Lightfoot secures £1m loan from Innovate UK to drive R&D
Lightfoot is to expand its technology and driver rewards platform after securing a £1m Innovation Loan from Innovate UK.
The loan – awarded under Innovate UK’s two-year low-interest Innovation Loans programme pilot – will be used by Lightfoot to further develop its connected car technology before its launch to consumers in autumn 2018.
The technology encourages drivers to adopt a smoother driving style, cutting fuel costs and emissions for fleets. This has been further reinforced by the recent launch of a rewards platform that provides a range of discounts, perks and giveaways via its mobile app.
New functions that will be developed with the help of the loans will bring added data on the car including tax records, service alerts, vehicle valuations, mileage reporting and vehicle health alerts.
Lightfoot has previously received a three-year grant from Innovate UK, which was extended as part of the Government’s ongoing efforts to invest in autonomous and connected vehicle technology.