Startupbootcamp alumni ULU (originally from Slovenia) has secured an investment of around one million euro to buy Chinese hardware company Velio.
The money was invested by new ULU ceo Christian Kerssens (also co-founder of Velio) and regional development organisation Brabantse Ontwikkelings Maatschappij (BOM).
Velio, based in Shenzhen, provides the hardware ULU uses to collect data from cars. The investment will also be used for product development. The startup aims to improve the driving experience by providing drivers information with a plug-and-play device, a so called dongle, which can be connected to a car's OBD-port.
The Dongle collects key car performance data and information such as location, speed and behaviour through GPS and GSM connectivity and global roaming.
The company, co-founded by previous CEO Jošt Faganel, started in Slovenia and came to the Netherlands in end of 2014 to participate in the Startupbootcamp HightechXL program in Eindhoven.