Insurtech In Focus – Traxsit
Welcome to the second edition of our ‘Insurtech in Focus’. The purpose of this series is to illustrate the cutting edge, problem focused and transformative offerings of our Insurtech startups and how Insurtechs and the wider industry are collaborating to deliver innovation for the sector. In the first of our series we looked at Aerial Agri Tech in this issue we showcase the Traxsit offering.
More than just GPS tracking
Traxsit is an internet of things (IOT) company developing innovative asset recovery and management solutions for the agricultural, construction and rental industries. The Traxsit solutions utilise the newest in low powered communications technology combined with intuitive web and mobile applications to provide a tracking and management service superior to anything else on the market.
In Ireland alone over €21,500 worth of machinery stolen from construction sites each day. In addition, more than 21 farm thefts are reported to the Gardaí each week and a staggering 92% of stolen machinery goes unrecovered in Ireland.
The Traxsit offering is compelling in that it offers very cost-effective remote monitoring of assets anywhere in the world, employing Non Blockable Non GSM technology with 2 year battery life. The platform provides visibility of assets on intuitive map interface and protection from theft and tracking of stolen items. RFID Tags can be used to monitor smaller items and to track/ validate and use as audit trail for items requiring statutory inspection. The Traxsit IoT enabled fuel shut off valve will enable remote immobilisation of vehicles / plant.
Traxsit was setup in 2019 by Conor Walsh and Luke O’Mahony. Conor is an award winning Electronic Engineer, graduating from CIT in 2019 and Luke is a Big 4 trained Chartered Accountant having graduated from UCC in 2015.
In June the Traxsit device brought to an end an unbelievable 167km joyride with a stolen van, thanks to unique Traxsit tracking devices. The van, which was stolen from a well-known West Cork business, Hayes Cabin and Caravan Services, Owenahincha (near Rosscarbery), was taken on an extensive joyride throughout Cork, hitting a top speed of 151kmh and travelling over 167km in total.
Though waking to the gut-wrenching feeling early this morning of discovering their valuable asset was gone, Eamon Hayes and David Hayes of Hayes Cabin and Caravan Services stayed calm as just weeks before they had signed a deal with start-up Traxsit, to fit tracking devices to several of their fixed and mobile assets, including the van. Eamon was quickly able to log in to the Traxsit app on his phone, see exactly where the van was and alert Gardai. Gardai then reacted swiftly to intercept the van and catch the thief in Macroom, recovering the van and arresting the thief.
Want to Find Out More?
Traxsit are presently on Enterprise Ireland’s New Frontiers Phase 2 programme in Carlow IT and have had a close relationship with the college over the past twelve months via the Insurtech Network Centre. If you would like to find out more about Traxsit and how their solutions could add value to your operation please do not hesitate to contact me on Aidan.Mahon@itcarlow.ie or 087 761 8574.