INVEST IN CANOPY TODAY!
Next-Generation, Reusable Respirators
$18,397.46 Raised
REASONS TO INVEST
Canopy is creating the next generation of protective respirator masks for the world’s 59 million healthcare workers, and individuals seeking an alternative to disposable N95s. The company is well-positioned to capture a meaningful share of the market for N95s, which is expected to reach $5.7B by 2030.*
In October 2022, the Biden administration announced the National Biodefense Strategy & Implementation Plan, which highlighted the need to “invest in and incentivize innovations in PPE design, novel material development, advanced manufacturing, and reusable technology capabilities” for domestic PPE production & supply. With early traction and Canopy’s production capabilities already in place, the company views this as national-level evidence of future market opportunity.**
The Canopy team brings together leading angel investors, entrepreneurs, scientists, engineers, designers, clinicians, hospital administrators. Canopy’s founders were also recently accepted into the Fall 2021 cohort of StartX, the network for the top 10% of Stanford’s startups.
*Information provided by the National Library of Medicine, Grand View Research, and The Synergist (source, source, source)
**For more info about the National Biodefense Strategy & Implementation Plan, visit WhiteHouse.gov (source)
**Quote referenced can be found on page 29, section 3.3.2 (source)
Providing Professionals & Consumers With the Next Generation of High Performance PPE
When protecting ourselves and the people we love from fast-spreading illness, wildfire smoke, and poor air quality, respirator masks are a valuable resource. Yet, in 2020, Canopy was founded on the premise that existing respirator options were in need of innovation.
In an effort to create something better – and ultimately more sustainable – our team of Johns Hopkins-trained biomedical engineers and former Nike industrial designers has developed a new kind of reusable respirator mask. Canopy’s sophisticated design combines patented filter technology, with a patient-friendly, anti-fog, transparent front, and is able to be produced on a mass-scale for rapid distribution and deployment.
The Problem & Our Solution
Reimagining Frontline Protection to Reduce Waste & Improve Safety, Sustainability and Emergency Preparedness
Each day, healthcare professionals and frontline workers require personal protective equipment (PPE) in order to safeguard themselves while serving others. Disposable N95 respirators are considered the standard, yet their design presents many challenges in terms of comfort, communication, and breathability. These devices create over 7,200 tons of landfill waste each day. Additionally, the United States is still not equipped to prevent another PPE shortage.*
*USG has solicited proposals to preserve domestic industrial base capacity to surge to 100M disposable N95s/mo.
The issue is that in a pandemic, demand is between 540M and 1.2B per month, for healthcare alone.
A more sustainable alternative is needed, and the Biden administration agrees. In October 2022, the National Biodefense Strategy & Implementation Plan was announced to address pandemic preparedness capabilities. One of the plan's pillars includes the push to "invest in and incentivize innovations in PPE design, novel material development, advanced manufacturing, and reusable technology capabilities that result in steady state and surge capacities for domestic production of PPE with resilient supply chains and enhanced effectiveness, usability, comfort, affordability, reusability, and fit capabilities to protect against various routes of pathogen transmission, including for use by the general population." This national support for innovative health & safety resources creates a unique landscape for Canopy.*
*For more info about the National Biodefense Strategy & Implementation Plan, visit WhiteHouse.gov (source)
*Quote referenced can be found on page 29, section 3.3.2 (source)
Aimed at solving these shortcomings, Canopy’s patented respirator system offers a highly durable extended-use filter, along with proprietary hardware that is easy to clean. It features a soft but snug silicone face seal for preventing skin abrasions, as well as a transparent design that enables communication, including lip-reading and smiling. In independent studies and testing by the National Institute for Occupational Safety & Health (NIOSH), Canopy exceeds federal N95 standards for filtration, breathability and fit. Most importantly, it can be reused for up to a year, facilitating a 98% waste reduction compared to disposable masks.
The Market & Our Traction
Patented Product, National Recognition, 4.5 / 5 Star User Reviews, & a Large Global Market
In November 2021, a poll conducted by NIOSH leadership found that the average hospital requested approximately 4,000 reusable respirators for its staff. With 6,093 hospitals in the U.S. alone, this equates to a market opportunity of 24.3M units. Meanwhile, beyond the healthcare sector, Canopy aims to partner with multiple government agencies to support the national stockpile, Department of Defense, and Veterans Affairs Hospital Networks.
