Downpatrick tech firm Bluesona gets significant investment

  • Software and tech company Bluesona has secured a six-figure investment from Co-Fund II and the Halo Business Angel Network (HBAN) to expand on its phone tracking tech solution.

    Mobile phone usage while driving is a significant contributor to road accidents and is driving up insurance premiums across the board. Many insurance firms are happy to reduce premiums for users who install voluntary safety technology in their vehicles such as dashcams or speed limiters, but so far there hasn't been a stand-out tech solution for mobile phone usage.

    Downpatrick-based tech firm Bluesona has developed an innovative smart system named Loop to solve this problem. The system involves a special cuff that locks and charges the phone in the car, paired with a subscription-based software package. CEO Mel Morrison developed the solution when he spotted the mobile phone use issue while his daughter was learning to drive. 

    Mel Morrison said "We’ve spent 18 months researching and developing a product that we feel is superior to what is already on the market. The first prototype was trialled with four local schools and we used their feedback to develop a B2B product. Our app provides real time data to insurance companies and warns users when they try to use their phone. Parents can also track online when and where their children have used their phone when driving."

    The six-figure investment has been made by HBAN, a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland designed to boost the all-island promotion of business angel investment. Co-Fund II is part of the Invest Northern Ireland investment porfolio under its Access to Finance arm, and is managed by Clarendon Fund Managers.

    Mel Morrison explained the company's plans for the coming year: "We’re aiming to double our staff numbers early next year and we’re in discussions with a number of insurance companies across the UK and America. The long term goal is to reduce road traffic collisions but also to reduce consumers’ insurance premiums. The expertise of the Business Angels has provided us with opportunities to break into new markets and develop our system further. Our goal is to start a new funding round next year to raise £1m to help take the brand worldwide."

    Source: Written based on press release

     

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    Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.

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