When one of its engineers created a new product that was outside the normal scope of Volvo's operations, the manufacturer decided to turn the idea into a start-up company.
Volvo says that with a tire pressure monitoring system, the driver can be informed when one of the tires loses pressure. Today few heavy-duty vehicles are equipped with systems like this. From 2024 though there will be a legal demand in Europe that all trucks and trailers should have a tire monitoring system.
Volvo says today tire pressures must be calibrated manually on every truck when they are built and when a tire is changed in a workshop. Volvo says one of its engineers, Roman Iustin, has had an idea on how to make this process more efficient with an automated calibration system.
Through CampX, the Volvo Group’s global innovation arena for technology and business transformation, Roman Iustin received support to validate the business potential of his solution. His idea ultimately showed high customer value for the transport industry. With the solution being slightly outside current Volvo Group’s business, the decision was to launch a whole new company instead. Volvo says this was done with speed using the CampX concept with support from many areas within the Volvo Group, such as legal, IP strategy, finance, tax, HR and purchasing.
“Having this venture builder function in the CampX concept is a good way to capture new business ideas and opportunities, both inside and outside the Volvo Group, and accelerate them to the market.” says Johan Lundén, Volvo Group Senior Vice President and CampX chairman.
The new startup company, Fyrqom AB, is a joint venture between Volvo Group, Qamcom Group and Roman Iustin, who will be the CEO of Fyrqom AB.
“Focusing on customer needs, Volvo Group colleagues are encouraged to apply technologies to solve specific problems. This fosters the mindset for development of technology assisted business solutions. I am thankful for this opportunity and looking forward to the exciting journey ahead,” says Iustin.
“To us, this joint venture is a perfect match – we see a great potential to make a positive impact on a larger scale through Fyrqom’s innovative solution, Volvo Group’s resources and our technology experience” says Jonas Sandberg, Co-founder and Business Developer at Qamcom Group.