Understanding that there is a sizable demand for our product across multiple industries and within the direct-to-consumer market, Canopy has worked heads down to complete design, tooling, and validation testing. We’ve also executed production runs and signed multi-year agreements with some of the world’s largest medical manufacturers.
In 2021, Canopy obtained a utility patent for the company’s filter design and has additionally filed for PCT protection. As the company works to secure full regulatory certification with NIOSH, we continue to amass proof positive testimonials for our product, and have won numerous innovation awards in the process. Based on our traction, we feel confident that we will be one of the world’s first startups to achieve this certification, and are well on our way to becoming a trusted industry leader.
*These testimonials may not be representative of the experience of other customers and are not a guarantee of future performance or success.
Why Invest
Join Leading Angel Investors & Entrepreneurs to Help Us Protect the World's Well-Being
Increasingly, government reports, such as the White House’s recent 2022 National COVID-19 Preparedness Plan, are calling for investment in respiratory protective devices as a critical countermeasure against the next viral outbreak or biological threat. As a company, Canopy’s goal is to not only meet the demand for sustainable solutions, but also to protect the world’s well-being by innovating respirator technology.
Having previously raised $2.2M in funding from leading entrepreneurs and angel investors, we’ve been able to establish a strong foothold in the DTC market, and now we’re ready to expand and become certified to serve our B2B market of hospitals and the healthcare industry at large. Help us see our mission through, by investing in Canopy today!
ABOUT
HEADQUARTERS
282 Katonah Avenue #537
Katonah, NY 10536
WEBSITE
View Site
Canopy is an in-market occupational safety company focused on sustainable solutions that protect the world’s well-being. Our team of scientists, industrial designers, and healthcare industry professionals came together to design a solution for our frontline workers and individual consumers. The Canopy is an award-winning, transparent barrier face covering, engineered with the utmost comfort, safety, and performance in mind.
TEAM
Joe Rosenberg
Founder and President
Joe has structured first-of-their-kind partnership deals between Google and organizations in both the retail and financial services industries, including negotiating agreements impacting more than $1B of Google e-commerce transaction volume.
Joe left Google in 2018 to pursue entrepreneurial endeavors. He is the co-founder of Subject to Change Wine Company, a globally distributed natural winery based in California. He earned a BA with honors from the Gallatin School at NYU in 2010.
Kim Rosenberg
Founder and CEO
During her tenure, Kim took the business to number one in the market, writing a record $5.5B of new business in 2020.
Kim structured and closed several landmark transactions, including with GE ($2B) and JCPenney ($3.2B). Kim also sat on the board of the women’s Employee Resource Group (ERG) as a Diversity, Equity & Inclusion leader, and as a sponsor of underrepresented talent.
Prior to joining Athene, Kim was one of four founders of $1.2 trillion asset manager Legal and General Group’s US PRT business where she served as Head of Distribution since its 2015 market launch. Kim led sales, marketing, client solutions, business strategy and leadership development growing the business to nearly $4 billion in assets and 50 employees within five years. She previously served as Deputy Head of Distribution for Legal & General Investment Management America business where she worked with corporate pension and insurance clients to implement liability-driven investment and fixed income strategies. Her leadership contributed to nearly $50B of asset growth during her tenure.
Prior to Legal & General, Kim started her career at MBIA Asset Management. Her final role was as a Director where she led the development of pension de-risking strategies and insurance solutions for institutional clients. Prior she helped guide MBIA through the financial crisis, then pivot the business to a retirement solutions platform. Pre-financial crisis she led asset/liability risk management for a $30B bespoke lending business.
Kim holds a Bachelor of Business Administration in public accounting and an honors degree from the Pforzheimer Honors College at Pace University where she graduated magna cum laude. She also holds a Master of Business Administration from Marist College.
