STARTUP STAGE: Float provides price comparison, booking of local mobility options

Float

Float uses artificial intelligence to curate the cheapest, safest, greenest and fastest local transport options for a specific route. Users make bookings from various mobility providers right in the app and can keep track of money, time and emissions for each trip.

The platform launched in beta in Singapore at the start of the year and is now launching in the United States beginning in San Francisco.

What is your 30-second pitch to investors?

Float is a new mobile app for people on the go who are looking to transform the monotony of their daily commutes while saving time, money and the planet. Its powerful recommendation engine matches available options to a person’s travel preferences, simplifying and optimizing local travel. Float also provides cities with large-scale, aggregated data to inform transportation policy and make cities more livable and sustainable.

Describe both the business and technology aspects of your startup.

Float’s AI recommendation engine aggregates travel options based on the user’s location and past behaviors, giving them the ability to make decisions rapidly and with confidence.

Give us your SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of the company.

• Strengths: Float users save money on every trip they take with higher flexibility, customization and availability. 
• Weaknesses: The Float app is still working on expansion of the local app outside of Singapore and the Bay Area; however the national app is available for download everywhere. 
• Opportunities: Float is planning to expand using the Float-Citizen-City Partnership. Equitable travel for all citizens is key to kickstarting urban economies. 
• Threats: Existing infrastructure must be leveraged. To reverse urban flight, cities must improve quality of life.

What are the travel pain points you are trying to alleviate from both the customer and the industry perspective?

Costs of travel are increasing and unpredictable, and the complicated transportation landscape with endless options can sometimes leave one confused and frustrated. Now, more than ever, people are seeking alternative models to asset ownership - subscriptions and fractional ownership - in order to simplify travel and reduce costs. Float uses artificial intelligence (AI) to help travelers navigate a myriad of transportation options while offering personalized, real-time insights into the cost, safety and sustainability of their trips. The data collected from Float’s AI can also be used to inform city transportation leaders to inform future decisions around travel.

So you've got the product, now how will you get lots of customers?

Float is offering its services in partnership with cities to support them in creating the best travel infrastructure for their citizens. In exchange for the services and data, Float looks to cities for support in the distribution and promotion of the app.

Tell us what process you've gone through to establish a genuine need for your company and the size of the addressable market.

Float has conducted consumer research to find that users don’t have customized travel solutions presented to them based on their travel behaviors. It has been found that Float users save over $100 the first 100 days and they reduce CO2 output 23% in the first 30 days. Float users make safer travel decisions and reduce long term financial risk by over 400%. These travel behavior changes are better for all.

How and when will you make money?

It is completely free for users to download the Float app. The company profits from partnerships with other transportation partners within the app and will soon offer travel subscriptions for shared ownership. With subscriptions, under one total budget, users can easily see when a car, scooter, bike, etc. is available and when other owner(s) have the asset booked. Users can communicate within the Float app to optimize schedule.

What are the backgrounds and previous achievements of the founding team?

Founder and CEO Stew Langille is a veteran of powerful, leading AI companies - from his executive roles at Mint and Credit Sesame and as the co-founder of data visualization platform Visually. Stew is also an angel investor and transportation enthusiast. CTO Olu Ameye is a system architect and the founder of Chiefsoft Works and AutoMedSys. He led tech development at iKobo and was awarded the Boeing Phantom Works Award twice.

How have you addressed diversity and inclusion within your business?

The Float team, including the founding staff and investors, all bring diverse backgrounds and perspectives to the business. The team is made up of 12 men and women speaking 13 different languages. Stew values the input of others who are not like him in order to constantly strengthen his business and its offerings.

What's been the most difficult part of founding the business so far?

Building a startup is difficult as you are challenging the status quo. You have to believe that your efforts will be a success and trust in the process, the change you will make and the people who will benefit. COVID has been challenging for all travel and transportation start-ups, but it can also be a great opportunity to make cities better for citizens and travelers.

Generally, travel startups face a fairly tough time making an impact - so why are you going to be one of lucky ones?

Float is consumer-focused and in a time when consumer trust and safety are at a high-demand, Float is here to offer some peace of mind. People are getting back into the streets and needing to travel around, but doing it safely is a top priority for many. Through its partnerships and data collection, Float is able to offer the safest travel options to meet travelers where they are.

A year from now, what state do you think your startup will be in?

Float will be providing its services in more cities, putting more money in user’s pockets and collecting more aggregate data to share with city leaders. Cities will start to notice the different ways in which travel can help improve quality of life in their towns.

What is your end-game? (Going public, acquisition, growing and staying private, etc.)

The end goal for Float is to remain a private company fully functioning in several cities with user numbers in the six figures. As cities notice the different ways in which they can improve quality of life for their citizens, we will see positive changes develop over time.