Sydney Startup Hub, has developed an internet of things (IoT) based data platform which uses algorithms and cloud computing to collect, analyse and report on vehicle operating data (known as ‘Connected Car Services’).
“Cars have had powerful computers in them for years generating a massive amount of data but until now drivers have been unable to leverage it for their daily use,” Mr Cooke said.
“By connecting car computers to the cloud we can use the data in real time to provide services ranging from usage based insurance to smarter roadside assistance and remote diagnosis of car problems.
“Also, this data can improve driver performance to make our roads safer, increase fuel efficiency and reduce emissions.”
iungo aims to further develop its digital driving assistant to provide a range of driver support: driving history data to help motorists save money on insurance quotes; diagnoses of early warning signs of impending car breakdowns before they occur and recommendations on repair options; and advice on traffic alerts, parking spots, and alerts to emergency services in the event of an accident.
iungo conducted a pilot using the Jobs for NSW grant that helped secure an investment partnership with Pickles. “Pickles believes that iungo has an innovative and fresh approach to using car data in Australia and are excited to be accelerating their expansion locally,” said Simon Meyrick, GM of Pickles Ventures.
Mr Cooke said iungo has taken on seven new staff members in the past few months and has plans to expand into other regions.
“Jobs for NSW's support was massive and came at a critical point. The team has grown from 2 to 9 and we are looking to add more. We currently have 300 readers in the market but by the end of this year we want to have a minimum of 7,500. Our goal is to be Australia’s leading connected car platform.”