Since taking top placement at Baker Donelson’s Fourth Annual Southeastern Emerging Companies Capital Connections, automotive security platform RaceIQ Engineering has been on a fast track to success. When it got to the point where it needed more than ingenuity, technological prowess and market understanding to get to the next level, enrollment in the Baker Donelson Cybersecurity Accelerator made sense.
“Successfully launching a startup is a multidisciplinary endeavor, and expertise at every level makes a huge difference,” says RaceIQ President James Jones. “For example, there is much more to securing the right funding than trading dollars for equity, and we found that consultation from Baker Donelson opened up our eyes to changes that could be made to impact the front and back-ends of investment that made a big difference in partnering with the right organizations.”
The company’s innovative security hardware/software solution secures all incoming and outgoing data from vehicles, preventing hacks, malware and virus uploads. Its telematics cloud will also allow automotive dealers to monitor and service vehicles in almost real-time.
RaceIQ is currently in the R&D phase, but the company is gaining traction with automobile manufacturers and has big long-term plans. While it engages in pilot programs to test its technology in real-world field settings, RaceIQ will analyze its results and share them with the industry. The company is positioned to take an active role setting protocols and standards that impact the future of automobile data security.
To get there, it needs to involve the right ecosystem of people. That involves relationships with regulating organizations like the Department of Defense, National Security Agency and Department of Transportation. Holistic intelligence from cybersecurity professionals that work in data encryption for a variety of applications is vital to ensuring RaceIQ develops the most robust and complete solution.
“Baker Donelson’s Cybersecurity Accelerator is giving us access to an ideal mix of people who understand how to secure vast amounts of data, how to work with investors throughout the funding process, and how to navigate the complex web of governmental cybersecurity oversight,” says Jones. “Things are moving so fast in this arena that we felt strongly about partnering with a company that is actively involved with it every day and has the foresight to know where things are heading as well as the agility to position for it.”
RaceIQ plans to close its current round of funding in mid-September and is already looking toward its next round. “We’ll probably open a new funding round in January because that’s when we will be looking for a good three- to five-year runway where we can hire on more full-time experts and rely less on contractors. The resources we have cultivated through Baker Donelson’s Cybersecurity Accelerator are instrumental in getting us there.”