Telematics Firm The Floow Announces Letter of Intent with China-Based Carsmart
21st October 2015
A UK telematics company that was handpicked to accompany Prime Minister David Cameron on a business tour of South East Asia earlier this year, today took part in a 'milestone' signing ceremony marking its commitment to partner with a leading Chinese car service organisation that would 'bring safer and cheaper mobility to the Chinese market'.
Representatives from Yorkshire-based The Floow (-The Floow) and Beijing CarSmart Technology Co (-CarSmart), a subsidiary of publicly listed IT solutions and service provider United Electronics Co., Ltd, came together at the Department for Business, Innovation & Skills earlier today in the context of the 6th UK-China Internet Forum. The signing ceremony, which marks a significant step forward for The Floow and its ambition to bring its bespoke telematics platform and analytics suite to the giant Chinese market, coincides with an historic State Visit by Chinese President Xi Jinping to the UK. The ceremony was witnessed by Vice Minister Zhuang Rongen from the Cyberspace Administration Centre, China and Ed Vaizey MP, Digital Economy Minister. Identified as a world leading hub for telematics data management, The Floow is an independent company operating without geographical boundaries from its base in Sheffield; currently supporting major global Insurers - including Direct Line Group, RSA, AIG, and AAA through device-agnostic predictive analytics and digital end-user services that increase customer loyalty. As the company's client base has expanded, The Floow has grown from a team of just three to more than 50 expert scientists, engineers, designers and support staff in the three years since it was established in 2012. The firm's internationally acclaimed products deliver actionable insight for end users and insurance providers on how to drive more safely and more economically, as well as insight into vehicle generated pollution - complementing the Chinese company's current offering which includes on-board diagnostic and app based solutions focussing on vehicle health and safety. This announcement is the first step towards the formation of a Joint Venture between The Floow and CarSmart; a leading provider of internet-based auto services for consumers currently serving 3.2 millions active Chinese users. The Floow founder and CEO, Aldo Monteforte, and CarSmart General Manager, Zhang Chunhui, met at the Department for Business, Innovation & Skills, London for the signing ceremony. Aldo Monteforte, CEO of The Floow, said: -We are excited to now be in a position to publicly share The Floow and CarSmart's joint vision and work to date on delivering telematics solutions that will contribute to safer and cheaper mobility for Chinese consumers, and one that can help automotive operators and authorities to cost-effectively monitor vehicle related emissions. -It is a significant development for The Floow, and testament to the hard work that has gone in to developing relations between the UK and China especially where technology is concerned. Zhang Chunhui, General Manager of Carsmart, said: -As a leading Chinese car networking servicecompany, through the cooperation with The FLOOW, we will take full advantage of our complementarity in terms of market, technology and service, seize the development opportunities of Chinese -Internet + together, to create intelligent service platform and data operation platform around the public transportation and vehicle management, providing more accurate, ,economical, environmentally friendly car networking services for the benefit of the public. The partnership has been supported by UK Trade & Investment and follows The Floow's recent involvement in a business tour of South East Asia earlier this year led by Prime Minister David Cameron. Digital Economy Minister Ed Vaizey, said: -In the last five years our exports to China have almost doubled, jumping by around 10 per cent last year alone. We want this to continue, and are working closely with industry to ensure the right conditions are in place to foster this. Increasing exports will drive job creation and economic growth, and The Floow is a fantastic example of how the Northern Powerhouse is helping deliver this. Mark Robson, UKTI regional director for Yorkshire and the Humber, said: -The outstanding achievement of The Floow in signing this pioneering partnership with CarSmart epitomises what can be achieved by Yorkshire companies when they seize the opportunity to trade overseas. The Floow is an exemplar of the technological expertise and specialist talent and skills based in Yorkshire and being made available to the benefit of markets abroad.