spacebands

Idea

Introduction

After gaining extensive press coverage and 1000+ customers globally with our social distancing device (including the NHS, MoD, Panasonic, Sony & Amazon), we are now pivoting to create a new multi-feature hazard alert system that will aim to change the future of workplace safety, well-being and insurance.

The brand-new wearable and SaaS platform (app and web-app) will alert for a multitude of hazards that aims to protect businesses by preventing workplace injuries, reducing staff sickness, enabling workplace wellness whilst collating a paper trail of live safety data points. Employers will be able to make informed decisions about their workplace safety and will be able to monitor workplace stressors whilst prompting employees to action wellness at work.

Privacy is at the forefront of development, all data will be anonymous unless the wearable user (employee) decides to attribute it to themselves manually. Effectively, an employee can decide if they want to track their safety and stress at work and if not, their company can still benefit from the company-wide dataset.

Substantial accomplishments to date

Before the pandemic, we did not exist. Using only our personal savings, spacebands has been built from a bedroom in Bristol, UK. When much of the world ground to a halt in May 2020, we kicked into gear, selling wearable contact tracing devices that alerts users when they get too close and break social distancing. We have sold more than 16,000 products to upwards of 1,000 customers across 30 countries and won government sales contracts. Starting in 2020 as just a team of two, we have already proven that we can successfully bring a product to market.

We have built powerful partnerships to ensure that our business continues to thrive. We have completed The Workplace Accelerator (Singapore) and are members of the UK's #1 Business Incubator Program - SETsquared (Bristol). The University of Bath, University of Bristol and University of West of England have all assisted in our growth with various research projects. UK Government-led National Physics Laboratory have aided device hardware decisions and the National Composites Centre (Catapult Scheme) are presently conducting data science research to support product development.

New product development has been built from conversations with our existing customer base: speaking with Heads of Health and Safety within companies such as Tiffany & Co and Prysmian Group to name a few.

*Revenue figures are based on unaudited management accounts.

Monetisation strategy

The cost for not using our products could be huge. Businesses want to keep their staff at work.

Our focus for sales will initially be on businesses within manufacturing, production and construction: these are busy, physical workplaces with lots of moving parts. In the UK alone, there are 2.7 million people working in manufacturing. In 2019, 22.6% of the world worked in industry (manufacturing, production, construction) - this equates to 1.8 Billion employees.

The industrial wearables market is set to grow to $3.1 Billion by 2026. We have found a product-market fit in a growing sector.

Companies can manage their safety and well-being more effectively by using the insights from the platform's data.

- Reducing incidents

- Increasing staff availability

- Showing employees they care about their wellbeing

Use of proceeds

As soon as this fundraising round closes, we will focus on growing our sales and marketing teams, as well as bringing our tech in-house through new engineering hires.

We also already have a clear eye on an exit strategy and we are building a board to support this. There are many opportunities to exit with partnerships or acquisitions. The hope for potential acquirers is from: Business Insurance Providers and Brokers, HR Platforms, Logistics Providers...

B2B SaaS multiples are hot - almost doubling in 2020 alone from 6.5x to 12.2x.

We see a gap in the market for improved workplace safety and wellness reporting. Join our mission to improve workplace safety for all.