ULU receives half a million in first round
Photo credit: ULU
“We are very pleased with this investment. The entire process was a big learning experience for us: language, culture, the way of doing business to mention just a few. “, says Jošt Faganel, cofounder and CEO of ULU. The telematics startup focuses on information management for stakeholders in the car industry. Together with cofounder and CTO Matej Petrovčič, Faganel started ULU in 2014 and took part in the Startupbootcamp HighTechXL, Europe’s business accelerator for high-tech hardware startups at High Tech Campus Eindhoven this year, resulting in a 500,000 Euros funding by Chinese Fang Group.
Connecting East and West
The joint forces between ULU and the Fang Group is no coincidence as Guus Frericks, founder of Startupbootcamp HighTechXL explains: “We hardware specialists are looking east. China is an expert at a scalable supply chain, but it’s also an interesting market. Last year we signed a co-operation deal with the China Technology and Venture Association, an independent private network active across China supervised by Ministry of Science and Technology of China, National Torch Center.“ By funding ULU the Fang Group receives shares and director Mina Yu joins as member of ULU’s supervisory board. Jošt Faganel and Matej Petrovčič will spend the money on accelerating sales in the Benelux market, both in terms of customers and partners of the ULU ecosystem.
Driving the Internet
The Slovenian founders have their roots in the field of high tech and decided to start ULU in The Netherlands to widen their range of possibilities. While Jošt Faganel used to work as a developer for Microsoft and Hewlett Packard, Matej Petrovčič co-founded CRMT beforeconcentrating on the development of ULU.
Photo credit: ULU
“Nowadays, cars are basically driving computers. They generate tons of data that withhold a lot of hidden value to the owner of the car. You can get a lot of interesting insights from this data. Where’s the car located, what’s the driving behavior, what’s the mileage, what’s the vehicle health status, etcetera. Companies can build services on top of the data provided, which we offer through a dashboard and via mobile,” said Jošt Faganel. Using a plug’n’play device – the so-called Dongle – and collecting all relevant data in a cloud before transferring it to a special interface, ULU takes the next step towards the future of a new driving experience.