QX Yee
Product development consultant
During his 6-year tenure at DSO, QX specialized in soldier performance, developing products such as the patented A-Lite backpack, which reduced soldier fatigue by properly distributing heavy loads. The backpack received the company's Innovation Award and is currently a standard issue for the Singapore Army. QX’s team drove DSO’s product development strategy. For his work in shaping the workflow and user interface for the Xentinel counter-drone vehicle, QX was awarded the KINETIC award, the company’s highest internal award. QX also lead the DSO ModSquad, an all-volunteer team providing solutions for the disabled and less fortunate. Under QX’sleadership, the Mod Squad designed and delivered a toy to teach music and rhythm to young children with cerebral palsy and other developmental disorders.
In addition to his role at Canopy, QX is the proprietorof Ascent Bikes, a high-performance bicycle company.
Lisa Brosseau, ScD, CIH
Industrial Hygiene Consultant
Lisa is certified by the American Board of Industrial Hygiene and Associate Faculty of Occupational Hygiene in the British Occupational Hygiene Society with a focus on respiratory protection, aerosol measurement, filtration performance, and small business health and safety.
Dr. Elizabeth Clayborne, MD, MA
Clinical Advisor
She went on to complete residency in Emergency Medicine at the George Washington University Hospital and served as Chief Resident in her fourth year. Dr. Clayborne is currently a faculty member at the University of Maryland School of Medicine Department of Emergency Medicine with an academic focus on ethics, health policy, end of life care, health disparities and innovation/entrepreneurship. She developed a novel epistaxis device bleedfreeze.com as a resident and in 2015 was awarded the NSF I-Corps grant which helped to launch her company Emergency Medical Innovation, LLC. She is the former Chair of the MedChi Committee on Ethics and Judicial Affairs, serves on the Ethics Committee of the American College of Emergency Physicians and is an active member of the Society of Academic Emergency Medicine, the American Medical Association and the National Medical Association
Tom Gsell, PhD
Filtration Consultant
Tom’s career led to senior level management responsibilities including global leadership of Materials R&D for both the Pall Industrial and Life Sciences (Medical) divisions. During his tenure Pall’s revenues and profits grew rapidly, fueled by new product innovation made in part possible by the teams under Tom’s purview.
Tom is named as a co-inventor on approximately hundreds granted and published US and International patents, as well as a number of peer reviewed scientific publications.
Dr. Narissa Joyner, MD
Clinical Advisor
David Narrow
Advisor
David previously worked with multinational medical device companies to commercialize their technologies and provide long-term business strategy as a healthcare consultant at Health Advances LLC. Narrow earned his B.S. in Biomedical Engineering with Highest Distinction from the University of Rochester before receiving his Masters from Johns Hopkins University. He was named 30 Under 30 in Healthcare by Forbes in 2016, 40 Under 40 by the Baltimore Business Journal in 2017, and recognized as Baltimore’s Top BioHealth Startup CEO in 2019.
Governor Peter Shumlin
Advisor
During his time in office, Governor Shumlin established Vermont as a leader on progressive policies, making the state the first to guarantee universal pre-kindergarten education for all 3 and 4-year-old children, pass a mandatory GMO labeling law, and achieve near universal healthcare coverage with the lowest rate of uninsured in the country. Under his leadership, Vermont consistently ranked among the top states in solar energy jobs per capita and enacted a number of laws to boost renewable energy production and combat climate change. Because of Vermont’s leadership, Governor Shumlin was invited by President Obama to the Paris Climate Summit to push for a global climate agreement.
Governor Shumlin turned the nation’s eyes to the problem of opiate and heroin addiction by dedicating his entire 2014 State of the State Address to the issue and pushing for policies to treat addiction as the healthcare crisis that it is.
A committed entrepreneur, Shumlin is the longtime co-director of Putney Student Travel, National Geographic Student Expeditions, and Smithsonian Student Travel, sending high school age students on educational programs and service projects across the globe. He is a Director of The Scotts-MiracleGro Company, has served as a visiting fellow at the Harvard Kennedy School of Government, and has taught at the Harvard Chan School of Public Health as the Menschel Senior Leadership Fellow.
Kwame Ulmer
Regulatory Consultant
Kwame holds a Masters in Materials Engineering and a MBA from University of Virginia.
