"We've contacted quite a few insurance companies and we are meeting with AMI and Tower Insurance in a couple of weeks time to discuss how they can promote it."
Chief executive Anna van den Hout added the company had pitched its plan to judges in the regional section of YES, and hoped to be successful in gaining a $300 grant from EIT that would help them take the product to market.
Although there was one other existing competitor in New Zealand selling trailer locks, it did not use an app to alert owners if the lock was cut or tampered with.
Chief financial officer Sarah Nieuwland said the company intended to attach magnets to the locks so they would stay attached to trailers.
The locks could be imported for a cost of $28, meaning total production costs would be less than $50 a unit. Following a period of market research the company had settled on retail price of $120 for the product.
"We found one other trailer lock that has an in-built alarm and it costs $160 to buy new, and also with our market research, the average price people said they would be willing to pay was $113. So we rounded that up to $120 - and also under-sell our competitor."
The product could be pre-ordered through the Lightninglock Facebook page, ahead of the official product launch at the Napier urban farmers market on August 25.
Senior Sergeant David Sutherland, of the Eastern District Command Centre, said trailer theft was an issue in the region.
"The theft of trailers is an ongoing issue across Hawke's Bay and at the end of last year there was a dramatic increase.
"From November 2017 through to February 2018 more than 30 trailers were stolen in Hawke's Bay. While all sorts of trailers were taken during this period, double-axle, high-capacity trailers seemed to be targeted.
"In this spate of thefts the offenders removed wheel assemblies where anti-theft devices were in use, and cut chains and locks. Once taken the trailers would often be re-engineered or altered in some way to disguise their true origins.
"While this particular spike in trailer theft has ceased, trailers still continue to be targeted.
For that reason we need people to take steps to protect themselves from becoming a victim of this crime."