Ridebite AI-driven car sharing for sustainable European cities of the future
|Funding from Vinnova||SEK 500 000|
|Project duration||November 2017 - April 2018|
Purpose and goal
At this project stage, our goals were to understand which markets to target for international launch, analyze customer willingness to pay and must-have features in a car sharing service, and assess Ridebite´s technological ability to fully develop the AI algorithm powering the car sharing app. These goals have been fulfilled in proportion of 90%. An important stepping stone was to conduct a business review and assess economics of the business in the context of European law, competition, market barriers, and next capital requirements. The review found Ridebite fit for monetization.
Expected results and effects
Internationally, Ridebite will first launch in Paris, France, where users are educated about car sharing services and competition is technologically outdated. Ridebite must find investors to back its marketing plans to secure the desired market share. We performed novel research that found user willing to pay in certain comfort conditions and we have secured those conditions in the latest app version. We found which market to next launch into and that Ridebite is technologically and legally fit for European launch. Additional capital is needed for acquiring target market size.
Planned approach and implementation
Ridebite is in TRL-7: testing done; major functionalities ready for alpha release. The app is iOS-ready, with the Android version in development. The web interface is fully deployed. Insurance is handled by the back office tool. The rental requests will be replaced by the algorithm, which is still partly under development for automatic car classification, facial recognition identification, and a scheduling solution. The system now allows automated matching of owners and renters. Renters must only select category and rental period and Ridebrain matches them with available cars.