The new company will offer an automated system for calibration of the tire pressure monitoring system on heavy-duty vehicles
Volvo Group, Qamcom Group and inventor Roman Iustin have formed a new start-up company, Fyrqom AB. The new company will offer an automated system for calibration of the tire pressure monitoring system on heavy-duty vehicles.
With a tire pressure monitoring system, the driver is informed if one of the tires loses pressure. Few heavy-duty vehicles are equipped with such a system currently.
The system must be calibrated manually on every truck when they are built and when a tire is changed in a workshop. Roman Iustin, a Volvo Group engineer, came up with an idea 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, he got support to validate the solution and the business potential. The validation showed a high customer value.
With the solution slightly outside Volvo Group's current business, the decision was to make a 'spin out' and build a new venture. This was done quickly using the CampX concept with support from many areas within the Volvo Group, like legal, IP strategy, finance, tax, human resources 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 start-up 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 the development of technology-assisted business solutions. I am thankful for this opportunity and looking forward to the exciting journey ahead," Iustin said.
"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," added Jonas Sandberg, Co-founder and Business Developer at Qamcom Group.