Brothers Edi and Danny Truell are part of a syndicate of investors that has injected £10 million into Lysanda, a UK-based business whose software can help cut a vehicle’s fuel consumption by up to 20 percent and reduces emissions.
The Truell brothers joined forces in 2006 to launch the Pension Insurance Corporation, an insurance group, and also founded venture and private equity group Disruptive Capital, (formerly known as Curzon Park Capital).
Disruptive also backed Lysanda, both in this latest round and in an earlier funding round in 2009 via the Sustainable Technology Fund. Other venture capital backers from previous funding rounds include transatlantic group Logispring, which backed the company in 2008.
Cédriane de Boucaud, a partner at Disruptive Capital, said in a statement: “Our investment approach is all about identifying opportunities for positive disruption of markets. The combination of impending legislation, rising fuel costs and concern for the environment creates real potential for revolutionising the fleet management and associated insurance market as well as benefiting individual drivers.”
Lysanda said in the statement it would use the funding to target high-growth markets including the vehicle breakdown and insurance sectors. Lysanda’s software can, for example, send diagnostic information in real time to roadside assistance groups in the event of a breakdown, speeding up response times.