8th June 2016

Commercial Strategy Secures £285k Investment

On the back of work undertaken by Urban Foresight, algorithm specialists Route Monkey have won £285,000 of research and development funding from Scottish Enterprise.

The funding will support the company’s development of an online portal for the scheduling and optimisation of electric vehicles based on routing, battery life and chargepoint location alongside other variables.

Urban Foresight were commissioned by Route Monkey  to undertake a feasibility study for the development of a first of its kind scheduling and optimization service for conventional, electric vehicles (EVs) and other low carbon vehicles.

The study examined the concept of a new mobility planning service, accessed online or on-the-go, to provide a dedicated scheduling, modelling and procurement service for conventional, EVs and other low emission vehicles.

Among the findings and recommendations which outlined the product viability and suitability for public funding, it was noted that support for the development of the online scheduling platform offered the potential to unlock a range of significant opportunities for growth, job creation and export to international markets.

Following this, Urban Foresight developed a commercialisation strategy for bringing the product to market. This identified the product’s strategic position as being aligned with the following elements: route optimisation for EVs; scheduling for EVs and mixed fleets; access to an online, on the go, web-portal available to companies and individuals; contribution to improving the environment and utilising cutting edge technology. It further noted that public and private sector organisations and individual consumers would form the most likely customers. Market trends, potential competition, possible business models, pricing and areas for future development were also explored.

Commenting on the development, motoring journalist Quentin Willson said: “Route Monkey’s game-changing journey-planning software will give more drivers the confidence to choose electric vehicles over their conventionally-powered counterparts and help banish the ‘range anxiety’ monster for good. Route Monkey’s app is what all EV drivers have been waiting for and will change the electric car landscape for the better.”

Whilst Scotland’s Cabinet Secretary for Economy, Jobs and Fair Work, Keith Brown said: “Encouraging and nurturing innovation is a key element of our plan for Scotland’s economy. Route Monkey is a great example of a digital business that is innovating and this project is a world leader.”

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