Texxi Global
Location: 84 Garmoyle Road, Liverpool, United Kingdom United Kingdom
Founded in: 2005
Stage: Revenue generating
Number of employees: 1-5
Funding history:
- Date: 11/2006, Seed: $5 M (post valuation: $10000000).
Investors: William W Johnson
- Date: 04/2005, Seed: $8 k (post valuation: $10000000).
Investors: Tamseeel Haque
Short URL: vator.co/texxi
Awards and mentions
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Texxi Global Selected as a 2015 Red Herring Top 100 Global BEVERLY HILLS, Calif.—November 23, 2015—Red Herring announced its Top 100 Global in recognition of the leading private companies from North America, Europe, and Asia today, celebrating these startups’ innovations and technologies across their respective industries. Red Herring’s Top 100 Global list has become a mark of distinction for identifying promising new companies and entrepreneurs. Red Herring editors were among the first to recognize that companies such as Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, and eBay would change the way we live and work. “Choosing the companies with the strongest potential was by no means a small feat,” said Alex Vieux, publisher and CEO of Red Herring. “After rigorous contemplation and discussion, we narrowed our list down from hundreds of candidates from across the globe to the Top 100 Winners. We believe Texxi Global embodies the vision, drive and innovation that define a successful entrepreneurial venture. Texxi Global should be proud of its accomplishment.” Red Herring’s editorial staff evaluated the companies on both quantitative and qualitative criteria, such as financial performance, technology innovation, management quality, strategy, and market penetration. This assessment of potential is complemented by a review of the track records and standing of startups relative to their peers, allowing Red Herring to see past the “buzz” and make the list a valuable instrument of discovery and advocacy for the most promising new business models from around the world.
7437_3768
Texxi Global chosen as a 2015 Red Herring Europe Winner Amsterdam, Netherlands - Red Herring announced its Red Herring Europe award winners today, recognizing Europe’s leading private companies and celebrating these startups’ innovations and technologies across their respective industries. Red Herring’s Top 100 Europe list has become a mark of distinction for identifying promising new companies and entrepreneurs. Red Herring’s editors were among the first to recognize that companies such as Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, and eBay would change the way we live and work. “Selecting startups that show the most potential for disruption and growth is never easy,” said Alex Vieux, publisher and CEO of Red Herring. “We looked at hundreds and hundreds of candidates from all across the continent, and after much thought and debate, narrowed the list down to the Top 100 Winners. Each year, the competition gets tougher but we believe Texxi Global demonstrates the vision, drive and innovation that define a Red Herring Top 100.” Red Herring’s editorial staff evaluated the companies on both quantitative and qualitative criteria, such as financial performance, technological innovation, management quality, overall business strategy and market penetration. This assessment was complemented by a review of the track records and standings of similar startups in the same verticals, allowing Red Herring to see past the “buzz” and make the list a valuable instrument of discovery and advocacy for the most promising new business models in Europe.

Texxi Global

The Transit exchange for the XXI century | Stat Arb for Vehicle Fleets
Startup/business
Liverpool, United Kingdom United Kingdom
http://www.texxi.com

Texxi, via a futures exchange, aggregates individuals seeking rides to roughly the same destination via SMS or smartphone messaging and a social network / back-end database. It also allows drivers and passengers to secretly rate one another for more accurate future compatibility. It does with a unique portfolio of protected intellectual property.

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Company description

So what is Texxi?

What if you combined geolocation services with social networking to give people more transit options. And you did it in 2004 based on credit contagion ideas and predating FaceBook and FourSquare?

(Our 2006 pending patent application predates FaceBook's 2007 application  which resulted in a very broad patent award)

Texxi is a way to share cabs (or any vehicle actually), by using mobile phones (e.g. SMS, smartphones etc) and social networking.

We are an example of a Transit Exchange for the XXI Century: http://bit.ly/DRTExchange

So?

So! - we reduce congestion, lower travel prices for customers, raise revenues for drivers, enable everyone to get about more easily and use less oil as a result.

