Developers Search for Venture Capital to Launch App that Will Stop Wheel Theft

By Tomas H. Lucero

A group of software developers, alarmed by the recent and dramatic, increase in automobile wheel theft, have come up with a solution to thwart the phenomenon.

The name of the solution is Rim Tech. It is a tracking device and mobile app that will alert vehicle owners when their wheels have been tampered with, and will track the owner's wheels to the theft location within 10 feet. The developers are working on increasing Mobile Tech’s capability to track wheels down to zero feet.

The code experts, formerly with Nokia, have created an Indie Go Go crowd funding campaign, named “Project Overlord” to raise venture capital for their patent-pending anti theft technology. Their goal is to attract enough outside investment to bring the invention to the market in a timely manner.

In the meantime, owners of automobiles with custom wheels have no recourse if their property is stolen. Car dealerships are also a target of wheel thieves.

According to a 2012 Yahoo! News article, "Tires and wheels offer a near perfect combination of attributes to thieves. They are easy to haul, quick to remove, untraceable on online auction or classified sites, and frequently usable on several different vehicles, with a value that can hit $3,000 a set."

The New York Times reports that, “If you know what you’re doing [stealing wheels] can be done pretty quickly—in a matter of a minute or two. The wheels are long gone and have no way of being found."

Rim Tech is on target to launch in October 2015.  

Related Story: Top 10 business apps

Related Story: Business apps to improve marketing efforts

Like us on Facebook, follow us on Twitter!

Read our latest edition - Business Review USA 

Share

Featured Articles

Top 10 cybersecurity specialists in the US

As cyber attacks grow in frequency and become increasingly sophisticated, Business Chief looks at the top 10 cybersecurity specialists in the US.

Silicon Valley Bank collapse: How did we get here?

US authorities have stepped in to protect all Silicon Valley Bank customers following the second-largest bank failure in the country's history

Top 10 best new leadership books by women to read in 2023

To mark IWD, here’s our pick of the best new leadership books – all penned by impressive women at the forefront of the ever-evolving world of work

Eight of the best business leadership podcasts

Leadership & Strategy

CEO John Pagano, leading Saudi Arabia's Red Sea Global

Leadership & Strategy

Top 10 female CEOs according to Fortune’s Global 500 list

Leadership & Strategy