Fusar (pronounced fyoo-zer) Technologies, a creator of smart motorcycle helmets, has closed a seed round in the amount of $1.1 million with the help of equity crowdfunding platform SeedInvest. Investors from SeedInvest invested alongside the Jumpstart NJ Angel Network, Socialatom Ventures, the Chi Fan Group, and Casabona Ventures. The young company received an angel round in the amount of $200,000 in 2014. Fusar is developing advanced wearable technologies for action sports including motorcycle helmets. The company is expected to start taking pre-orders this coming fall.
Fusar was founded following CEO Ryan Shearman’s near-fatal accident when his motorcycle was rear-ended by another vehicle. This incident inspired him to utilize the power of mobile tech to develop an advanced collision avoidance and other safety features for his fellow motorcycle riders, and the vision for a new type of smart helmet was born. In 2014, the Fusar was accepted into the 2014 Techlaunch accelerator program, where Fusar’s executive team fine-tuned their product and business model and attracted investors.
The developed helmet has evolved to include additional navigation and communication features that, when paired with the company’s mobile companion app, are said to help riders better navigate the road, avoid collisions, and receive more immediate help when accidents do occur. The patent-pending system also features integrated front and rear video cameras and a range of sensors that eliminate the need for bulky, external devices like action cameras and communication devices that are often dangerously mounted to the outside of traditional motorcycle helmets.
Shearman stated, “these funds will help us complete our product engineering and get ready to go into production”. “The Jumpstart Angels led our $200k angel round last year and we’re excited to have them lead this round. We’ve also brought in a great group of new investors, many of whom we met through SeedInvest. We had to go through a pretty intensive due diligence process before we could go live, but it opened the door to a vast network of high quality angels and seed funds. We raised almost 40% of our round on the SeedInvest platform.”
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