On Monday, Indiegogo and Arrow Electronics announced the final flash funding recipient for the month of October. The duo revealed Andy Karuza and the FenSen team were selected to receive $75,000 in the funding prize.
The companies explained the FenSens team is hoping to transform the auto industry by creating new motorized vehicle technology affordable, simple, and easy to use. It was noted:
“When Henry Wong approached Andy with the idea for a parking sensor, they knew that the automotive Internet of Things (IoT) industry hadn’t taken off yet and the timing was perfect. The team went on to present, and win first place, at Startup Weekend. With this confidence boost, they began to do research around parking sensors to see if the technology already existed. The team found some shocking statistics. They knew that parking sensors were highly sought after by consumers but what they didn’t know was the scale of problems caused by not having one.”
Karuza also stated:
“There are over $6 billion in damage a year from backup incidents alone. There are over 15,000 injuries in the US alone from people backing up when they can’t see behind them. Still today 40% of the vehicles coming off the assembly line don’t have parking sensors, just because it’s too expensive at the manufacturing level.,”
The team previously launched a crowdfunding campaign for its parking sense as a way to test the market before going into production. Karuza noted:
“Indiegogo is really good at helping you connect with early adopters, getting product feedback and putting yourself out there.”
FenSens has also been given access to the Arrow Certification program, which will allow the team to work directly with the Arrow engineers.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!