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DOVU, which has reportedly already has notable investors, is planning to create a secure environment for individuals and companies to exchange any data related to mobility - such as location, distance and weather conditions.
According to TechCrunch, the startup has already received an undisclosed amount of funding from InMotion Ventures, the investment division of the automaker Jaguar Land Rover and Creative England, a fund backed by the United Kingdom government to support creative industries.
The collected data will be used to create more efficient services, such as combining "car data with insurance data to calculate more reasonable policies" or "geolocation data in conjunction with meteorological statistics to inform the companies conducting the trip," the statement said.
In exchange for this information, DOVU will offer its own token, based on ethereum, which is called DOV. According to the firm, earned tokens can be used to purchase "mobility services", such as public transport.
The DOV marker will be launched through the initial coin offer (ICO), which will be held on October 3, and will be used in decentralized applications built on the DOVU open source protocol, the company website said.
Also, to provide "payment for mobile services", a token can potentially be used for driving on public transport, renting cars and giving users the opportunity to share their vehicle or travel data.
The company's CEO is Irfon Watkins, the CEO, who in the past worked on other businesses, including the data-driven Coulet video advertising platform. The DOVU Advisory Board includes Lars Clauitter, the director of the ethereum foundation and the general manager of Rolls Royce Bespoke.
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