Volvo Financial Services is hosting seven startups for its iLabX program, which gives the companies an opportunity to develop ideas and utilize the captive’s resources over 10 weeks at VFS U.S. headquarters in Greensboro, N.C.
The seven companies, announced today, were selected from 183 applicants and will have an opportunity to partner with the captive following completion of the program — which starts this week. The startups’ specializations range from data analytics, blockchain, and artificial intelligence.
The captive targeted 100 applications after launching iLabX in November 2018. VFS accepted applications from startups for a month before beginning the screening process.
“We were targeting 100 applications at the start of the program, so it was exciting to see almost double the number of companies express interest in iLabX,” company President Scott Rafkin, said in a statement. “The program is helping us explore ways to create new solutions and business models for our markets.”
VFS is eyeing blockchain technology with its selection of Supermoney and DOVU. Supermoney is developing a digital wallet for consumers to pay with a QR code, and DOVU is using blockchain technology to make transactions that are easier to audit, more accessible and transfer “instantaneously,” the press release notes.
Startup Rein creates digital insurance products, creating product opportunities by connecting digital ecosystems to insurance carries.
Two of the startups — Encompass-CX and Wagonex — rely on advanced data to improve the customer experience. Encompass-CX offers a scalable customer experience management application that collects, measures, and distributes customer data and provides clarity into all aspects of a company’s accounts, products, and service teams. Wagonex is an electronic platform that manages vehicles, installs telematics, supplies insurance, and delivers cars to customers.
Launch Mobility is a tech platform that connects vehicles for shared mobility services via a smartphone app. E-bot7 is a CRM that uses artificial intelligence to automate repetitive questions and suggests answers to the customer’s problems.
For more content like this, check out our upcoming event Auto Finance Accelerate, May 13-16 at the Omni San Diego. Visit www.AutoFinanceAccelerate.com to register.
