TORONTO--(BUSINESS WIRE)--Geotab, a global leader in IoT and connected transportation, today announced the official launch of its smart cities and transportation accelerator program, Torque Labs. Designed to provide early-stage companies with funding and access to Geotab’s world-class resources, Torque Labs strives to accelerate the IoT industry with new and innovative technology.
Torque Labs will engage the local entrepreneurial community with the vision of broadening Geotab’s capacity to develop new technologies, all of which can potentially integrate with Geotab’s award-winning telematics solution. The innovations stemming from the program will result in added value for Geotab’s existing customers and partners and could potentially create avenues into unexplored markets.
“Torque Labs has three companies enrolled and is currently accepting applications,” said Glenn Jamieson, VP of Corporate Development at Geotab. “In addition to the initial funding, the participating teams will have access to the robust Geotab platform including the aggregate data sets derived from the more than 1.8 million Geotab connected vehicles around the world.”
Companies that participate in Geotab’s Torque Labs accelerator program will also benefit from mentorship and coaching from field experts as well as gain assistance for proof-of-concept development, access to exclusive events and potential commercialization opportunities.
Torque Labs will provide opportunity for start-ups in the following sectors:
- Big Data and Analytics
- Fleet Management
- Supply Chain
- Autonomous Vehicle
- Smart Cities
- Asset Tracking
- Electric Vehicles
- Vehicle Sharing
With over 1,000 employees and a year-over-year employee growth rate of 40 percent, Geotab is committed to the continuous investment in the local technology community. The company recently opened a new 90 thousand-square-foot state-of-the-art headquarters in Oakville, Ontario in addition to a new office space in Waterloo, Ontario and is continuing to open new offices around the globe. As an award recipient of Canada’s Best Managed Companies, Deloitte’s Technology Fast 50 and Growth 500, Geotab is dedicated to continuous innovation and groundbreaking technological development, which will be supplemented through the corporate accelerator.
“We are excited to announce the launch of Torque Labs, which showcases Geotab’s commitment to advancing technology and fostering innovation,” said Neil Cawse, CEO at Geotab. “As technology around us is developing so quickly, it is important for us to stay on the cutting edge of the industry by continuously innovating and staying proactive in the marketplace. We want to empower individuals, startups and companies to create future innovations that will aid in the continuous technological transformation of our cities and transportation systems.”
The current Torque Labs participants have focuses ranging from data-driven driver training programs through to asset tracking and smart city planning via artificial intelligence and deep learning. Upon completion of the program, the companies will have an opportunity to present their progress to members of the Geotab ecosystem with the goal of receiving additional support and resources post-program, such as a formal investment or partnership on the Geotab Marketplace, a portfolio of mobile apps, software Add-Ins and hardware Add-Ons that enable Geotab customers to better manage their fleets.
Geotab is advancing security, connecting commercial vehicles to the internet and providing web-based analytics to help customers better manage their fleets. Geotab’s open platform and Marketplace, offering hundreds of third-party solution options, allows both small and large businesses to automate operations by integrating vehicle data with their other data assets. As an IoT hub, the in-vehicle device provides additional functionality through IOX Add-Ons. Processing billions of data points a day, Geotab leverages data analytics and machine learning to help customers improve productivity, optimize fleets through the reduction of fuel consumption, enhance driver safety, and achieve strong compliance to regulatory changes. Geotab’s products are represented and sold worldwide through Authorized Geotab Resellers. To learn more, please visit http://www.geotab.com/ and follow us @GEOTAB and on LinkedIn.