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IceRobotics

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IceRobotics are pioneers of sensor technology and advanced data analytics for the dairy farming industry.

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Funded 9 Aug 2021
£700,003 target
£735,942 from 0 investors
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Business overview

Location Edinburgh, United Kingdom
Social media
Website www.icerobotics.com/
Sectors Data & Analytics Digital B2B
Company number SC331391
Incorporation date 25 Sep 2007
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Investment summary

Type Equity
Valuation (pre-money) £8.1M
Equity offered 7.92%
Tax relief

EIS

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Business highlights

  • £6m raised to date from serial angel investors
  • Generated revenues of over £1m in 2020*
  • 143 CowAlert customers globally (42,000 cows)– 95% retention rate
  • Including 3 US customers (9,600 cows) - 100% retention rate
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Key features

  • Secondary Market
  • Nominee investment min. £10.60 +

Idea

Introduction

IceRobotics is one of the world-leading developers of sensor technology and advanced data analytics for the dairy farming industry.

Our innovative cloud-based behaviour monitoring system - CowAlert - provides real-time insights and ‘alerts’ to farmers on the health and performance of their herd, using data collected from unique ‘IceQube’ sensors.

These sensors are attached to the rear leg of a cow and record her movements (akin to a ‘fitbit’). This data is sent to the cloud where it is interpreted and relayed back to the farmer in a series of actionable reports.

Uniquely, CowAlert can identify cows that are starting to feel some foot pain but are not yet lame. It ‘alerts’ farmers to this and remedial actions can be taken to prevent lameness developing – a big benefit to animal welfare.

Using the suite of modules in CowAlert, farmers can improve cow welfare, milk yields, and herd efficiency, thereby improving their profitability & sustainability, and reducing their carbon footprint.

Substantial accomplishments to date

Customer Traction

Revenues of over £1m generated in 2020*
143 commercial CowAlert customers worldwide recording 42,000 cows
Early customer traction in the US with 3 farm businesses totalling 9,600 cows
Overall IceRobotics customer retention rate of 95%

Impact of Technology

In the dairy research world, the accuracy of our sensor technology has led to it becoming regarded as the ‘gold standard’. To date, our sensors have been cited in over 200 peer-reviewed academic papers.

Insights provided to dairy farmers by CowAlert have resulted in:
Significant reductions in fertility problems - increasing performance and welfare
Reduction and prevention of lameness - increasing performance and welfare
Early identification of disease allowing early interventions and reducing medicine usage.
Significant reductions in production costs with a very high ROI
Our open-access cloud-based data storage and analytics platform allows cost-effective retrospective studies
Our next generation sensors are set to launch into the marketplace, with our patented energy-saving mechanism enabling a battery life of up to 8 years.

Team & Investors

£6m equity investment raised to date from serial angel investors and family offices
Over £2.6m of grant funding secured from UK governments to date for R&D carried out
Dedicated US sales team established in Philadelphia (2019) and mid-West (2020)
Experienced Board in place with experience in agri-food, finance and sales

*Based on unaudited management accounts

Monetisation strategy

IceRobotics operates a blended business model based around access to the CowAlert system and its five modules: heat detection, fertility management, lying time analysis, lameness alerting, and mobility scoring.

SaaS Model

The farmer signs a 5-year contract directly with IceRobotics
They pay an initial installation fee and an additional monthly fee per cow, based on the modules selected
Benefit to IceRobotics: a predictable recurring revenue

Outright Purchase

The farmer pays the entire cost of the 5-year contract upfront, including installation and sensor costs
Separate data charges are incurred when upgrading to new modules
Benefit to IceRobotics: we receive up to 100% of the contract value upfront.

Asset-Funded

Our finance partner provides asset-finance to cover installation, monthly sensor costs and separate data charges.
The total cost to the farm is the same as the SaaS contract
IceRobotics pays the finance interest and receives up to 85% of the contract value.

Use of proceeds

We are raising funds to fuel the company’s revenue growth having identified significant growth opportunities in the USA and across the food supply chain.

Our immediate focus is the USA – the world’s largest producer of milk from dairy cows. Here, we have already built early traction, and now our efforts will be focused on:

Strengthening our team right across the customer journey, including local sales teams, key account managers, marketing professionals and the customer support team.
Developing relationships with industry lead generators who can effectively act as our brand ambassadors on the ground with farmers, e.g. vets, farm consultants.

We also see opportunities to generate additional revenue streams by:

Developing our pipeline of new CowAlert modules including a new industry-standard animal welfare index
Developing collaborative opportunities with dairy industry organisations and the supply chain.

Key Information

Outstanding convertibles and warrants

Please note the business has an outstanding £350k Convertible Loan instrument. Interest accrues straight line at 10%. The Principal will be repaid on maturity with an option to elect for interest to be paid in cash throughout the duration of the instrument or repaid in shares at £62.50 upon maturity. Maturity is the earlier of (i) 1st September 2022 and (ii) a Change of Control. Of the £350k total, £250k is accruing interest which will be repaid by conversion to shares on maturity and for the remaining £100k interest is being paid in cash each month.

There are also Warrants associated with the Convertible Loan instrument. These have been allocated on the basis of 200 warrants per £50,000 of convertible loans. The warrants are exercisable at £62.50 per share and can be exercised at any time up until 28 September 2024. The warrants lapse if the warrant holder ceases to be a shareholder of the company.

These have been priced into the pre-money valuation shown in the campaign.

Outstanding debt

Please note the business has the following outstanding debt obligations. Note, funds raised as part of this round will not be used to repay this outstanding debt:

CBILS Loan of £200k repayable over 5 years with 9% interest. This loan commenced October 2020 and the date of maturity is 10/06/2025. The outstanding balance is £177,411 with accrued interest of £39,430.

IceRobotics Holdings Ltd has a number of shareholder loans. Please see image below for a breakdown:

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £8,134,493

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

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Direct investment

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

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