On its Kickstarter website, Project Overlord — formed by a group of former Nokia developers — said its goal is to raise $50,000 by Sept. 17 to put toward the $250,000 in costs for manufacturing the first 5,000 units and related operational functions. The company said it expects to offer the product to the public by October.
Terrence Gaskin, founder and CEO of Project Overlord, created the security system for automotive wheels after working on opening an aftermarket auto parts store in Texas. He designed the system with development partners Protegan and FossilShale.
While most wheel theft mechanisms are installed externally, RimTech's transponder is installed inside the tire, making the device itself virtually impossible for would-be-thieves to disarm, destroy or even locate, according to the company.