Overfunding: See.Sense Tops £500,000 Funding Goal on Crowdcube

See Sense 3

Success! Kickstarter alum and creator of intelligent bike light ICON,  See.Sense, has successfully secured its initial £500,000 funding goal on Crowdcube. The company took to the equity crowdfunding platform earlier this month and quickly raised over £400,000.

See Sense 2As previously reported, See.Sense was founded in 2013 by husband and wife team, Philip and Irene McAleese. The company  is seeking to improve cycling safety, reduce theft and collect crowdsourced data to help create smart cities. To do this, it has created the ICON, which reacts to environments, improves cyclist visibility and provides theft/crash alerts when paired with a smartphone. Other features include, rechargeable through USB, daylight visible, See & Be Seen, and water sealed.

The connected cycling tech startup previously raised £114,000 from over 1400 backers through two Kickstarter campaigns. It was also dubbed overall winner of the BT Infinity Labs SME Award for Connected Cities. Funds from the campaign will be used for expansion of See.Sense’s team, acceleration product development and business development related to its crowdsourced data. The company reported that it currently has no debt.

Philip McAleese recently stated:

See Sense 1We have some hugely innovative new products in the pipeline, and we’ve some amazing opportunities opening up with cities who are interested in our crowdsourced data. To give fuel to the fire, we’re inviting our community – the people who use and love our products – to help us grow. To demonstrate the potential of our crowdsourced data, we have begun work with city of Milton Keynes on a full-scale trial. We are very excited about these opportunities and we hope that this will entice would be investors to, not only take See.Sense to its next stage of growth, but to join us and be part of that journey.”

After the campaign surpassed 500,000, the See.Sense team shared:

See Sense 4“Thanks to 287 investors, we’re delighted to have exceeded our £500,000 funding goal in just 10 days. Thank you. Whether you pledged £10, or £50,000, it was your support that has made this achievement possible, unlocking the door to the next exciting part of the See.Sense journey. We’re not quite finished yet. We’re currently in discussions with some investors who can bring skills and experience, so called ‘smart money.’ We’ll allow for a period of overfunding while we work to secure those individuals.”

The campaign is set to close in mid-August.

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