Written by Admin | May 12, 2017 4:00:00 AM
Status Update
- Growthdeck investors and, before that, Radius investors participated in a rolling funding round during 2016. The total invested was closed at just under £1.6m, all at a net £20 per share.
- During this process the Company, assisted by 3 early investors with sector expertise, reappraised its approach to introducing its technology to market. They concluded that it would be better to first target high intensity (Commercial) users, such as gyms. The substantial savings available would be an “easier sell” to a definable customer base and this would validate the technology for sale to Domestic channels
- By end-2016 the Company had designed, extensively field-tested, and set up production facilities including tooling for a first Commercial product together with follow-on variants to cover (substantially) all gym configurations.
- First customer deliveries were made in December 2016. The first major UK gym customer has sought to place a follow-on order (following 3 months problem-free operation at 2 fully Kelda kitted sites) and its major Brazilian customer is negotiating follow-on orders.
- With smoothly operating installations visible, there is now a substantial pipeline of brand-name gym chains for which pilot installations are either in train or being scheduled. The pace of the sales cycle, with multiple “stake-holders” in large organisations, is proving a challenge for the team.
- Development work has continued on a Domestic product. This has been hampered in part by resource constraint and in part managing the development partner. Management believe they are on track for an early 2018 launch.