In 2001, Bill Malkes and Vig Sherril were tired of sitting at empty intersections waiting for a green light. The idea of using Fisheye camera adn tracking software to improve efficiency came about and the basis for GRIDSMART Technologies, Inc., was created. GRIDSMART is an intelligent traffic company (ITS) that innovates and exports advanced vision processing solutions to more than 20 countries. Its special camera and control systems reduce vehicular congestion, while increasing traveler safety and air quality.
As the company expanded, it needed to protect against buyer nonpayment while also being allowed to offer open account credit terms to its customers.
EXIM's Export Credit Insurance covered up to 95 percent of the company's sales invoice allowing it to protect against buyer nonpayment and offer credit terms. Offering open account credit terms to buyer often leads to new customers and larger orders.
EXIM support has enabled this Knoxville company to grow its export volume, attract follow-on venture capital, and enter non-conventional markets including Poland, Turkey, Georgia (Caucasus), Oman, Columbia, and Brazil. Each year the company has sustained and also added jobs because of its steady growth in exports. EXIM has supported $1.4 million of GRIDSMART'S exports since 2014 and about 60% of the company's revenue is now from exports.