The winners of the Co-Financing Grant program of Innovations and Technologies Agency of the Ministry of Economy and Sustainable Development is revealed.
Total 20 winners were named within the program. Each of them received a grant of 100 thousand GEL. The decision was made by the Investment Committee, which is staffed by high-level international venture investors.
CBW had an interview with Vakhtang Iashvili, CEO of one of the winning company – TTM:
Can you describe what TTM does, and why you decided to found the company?
Company TTM Group was founded at the beginning of 2018 by its founders Vakhtang Iashvili and Dimitri Abashidze to cope with one of the most important global problems and requirements – violations and road accidents caused by speeding.
The statistics published by the World Health Organization (WHO) is alarming: approximately 1.3 million peoples die and 20 to 50 million people get injured annually due to road accidents. 30% of reasons for traffic accident comprise overspeeding.
TTM Group has invented dynamic speed limiter TTM-Update V2018.001, which, based on the information received from a GPS tracker, will control the vehicle speed in concrete speed zones. If the vehicle overspeeds, the limiter will activate automatically, thus preventing the driver from speeding the vehicle beyond the set limit. For 12 months, the main team members hired consultants and experts had worked to design a device, which would be universal for all types of vehicles with petrol, diesel, hybrid or electric engines.
Who’s your target audience?
The given device will be the most up-to-date offer to limit vehicle speed and will enable the GPS tracking companies to offer updated and improved service to their customers.
The end users of the given device are car rental and land transportation companies, public transport and fleets of taxis, corporate vehicle fleets, also physical entities. The device will allow them to:
- provide a high standard of their own and passenger safety,
- automatically observe the speed limit rules and avoid fines,
- optimize fuel and depreciation expenses, and reduce unforeseen material damage.
What are your plans for the future, how do you plan to grow this company?
In order to achieve its goals, the Company joined a UG Startup Factory Acceleration Program, which provides the team with free working space, necessary consultations, training and networking to date. The Company is actively involved in the start-up ecosystem and regularly participates in interesting and useful arrangements. It also cooperates with relevant branch consultants and is oriented on permanent growth and development.