Published on the 13/08/2015 | Written by Newsdesk
Kiwi company punting new-age knitwear on equity crowdfunding drive…
Footfalls & Heartbeats has launched a public share offer with equity crowdfunding platform My Angel Investment. The company has developed a proprietary process for manufacturing smart knitted fabric with the ability to measure pressure without the need for in-built electronics. Its business model rests on licensing the patent-pending technology to manufacturers, with the first such agreement entered into with German-based multinational medi GmbH & Co.KG.
In a statement, it described the equity crowdfunding campaign as part of a wider $2 million capital raising, representing 21 percent of the company’s shares. The crowdfunding initiative is seeking a minimum of $250,000 and a maximum $750,000, at a pre-money valuation of $7.49 million.
Footfalls & Heartbeats said textile-based applications could include compression bandages for diabetic ulcer prevention, compression garments for athletes, respiratory vests for cystic fibrosis sufferers, and others. The potential for a revival in the fortunes of the classic home-knitted sweater in the digital age, however, remains unexplored.
CEO Daniela McKenzie described the company as ‘beautifully disruptive. “Our process uses nanotechnology and textile structures which allow the fabric to generate minute electric signals, without the need for embedded wires or electronics – the fabric itself is the sensor. It is disruptive but not expensive [and] allows our partners to manufacture smart textiles on existing knitting platforms, without changing their manufacturing processes, with the use of conductive yarns.”
McKenzie said smart textiles will become ubiquitous within ten years. “The twin trends of the internet of things and the ‘quantified self’, where people and health practitioners will increasingly use connected devices to measure and manage vital signs, are only just beginning.”
She said the global market for smart fabrics and intelligent textiles is expected to reach US$2.6 billion by 2018, and estimated the ‘quantified self’ market to be worth US$5 billion as soon as next year.
If the equity crowdfunding campaign reaches the minimum target, the funds will be used for business development activities. If the maximum target is achieved, the firm will accelerate additional patent applications and the development of prototypes for new smart textiles applications, sad McKenzie.
Footfalls & Heartbeats’ equity crowdfunding campaign closes on 7 September, 2015.
Full details can be found at https://myangelinvestment.com/projects/footfalls-and-heartbeats/
