Ulu raises half a million with chinese investor
First Avular, now Ulu. The Eindhoven start-up has received a substantial investment from the Chinese investor Yu Ming Fang. Participant in the final round of Startupbootcamp HighTechXL, Ulu has received an investment of 500,000 euros.
Ulu makes a USB dongle for cars which retrieves information about the locations, speed, handling and data from the central computer of the vehicles. This information is sent to a Ulu dashboard, where the user can gain an insight into all kinds of data about their driving and their vehicle. The Ulu dongle can also be used to track a car after it has been stolen or to notify others if it has been involved in an accident.
Ulu took part in the second round of Startupbootcamp HighTechXL. After thedemo day, where all the start-ups presented their products to potential investors, the start-up came into contact with Yu Ming Fang, who already invested 450,000 euros in Startupbootcamp participant Avular through the Fang Group. Now he’s investing 500,000 euros in Ulu.
Jošt Faganel, co-founder and CEO of Ulu, revealed how happy he was with the investment in a press release: “The Fang Group is well renowned, which not only shows that there is a high level of confidence in our product, but also that we are on the international map. We are on the right track.”
In exchange for the half a million euros, the Fang Group will receive shares in Ulu and director Mina Yu will join the Supervisory Board of the company founded in 2014.