Dale Pfreim
Regulatory Consultant
- Clients include 3M, MSA, GVS, US Army
TERMS
Canopy
Overview
PRICE PER SHARE
$5.56
DEADLINE
Mar 30, 2023
VALUATION
$10M
AMOUNT RAISED
$18,397.46
Breakdown
MIN INVESTMENT
$244.64
MAX INVESTMENT
$617,994
MIN NUMBER OF SHARES OFFERED
1,798
OFFERING TYPE
Equity
ASSET TYPE
COMMON
SHARES OFFERED
Class CF Common Units
MAX NUMBER OF SHARES OFFERED
111,150
Maximum Number of Shares Offered subject to adjustment for bonus shares
Company | : | Grove Biomedical LLC |
Corporate Address | : | 282 Katonah Avenue #537, Katonah, NY 10536 |
Offering Minimum | : | $9,996.88 |
Offering Maximum | : | $617,994.00 |
Minimum Investment Amount(per investor) | : | $244.64 |
Terms
Offering Type | : | Equity |
Security Name | : | Class CF Common Units |
Minimum Number of Shares Offered | : | 1,798 |
Maximum Number of Shares Offered | : | 111,150 |
Price per Share | : | $5.56 |
Pre-Money Valuation | : | $10,003,996.80 |
*Maximum Number of Units Offered subject to adjustment for bonus units. See Bonus info below.
Investment Incentives and Bonuses*
Time-Based:
Friends and Family Early Birds
Invest $250 or more within the first 48 hours of the initial offering date and receive 30% bonus units
Super Early Bird Bonus
Invest $250 or more within the first week of the initial offering date and receive 20% bonus units
Early Bird Bonus
Invest $250 or more within the first two weeks of the initial offering date and receive 10% bonus units
Amount-Based:
$500+ | Tier 1
Invest $500+ and receive 25% off a Canopy respirator + 5% Bonus Units.
$1,000+ | Tier 2
Invest $1000+ and receive 50% off a Canopy respirator + 10% Bonus Units.
$2,500+ | Tier 3
Invest $2500+ and receive a free Canopy respirator + 10% Bonus Units.
$5,000+ | Tier 4
Invest $5000+ and receive two free Canopy respirators + 15% Bonus Units.
$10,000+ | Tier 5
Invest $10000+ and receive two free Canopy respirators, 20% Bonus Units, and a private meeting with Canopy’s founders.
*In order to receive perks from an investment, one must submit a single investment in the same offering that meets the minimum perk requirement. Bonus units from perks will not be granted if an investor submits multiple investments that, when combined, meet the perk requirement. All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Grove Biomedical, LLC will offer 10% additional bonus units for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine members will receive a 10% bonus for any units they purchase in this offering. For example, if you buy 100 units of Class CF Units at $5.56 / unit, you will receive 10 additional units of Class CF Units, meaning you'll own 110 units for $556. Fractional units will not be distributed and unit bonuses will be determined by rounding down to the nearest whole unit.
This 10% Bonus is only valid during the investor's eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus in addition to the aforementioned time-based or amount-based bonuses.
PRESS
Stack Owner's Bonus & Rewards!
Members get an extra 10% shares in addition to rewards below!
REWARDS
$244
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$500
Tier 1
Invest $500+ and receive 25% off a Canopy respirator + 5% Bonus Units.
$1,000
Tier 2
Invest $1000+ and receive 50% off a Canopy respirator + 10% Bonus Units.
$2,500
Tier 3
Invest $2500+ and receive a free Canopy respirator + 10% Bonus Units.
$5,000
Tier 4
Invest $5000+ and receive two free Canopy respirators + 15% Bonus Units.
$10,000
Tier 5
Invest $10000+ and receive two free Canopy respirators, 20% Bonus Units, and a private meeting with Canopy’s founders.
JOIN THE DISCUSSION
0/2500
HOW INVESTING WORKS
Cancel anytime before 48 hours before a rolling close or the offering end date.
WHY STARTENGINE?
REWARDS
We want you to succeed and get the most out of your money by offering rewards and memberships!
SECURE
Your info is your info. We take pride in keeping it that way!
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With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.
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