Stage: Revenue generating
Number of employees: 1-5
Investors: William W Johnson
Investors: Tamseeel Haque
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.
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! - 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
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.
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.
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.
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
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.