Start Co., a venture development group based in Memphis, helps accelerate startup ideas into actual businesses. This think tank incubator helps provide entrepreneurs access to mentors and investors. But the bulk of the work is shouldered by those trying to launch their ideas.
Preteckt is one such startup. It is a hardware/software program designed to predict vehicle breakdowns. Memphis is recognized as a distribution center, offering road, rail, air and water modes of transportation. Of all the $870B in freight that annually moves through the USA, 80.3 percent is hauled over roadways with Memphis as one of the main hubs.
Preteckt can help the drivers and fleet managers of roadway distribution companies determine the health of their fleets by tapping into over 6000 data points from the computer and sensors on a truck.
“With the average fleet size of 200 vehicles, a fleet owner is losing $2.3MM a year due to preventative breakdown. This data streams to our patent pending analytics platform where we are able to accurately predict, up to 30 days in advance, that a part will fail resulting in the check engine turning on and down time,” explained CEO, Peter Bassa. Our smart vehicle technology effectively helps fleet managers stop breakdowns before they happen. The result is not only cost-savings and increase revenue for the company, but a means of maintaining customer satisfaction as well.”
The startup has raised $25,000 to date and is working to raise another $300,000 to scale. They hope grow from their current one part-time employee to a team of four employees by the first quarter of 2016.