c.technology enters growth phase
Less than two years following its go-live, c.technology, provider of IoT solutions for boats and motorcycles, boasts of connecting over 400 powersport vehicles to the cloud and assembling a promising pipeline of OEM partners. A new investment from existing and new shareholders will support the company's further growth.
Several vehicles in the automotive industry are connected to the internet – except for powersport vehicles such as all-terrain vehicles, side-by-side vehicles, snowmobiles, motorcycles and boats. On the verge to close this gap, Zurich based c.technology developed a Mobility SaaS solution allowing (powersports) vehicle manufacturers and professionals to connect vehicles to the cloud. The ambitious young company started via its two end-to-end products clickahoy.io for the boating industry and clickrider.io for the motorcycle market.
A hardware module containing sensors is equipped in the vehicles, and the data collected is sent to a cloud platform to provide manufactures with relevant insights for monitoring and analytics and allow them to provide added services (vehicle insights & intelligence, service intervals and geoprocessing) to their customers via a custom mobile app and web dashboard. The app provides customers with 24/7 access to their vehicles' performance.
The startup and its team of five employees launched the B2B2C solution in April 2020. Since then, the company has gained 35 partners and equipped over 400 vehicles with its solution with the aim of moving towards OEM. Today, the subscription model enables the company to generate predictable and increasing revenues. According to Christian Fehr, Founder and CEO of c.technology, "This fast-track growth in the first year underlines our mission to lead the expanding powersports market with strong partners into a new era of exploitable data and to unlock a wide range of applications based on it".
Fresh capital to boost growth
To support its fast-paced growth, the startup has completed a pre-seed round with existing shareholders and new ones, including newly appointed advisory member Christen Oesterbye, an experienced international entrepreneur. The funds will be used to advance the solution with new features such as predictive maintenance to enable customers to make timely decisions.
As part of its next steps, c.technology also plans to raise CHF 600'000 seed round, acquire new customers and expand to Germany toward the end of 2021. Initial pilot projects are currently ongoing with a few partners.
(RAN)