Anti-theft system receives HUF 98 mln investment

City

The Széchenyi Capital Investment Fund (SZTA), which is a Hungarian state-established venture capital fund to support SMEs, invested HUF 98 mln in Hargamon, developer of an anti-theft bicycle-tracking device called Velotrack, Hungarian news agency MTI reported today.

Should a thief try to steal a bicycle, Hargamon's Velotrack system notifies the owner of the bike through a built-in gyroscope. Hungarian bicycle manufacturer Schwinn-Csepel and Dutch peer Amazing Wheels have been in negotiations with Hargamon regarding this system.

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