Big Data auto security company announces the launch of its regulation crowdfunding raise
BALTIMORE, June 1, 2022 /PRNewswire/ — Project Overlord, the company behind the first advanced technology designed to eliminate wheel theft on various vehicle types globally, is announcing today its most recent third-party valuation of $37.3M, giving it an IoT valuation of $261M. Project Overlord’s initial product RimTech, the world’s first patented app-controlled wheel anti-theft system, is launching its regulation crowdfunding raise on StartEngine.
Recent reports have shown that incidents of auto theft have decreased by 72% due to advancements in technology, while tire theft has been on the rise and up 187% due to the lack of security. Currently, the only form of protection on the market is provided by wheel locks that can be defeated in less than 10 seconds. Without the ability to track, identify, recover and enforce prosecution, consumers and insurance companies have been forced to pay over $18 billion a year replacing wheels and tires as well as other physical vehicle damage.
RimTech protects car, truck and SUV owners from becoming a statistic. In the attempt to remove the tires, the security device sends a notification to the owner’s phone or tablet, in addition to setting off an audible alarm. RimTech’s built-in GPS will track the wheels and vehicle, if still attached, should the tires continue to be tampered with or the theft has not been deterred. In addition, the technology will alert the authorities of an in-progress theft with the location and vehicle information for recovery. The ongoing GPS tracking occurs in real-time with an accuracy range of 10 feet. The technology also possesses EMI/RFI coating for protection from electromagnetic pulses.
Project Overlord secured its first patent in the US in 2017 and spent the last several years securing patents in 42 additional countries, including the UK, China, India and South Africa; with $338M in sales commitments at launch, in addition to monitoring and data analytics revenue as well as additional global future orders upon product completion. Surpassing the proof of concept phase, the company is currently in the last stage of development. The numbers are expected to continue to rise as Project Overlord has additional interest from several major automotive manufacturers for integration.
“We recognized the changing landscape of how data has transformed our world when it comes to consumer products and have transitioned the company from being an automotive accessory company to a big data company,” said Project Overlord Chief Operating Officer, David Snider. “Our value proposition to vehicle owners, dealers and the vehicle manufacturers is a technologically updated protection leap of one of the only two last parts of the vehicle that are unprotected from theft.”
“RimTech garnered international media coverage for its disruptor status to the wheel theft prevention field and has a fast-mover advantage in this market, but given our data revenue potential on top of everything else we have done to position ourselves properly, we believe our new valuation is a reflection of our higher value proposition as a pre-revenue startup,” said Project Overlord Founder, Terrence Gaskin. “I’m tremendously excited for where we are headed. RimTech’s ability to notify vehicle owners and police of an in progress theft is a complete game changer for theft prevention.”
Project Overlord has assembled a dynamic team of leading industry-specific C-Suite executives on its advisory board for unicorn status scaling; including advisors from big data, automotive manufacturers, manufacturing, retail, fleet, telematics, government and military contracting, as well as social media and branding.
RimTech will be compatible with iPhones, Androids, Ipads, Android tablets and company provided fleet management tablet solutions, and will be available in the App Store, Android Market and Google Play Store.
For more information on RimTech visit www.projectoverlordsystem.com and on Project Overlord visit www.projectoverlordcorp.com. To learn more about the raise, visit www.startengine.com/rimtech.
About Project Overlord
Launched in 2015, Project Overlord’s mission is to build a technologically advanced mobile app-driven product that helps consumers conquer the unsolved problem of wheel theft before it occurs, as well as theft of other personal and commercial vehicles. Project Overlord’s core product lines are a range of products ranging from personal and fleet vehicles, motorsports equipment to commercial-grade vehicles.
SOURCE Project Overlord
