If you've ever lived near a golf course or in a golf cart community, you know just how often these motorized carts are stolen for joyrides.
Atlanta-based startup XiQ started out as a solution to this problem. Its smart device, the Stinger, replaces the conventional ignition on a golf cart with a pin code to halt would-be thieves. The "a-ha!" moment came from co-founder and CTO, Florian Meier, who noticed golf carts were frequently stolen around his community in Peachtree City.
"We started with this because we discovered most of these light vehicles, like golf carts, UTVs, forklifts, you name it---they use a very rudimentary ignition with a key that can be easily copied, purchased anywhere or they all had the same key," co-founder and CEO Karlos Walkes told Atlanta Inno. "We saw the security issue and started there by introducing the smart device that now replaces the key and introduces a pin code to activate the vehicle. It also talks to a mobile app that allows one-click user control to their vehicle or machine."
But after solving the theft problem, Walkes said their customers began asking if XiQ could collect data, provide asset management and identify the driver of a vehicle.
"We had the opportunity to evolve into a company that now makes technology that enables security, fleet IOT capabilities for vehicles and enabling mobility sharing for electric vehicles," he said.
2019 has been a breakthrough year for XiQ, which started four years ago, Walkes said. After discovering roadblocks with selling to dealers in 2018, XiQ pivoted this year to sign an exclusive distributer deal with Nivel, a global golf cart parts and accessory distributer.
"That was where we started to understand that, 'Oh, the world is kind of catching up with our vision,'" he said.
Walkes said his company was awarded a patent for their hardware, their product was featured on The Home Depot's website and the company started a partnership with Polaris. XiQ is also beta testing its fleet IoT platform with a heavy equipment distributor in Conyers.
"We are working with (Polaris) to show them how our hardware can enable their vehicles to create mobility sharing opportunities for communities everywhere," he said. "In short, imagine Lime or Bird, but instead of scooters, people are using multi-passenger electric vehicles that have cargo doors and windows for inclement weather and have a range of up to 80 miles because they're using a 72-volt lithium battery."
XiQ has raised $200,000 from about 15 private investors. Walkes said the company would love to raise venture capital, but has noticed some barriers to entry in the Atlanta VC world because they provide hardware.
"What I’ve experienced is—and this is my perception, I could be wrong—but there seems to be a lack of enthusiasm for hardware," he said. "Once we were purely hardware, it was really tough to get anyone’s attention as far as funding was concerned. Now that we’re moving into software … Now people are at least taking a look."
Walkes said even though XiQ is classified as a tech company, the team's drive is focused on engagement
"What we found is people in this electric vehicle market ... these markets have been ignored or just underserved by technology," he said. "We see a lot of opportunity there for a company like us. We feel not only did we find an empty room, we found an empty building. So what we're trying to do is create a great product that is about engagement."
