The new company will be known as Wheels of Zeus, or a take off on Wozniak’s nickname, Woz, and dedicated to helping "everyday people track everyday things." The company will focus on taking technologies that are now costly and reduce them to fit the pocket book of the average consumer. As the cost of GPS technology continues to fall, Wozniak is excited about the possibilities of integrating location-sensitive data with consumer wireless Web-enabled devices.

The New York Times reported that Wozniak said the company, more than likely, would initially seek licensing and marketing arrangements with other consumer electronics and related companies instead of manufacturing its own products. The company expects to launch its first products sometime next year.

Wozniak’s belief that the consumer market is ready for a new class of electronic products has attracted the attention of venture capitalists such as Mobius Venture Capital Venture, Draper Fisher Jurvetson and Palo Alto Investors. This group of investors has committed $6-million in initial financing.