What's not to like?
 

But people won't share

False.

A statement falsified by the successful deployment of a Texxi system on the Isle of Wight in 2008. We got people to share (700 of them) on a sparsely populated island off the South Coast of England, even when other options were available.


But NYC tried it and it didn't work

NYC tried the wrong approach. They need to talk to Texxi.

The logistical constraints of traditional carpooling, such as long-term commitments, fixed schedules, and communication difficulties, have prevented dynamic ridesharing from realizing its full potential.

Texxi has proved it can fix these problems, with headways as low as 5 minutes, overcoming the problemsof traditional carpools / vanpools or rideshare systems.

Fundamentally, a Texxi system is a combination of a comprehensive set of operational strategies, technologies and marketing tactics all executed in concert toeffect largescale ridesharing. 

So why don't you use a smartphone / iphone application - no one texts anymore

We started off with SMS only because it was 2004 and smartphones had not yet caught on. However, long before the iPhone even came about we were developing smartphone apps for use with Texxi - as you can see here: http://www.slideshare.net/masabaer/m-o-v00449

In any case, that is not what gets people to rideshare.Actually people still do SMS - rather a lot as it happens.

But several top universities (UWashington, CMU & MIT) said in 2008 and 2009 that no-one had ever achieved dynamic ridesharing.

They were mistaken. We spoke to many people at these places between July 2005 - April 2009 and made them aware of Texxi and what we had achieved.
 

What proof do you have that you made dynamic ridesharing happen?

Many press writeups - all of which can be access here: http://bit.ly/aRVZwS

But what makes your system so special?

It works. It has been proven to get people to rideshare with headways of as low as 5 minutes.

The DRT Exchange and the use of Social Networking & Genetic Algorithms to do the ridematching.

We built in marketing to the entire system from day one and we were demonstrating social networking applied to dynamic ridesharing long before most anyone else (that we are aware of) was even describing it. Oh - and our system works and can scale.

 














Team
Business model

Texxi is the world's first proven dynamic, realtime ridesharing application.

We group people (strangers or friends) who have similar transport needs at similar times into vehicles. They pay less than each would pay if alone, but the vehicle operator gets more money since there are more people in the vehicle.

We take a cut of the gross money made. Typically 25%. This is since our work is complicated and uses a proven method to enable dynamic grouping.

What do we mean by dynamic ridesharing?

Definition of dynamic ridesharing: a system that facilitates the ability of drivers and passengers to make one-time ride matches close to their departure time, with sufficient convenience and flexibility to be used on a daily basis. Discussion.

 

Competitive advantage

We were the first company ever proven to have shown that dynamic, realtime, ridesharing could work. We have a patent pending (USPTO 11/485,164) on this that predates FaceBook, FourSquare and Xerox PARC similar patents.

Texxi is a system based on the idea of a futures exchange which seeks to link supply and demand for transit between buyers (passengers) and sellers (vehicle operators). It works by allowing prospective passengers to communicate their intentions through a mobile device and allows them to use their social network profiles to better find matches to travel with. Ideas from applied math and wing design complete the matching in a patent pending process. The brand protections are here: http://bit.ly/ukpto_texxi

http://www.edocr.com/doc/27211/transport-new-beginning

http://www.edocr.com/doc/27211/7-modes-texxi

http://www.edocr.com/doc/27211/texxi-company-overview

http://www.facebook.com/24482215385/timeline/2008

We have achieved results that none of ZimRide, iCarPool, Avego, GoLoCo, NuRide or Goose Networks have achieved - namely real-time dynamic ridesharing with headways of as low as 5 minutes and up to 7 random people grouped on the fly in a taxi to go to a closely located set of destinations.

The system is based on the idea of a Demand Responsive Transit Exchange and thus can be used to marshal demand for other types of  shared ride system - such as carsharing (ZipCar), car rental (Hertz) and digital hitchhiking (where the driver of the car is also the private owner and not a taxi driver). The system is based around mutual ratings.