Vehicle technology developer Lysanda has closed on the first tranche of a £10 million expansion plan from a syndicate of investors including Disruptive Capital Finance and the Truell brothers Danny and Edmund.
The announcement coincides with the appointment of executive chairman Geoffrey Finlay, who invested alongside the syndicate.
He said: “Lysanda is extremely innovative and has ground-breaking patented technology which will play a transformational role in how vehicles are managed, driven and insured.
“The technology has been developed by an impressive team with strong technical know-how, and I look forward to being involved in its future development and expansion into the broader marketplace.”
Lysanda’s patented software, which includes Eco-Log, reduces vehicle fleet running costs by providing real-time data on fuel consumption and driver behavior. The funding will allow Lysanda to target high-growth markets including the vehicle breakdown and insurance sectors, claims reporting and pay-as-you-drive respectively.
For example, using Lysanda’s prognostics and diagnostics technology, broken down vehicles will communicate with roadside rescue firms in real time, informing them of the specific malfunction before the call-out and improving response times.
Cédriane de Boucaud, partner at lead investor Disruptive Capital, said: “Our investment approach is all about identifying opportunities for positive disruption of markets.
"The combination of impending legislation, rising fuel costs and concern for the environment creates real potential for revolutionising the fleet management and associated insurance market as well as benefiting individual drivers.
"Geoffrey Finlay has a great track record and is wholly aligned with us in accelerating the growth of this business.”