SpaceBands, which Creates Wearable Tech to Make Workplaces Safer, Secures £153,078 via Seedrs

SpaceBands, which creates software and wearable technology that aims “to make workplaces safer,” has acquired 61% (£153,078) of its £250,000 target from 58 investors (at the time of writing) with 26 days left in the firm’s crowdfunding campaign, carried out via Seedrs.

Here are the business highlights shared by Bristol, UK-based SpaceBands:

  • £480K Revenue in first 18 months with 1st product (EBITDA £180K)*
  • 1000+ Existing Customers, including NHS, MoD, Amazon & Panasonic
  • Featured on: BBC News, Sky News, The Independent, ITV
  • Part of #1 Business Incubator SETsquared & Workplace Accelerator

The firm operates in the SaaS/PaaS sectors (Digital B2B). Incorporated back in June 2020, the firm’s investment summary is as follows: Type Equity; Valuation (pre-money) £4.1M; Equity offered: 5.72%; Share price: £2; Tax relief; EIS.

Key features are as follows: Secondary Market; Seedrs nominee min. £10.00 +.

As noted in the update:

“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.”

As noted in the update, 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.”

As mentioned in the update, the cost for not using their products “could be huge. Businesses want to keep their staff at work.”

Their 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.” They claim to “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

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