Influx Technology, a leading vehicle data tech business based in Bedford, UK has secured a £300,000 regional growth loan via The FSE Group to scale the business.
Influx Technology’s advanced data-logging solutions enable engineers to capture, record, and stream information from vehicles around the globe. The data collected can be analysed and used by car makers to help create safer, more reliable and more environmentally friendly vehicles.
Influx already works with some of the industry’s most well-known manufacturers, including Lotus and Ford in the UK and Renault in France, and has offices and franchises across Bulgaria, Amsterdam, China and India.
Now Influx Technology looks to the future, with its next-generation products that could accelerate company growth. The new Smart ReXgen device is set to revolutionise how vehicle data is collected and optimised. It combines precision data logging, advanced telematics and onboard processing in one lightweight, versatile and low-cost unit, designed for the mass market. Described as “the smartphone for machines”, it can load third-party applications on its secure platform, the same way humans use apps on their smartphones. This innovation triggers a new market, where Influx run an app store, bringing app developers together with manufacturers and fleet owners on their platform, using trusted data from their devices.
This funding will be used for investment in strategic staff hires, including a dedicated Product Manager for the Smart ReXgen.
The next investment round will be used to enter production of the Smart ReXgen, hire a Saas/PaaS team, launch an MVP of the Influx store, secure Certifications and IP protection, develop their growing list of manufacturing, fleet and innovation customers and secure initial App partners.
Lance Keen, Influx Technology CEO, said: “We are excited to have secured this funding, which will enable us to invest in our growth. Even as a well-established business with a strong product, finding a lender prepared to back new product development can be difficult. We are delighted to have secured this regional growth loan and look forward to working with FSE as we expand our offering and look to grow the business exponentially over the next three years.”
Simon Elliott, Investment Manager at The FSE Group, commented: “With over 20 years’ experience in the industry and an established global presence, Influx has fostered strong relationships with key customers and built a robust reputation for its R&D. Its upcoming platform represents a significant innovation in the industry, and we look forward to supporting the business on its growth journey.”
The demand for smart, interconnected systems in the automotive industry is rising. Influx Technology’s innovative hardware and software looks well-positioned to meet this demand.
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