Dutch IoT startup ULU receives €500k funding from Chinese investor

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Today the Dutch startup ULU, which offers connected cars services, announced an investment of €500k from the Chinese Fang Group. ULU will use the investment to accelerate sales in the Benelux market, further optimizations and development of the system and growth of the partner ecosystem.

Eindhoven-based ULU started early 2014 and aims to create a more safe and better driving experience by opening up the car ecosystem and connect all cars to the Internet. ULU interprets and shares information sent by the car and allows drivers to share this information with third parties such as insurance companies and fleet owners in order to create a safer driving experience and reduce costs.

Jošt Faganel, co-founder and CEO of ULU: “We are very pleased with this investment. The Fang Group is a renowned party and this shows not only a high degree of confidence in our product, but also that we are on the right path.”

Mrs. Yu Mina, Director of Fang Group Investment Limited: “We believe that investments in technology companies is a way to change the world, which is very exciting and meaningful, the investments should not be limited by geographical locations. ULU has developed a very promising product in an emerging market. We already noticed them during the demoday of Startupbootcamp HighTechXL. We are pleased that we were able to close this deal and look forward to a fruitful cooperation.”