Dutch startup ULU receives half a million euro from Chinese investment fund

AMSTERDAM – Today the Dutch telematics startup ULU announces they have received an investment of 500.000, - Euro from the Chinese Fang Group. The Fang Group receives shares and director Mina Yu joins as member of ULU's supervisory board.

Jošt Faganel, co-founder and CEO of ULU: "We are very pleased with this investment. The Fang Group is a renowned party and this shows not only a high degree of confidence in our product, but also that we are on the right path."

Mrs. Yu Mina, Director of Fang Group Investment Limited: "We believe that investments in technology companies is a way to change the world, which is very exciting and meaningful, the investments should not be limited by geographical locations. ULU has developed a very promising product in an emerging market. We already noticed them during the demoday of Startupbootcamp HighTechXL. We are pleased that we were able to close this deal and look forward to a fruitful cooperation."

Connected Car solution

ULU provides all stakeholders in the car ecosystem the information they need. For this they offer a special plug-and-play device – so called Dongle, which can be connected to the car's service port: the OBD-port. The Dongle collects key car performance and health information such as location, speed and behavior through the accelerometer and overall vehicle diagnostics. For this purpose, the Dongle has GPS, accelerometer and GSM connectivity with global roaming built in.

The Brain

The second component is the cloud, which is the brain of the solution and interprets all collected data in real time: understands the context of the locations, interprets situations, triggers location alerts, provides valuable statistical information and acts as the hub, that connects the car to the internet-of-things.

The Interface

The third component is the interface, accessible by mobile and web. This interface contains valuable insights of the vehicle such as battery health, defects, usage, mileage and driving behaviour. With this information participants can make driving more personal, safe and (cost)effective.

Investment

ULU will use the investment to accelerate sales in the Benelux market, further optimizations and development of the system and growth of the partner ecosystem.

Looking east

Guus Frericks, founder of Startupbootcamp HighTechXL said of the investment: "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. This alliance involves more than 500 incubators and accelerators, VC firms, enterprise consultancies, IP advisors and leading accounting firms."

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End of press release

About ULU

ULU started early 2014 and aims to create a more safe and better driving experience by opening up the car ecosystem and connect all cars to the Internet. ULU interprets and shares information sent by the car and allows drivers to share this information with third parties such as insurance companies and fleet owners in order to create a safer driving experience and reduce costs.

ULU is co-founded by 40 year old former Microsoft and Hewlett Packard developer Jošt Faganel (CEO). The 39 year old experienced data analyst, Matej Petrovčič (CTO) who is also co-founder of CRMT

About Startupbootcamp HighTechXL

Europe's business accelerator for high-tech hardware startups at High Tech Campus Eindhoven. It has a strong partner network with companies such as Philips, NXP and EY. By providing the expertise of over 150 mentors, Startupbootcamp HighTechXL accelerates high tech companies to the next level.

www.hightechxl.com

About Fang Group

Fang Group Company Limited, formerly known as Wanlong Daming (Beijing) Investment Company Limited, is an investment holding company founded on Feb 5th, 2010. Headquartered in Beijing, Fang Group specializes on investments and asset management with a focus on various sectors including private equity, commercial properties, technology enterprise, and consumer retail.

We adhere to the Business philosophy of ‘Integrity, Professionalism, Enterprising and Mutual Benefits’, Since the founding of the Fang Group, we have established a standardized Business management system on the basis of this philosophy. We are profit driven based on actively manage the risk, follow market practice and fully leverage the strength of our shareholders and broad cooperation with our partners. 

Contact:

Jošt Faganel, co-founder and CEO of ULU

Remco Janssen, PR liaison

M: +31614787713

E: remco@remcojanssen.com