Dingle-based Net Feasa aims to revolutionise global shipping.
Internet of things (IoT) service provider for the shipping industry Net Feasa has launched a €350,000 crowdfunding campaign and aims to raise €350,000.
Net Feasa has devised a system to pinpoint the exact location of the 30m shipping containers in today’s global supply chain.
“This has the potential to capture important data across the entire supply chain and bring it together in one single data repository, offering a new visualisation and optimisation tool set to all players in the global supply chain”
The Dingle-based company launched its crowdfunding campaign on the Spark Crowdfunding investment platform.
Founded and led by chair Mike Fitzgerald, Net Feasa has developed a product that could revolutionise the transportation of shipping containers and make worldwide freight transport more efficient and environmentally friendly.
In collaboration with Tyndall National Institute in Cork, Net Feasa, has devised a system that uses communications technology and artificial intelligence to pinpoint the exact location of the 30m shipping containers in today’s global supply chain.
A device, known as IoTPASS, is physically attached to a container and transmits geo-location signals back to the Net Feasa data management system on a real-time basis.
Net Feasa has formed a partnership with Vodafone to supply SIM cards which will connect the Net Feasa devices to the internet.
“Our IoT device locates shipping containers anywhere in the world for the lifetime of the container, saving shipping companies a huge amount of time and money. One of the unique features of our device is that it is maintenance- free,” Fitzgerald explained.
“While tracking devices for refrigerated containers are already on the market, these are powered. As we move to standard containers, we have no power source and the labour-intensive task of locating a specific container and organising to change the battery kills any business case. Net Feasa’s IoTPASS harvests solar power and can keep the device running without interruption. This has the potential to capture important data across the entire supply chain and bring it together in one single data repository, offering a new visualisation and optimisation tool set to all players in the global supply chain.”
The management team at Net Feasa has over 200 years combined experience and expertise in this area and to date, over €2 million has been invested in the company’s wireless technology.
Founder Mike Fitzgerald has 30 years of experience in software and wireless networking companies. The Castlegregory native previously founded software company Altobridge and was named EY Entrepreneur of the Year in the Emerging Companies category in 2009. He is a graduate of both UCC and the Stanford Graduate School of Business and was Technology Pioneer at the World Economic Forum in 2012.
Net Feasa is raising €350,000 investment funding through the Spark Crowdfunding platform at a valuation of €4.7 million. The campaign had already attracted investment of more than €120,000.
Based in Dublin, Spark Crowdfunding has more than 8,500 investors on its database and has raised funds for 28 Irish start-ups over the last three years. Equity crowdfunding is a type of fundraising where small to medium-sized investors can invest anything from €100 upwards in a company in return for shares in that company. It is the online equivalent of Dragons’ Den and investors pay no commission on the Spark Crowdfunding platform.
To date, the Spark Crowdfunding platform has raised in excess of €12m for more than 25 Irish start-ups including Akkure Genomics, ASX, Moby, Frequency, Horsepay, Fleet, Digitally, and Campsited.
Last year, Spark Crowdfunding raised €2.2 million in less than a month for Paddy Power’s ASX sports trading exchange. Akkure Genomics, a Nova-UCD company building software for clinical trials secured €1.2 million on the platform last year.
“The management team at Net Feasa have really impressed us with their domain expertise and their global plans for this business,” said Spark Crowdfunding CEO Chris Burge.
“The size of this market is immense, and we believe Mike and his team have the potential to exploit this opportunity.”