We unlock the potential of cricket players & teams using AI.
Business overview
| Location | Amstelveen, Netherlands |
|---|---|
| Social media | |
| Website | ludimos.com/ |
| Sectors | SaaS/PaaS Digital Mixed B2B/B2C |
| Company number | 75739399 |
| Incorporation date | 3 Sep 2019 |
Business highlights
- Secured a deal with Royal Challengers Bangalore (RCB)
- 9 International Cricket Associations use Ludimos
- Active in 15 countries with an gross profit of €69K*
- Backed by Stadia Ventures and Mingle Sports Technologies
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Idea
Introduction
Our vision at Ludimos is to be a part of every cricketer's kitbag. To achieve this, we are going to simplify the coaching process and make data-driven coaching affordable for all. We will empower cricketers to unlock their true potential and take their game to the next level.
Data and video analysis are not a luxury anymore. We estimate that the ball, bat and player tracking technologies used by professionals cost at least $100K to set up, which is not affordable for many cricketers.
* based on unaudited management accounts.
** Gross Profit is based on figures from the past three years
So, we created Ludimos to automatically extract insights using advanced ball and bat tracking technology from cricket videos to help them train like a PRO. We enable cricketers to measure, track & improve their skills. No hardware. No sensors. Just a smartphone is all one needs.
To reach the ambitious goals we have built an ambitious, complementary and international team. With your help, we aim to expand our team to increase the adoption of Ludimos.
Substantial accomplishments to date
We are a global brand active in 15 countries. The following graphic shows our journey so far and a selected list of clients who we are very proud to work with.
Monetisation strategy
We have multiple revenue streams to monetise our platform.
o B2B Subscriptions - We sell to cricket associations, clubs, academies and schools. For every user, we charge €5/month or €50/year with a minimum of 30 users per account.
o Talent Identification Programs - We run bespoke online & offline scouting programs on behalf of franchises, national governing bodies and leagues.
o B2C Subscriptions - Any cricketer can subscribe to Ludimos at €10/month or €100/year to train, document, analyse and track their progress.
As the business continues to grow we are planning to introduce additional revenue streams, such as Automated Match Coding, 3rd API Integrations and Connected Hardware to simplify data gathering and to make data-driven learning simple and affordable for cricketers.
Use of proceeds
Your investment will help us further improve our Ludimos AI and grow our ARR in 2023. We will use the proceeds from this raise in the following areas,
o Sales & Marketing-39%
Hire sales personnel and aim to establish channel partners to create awareness about Ludimos in the UK, India and Australia. Drive product adoption through both Top-Down (sales) and Bottom-Up (marketing) approaches.
o We are in discussion with potential partners, such as leagues, teams and sponsors.
o Research & Development (AI)-34%
We aim to hire AI experts to help us develop modules for Batting and Biomechanics. Partner with renowned universities to validate the AI models against gold standard data. Work towards running these AI models on edge devices eg. Mobile Phones.
o Product- 27%
Hire experienced developers to deliver a scalable product with a seamless user experience. In addition to core AI modules, our goal is to provide all coaching modules within our platform. Think of Gamification, Leaderboards, Training programs, and Player profiles.
Key Information
ASA Key Terms
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
o Conversion is triggered by ("Trigger Events"):
• An Equity Fundraise – defined as the Company raising bona fide equity investment of at least €1,000,000.00 from one transaction or a series of transactions, in exchange for the company issuing equity shares;
• A Change of Control of the company (transfer of more than 50% of the share capital); or
• An IPO - being a listing of the company’s shares on a recognised stock market or other public active secondary market.
o On the occurrence of a Trigger Event, your investment will convert at the lower of:
• A 20% discount to the valuation set by a Trigger Event; or
• A valuation cap of €9,000,000.00.
o Longstop Date is 31st December 2024. If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:
• the lowest price of any shares issued after the date of this Agreement; and
• a price per share based on a pre-money company valuation of €1,224,300 on a fully diluted basis.
o The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
Debt
The company has the following outstanding loans:
1. €9,866 in outstanding payroll taxes as part of the Covid Relief Measures from the Dutch Government at an interest rate of 0% per annum. The owed payroll taxes should be paid before 1st October 2027.
2. €25,000 re-payment of MIT R&D Grant from the Dutch Government. The grant received was €100,000 which was approved on 6th December 2019 for a duration of 18 months. The grant should be repaid before 31st December 2023. We couldn’t complete part of the proposed project due to COVID restrictions and hence the repayment.
The funds raised from this investment round will not be used to repay these loans.
Investor Perks
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
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If you successfully purchase a share lot of this business, you will be granted access.
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