Whereable Technologies Inc.
Empowering At-Risk Employees
Mount Pleasant, SC
Technology
We believe Whereable/RiskBand is the first company to combine a sophisticated SaaS platform with a wearable emergency monitoring device designed for at-risk and lone workers. Together, the platform and the device can help businesses protect their employees, dispatch emergency response, and investigate incidents. Clients include FedEx, Sally Beauty Stores, Carilion Health Care, Humana, Dollar General Stores, Michelin, Kirkland’s, Helzberg Diamonds, Chico’s, Sesame Street Workshop, Biogen, and Molina Healthcare.
$94,582
raised
35
Investors
$44.5M
Valuation
$4.00
Price per Share
$400.00
Min. Investment
Common
Shares Offered
Equity
Offering Type
$5M
Offering Max
0
Days Left
This offering ended on May 01, 2022 and is no longer accepting investments.
Reasons to Invest
- 521%+ YoY growth in revenue and contract value in 2020, thanks to multi-year contracts with major customers, many of whom increased orders after initial deployment. Additional customers expected when the next generation 4G compatible device is introduced.
- Our CEO, as a founder and CEO, has completed IPOs for three companies since 1997.
- Wearable device works without a smartphone and offers true emergency-monitoring functionality. Device and SaaS platform designed and developed by in-house software engineering team and manufactured in the US.
OVERVIEW
A complete solution for worker safety
We have created the RiskBand emergency monitoring device and ARIES SaaS platform to enable businesses to protect their employees, dispatch emergency response, and investigate incidents. The company is currently pursuing an aggressive customer acquisition strategy, as well as increasing shipments to existing clients.
We believe our solution helps businesses mitigate workplace injury and worker safety risks. It also offers peace of mind to the pandemic-driven lone worker force making deliveries and providing care.
THE PROBLEM
Businesses need to keep employees safe
Keeping workers safe from injury and assault is both an ethical obligation and an economic priority. Workplace injuries, time off to recover, and deaths cost companies a tremendous amount of time and money.
Competitive solutions for monitoring worker safety are incomplete or have usability issues. They rely on being tethered to a smartphone, can’t plug into a security response network, and don’t allow remote monitoring of the workers’ environment in case of an emergency.
THE SOLUTION
RiskBand and Aries: Rapid Emergency Monitoring and Response
We developed a wearable device that doesn’t need a smartphone to operate, has a long battery life, and communicates directly with the customer’s preferred emergency response provider. At the push of a button, the device transmits near-real-time audio, video, and user location to an emergency response center. It also allows for two-way communication, so that operators can communicate with users. Operators at emergency response providers we work with are trained to listen first, so as to not escalate potentially volatile situations.
Besides providing emergency response, the RiskBand device is a valuable tool for investigations. Our software platform can retain tracking data for up to 15 days. The photos and audio taken are evidentiary-grade. The device uses first-class GPS tracking and cellular location fallback. All GPS data is timestamped.
OUR TRACTION
Strong initial growth, sustained sales during wait for upgrade
*2021 and 2022 numbers are estimates that haven't been reviewed or finalized
Starting from our launch in 2019 until December 2020, we’ve had over $500k in sales. YOY growth from 2019 to 2020 was 521%. Based on our preliminary financials (which have not yet been reviewed or audited by a CPA) we believe our revenues for the 12-month period from March 1,2021 through February 28, 2022 were approximately $584,000 as compared to approximately $557,000 for the trailing 12 months ended February 28, 2021. In Q1 2022 we have already generated approximately $186,000 in revenues from an additional 243 devices, as compared to approximately $45,000 in revenue from 44 devices deployed in Q1 2021.
We plan to continue establishing reseller relationships, and anticipate the RiskBand will have a cumulative contract value of more than $100M within 5 years. Our goal is to sell the device to businesses first, and then to consumers.
OUR BUSINESS MODEL
Subscriptions, industry resellers, and organic sales
Most of our initial sales are through resellers, including Everbridge, a leading provider of critical event management software, and Interface Security Systems, a national managed service provider for retail businesses.
B2B sales involve “planting seeds” — initial test orders are generally followed by larger commitments once the customer has used the platform and the devices. RiskBand is marketed under a two-year license agreement, with both domestic and international pricing and use case models. Customers pay subscription fees for each device they use.
THE MARKET
Supporting the mobile workforce transformation
The U.S. mobile workforce is expected to increase from 78.5 million in 2020 to 93.5 million by 2024. (Source) By the end of 2024, mobile workers are expected to account for nearly 60% of the total U.S. workforce, increasing the market of lone workers. (Source) We believe the ability to provide emergency assistance to mobile workers is going to be part of the new normal as the job market evolves.
We believe that we have the best usable wearable emergency monitoring and response solution on the market.
What sets us apart:
- Accessibility: We use a graphical user interface that can integrate with a company’s security network and be customized for different use cases.
- Portability and autonomy: the device does not depend on a smartphone, is compact, and weighs approximately 5 ounces.
- Local development and manufacturing: the device is manufactured in the US, with all our tech developed in-house
- Turnkey solution: we offer a plug-and-play contract with Garmin’s IERCC (formerly GEOS) for companies that don’t have their own emergency response teams or 3rd-party security providers
WHY INVEST
A long road of tech and business development, entering a rapid expansion phase
Whereable Technologies has invested millions in developing its scalable software platform, and its unique devices. Bud Mayo, our CEO, hopes to carry us through a Reg A+ offering. Having taken three companies public since 1997, Bud believes that RiskBand devices are going to be increasingly necessary as the size of the lone, mobile and remote workforce continues to grow.
Now, we are gearing up for a new phase, with strong reseller relationships and an upgraded device that we expect to roll out in Q2 2022. The new 4G-compatible device will have a longer battery life, more precise GPS, full-motion video transmission, and operate further away from cell towers. We believe that many prospective customers have held off on ordering devices until the upgraded device is available.
Once the upgraded device is available, we intend to implement a more robust marketing effort and, in the future, explore entry into the consumer market.
*These testimonials may not be representative of the experience of other customers and are not guarantees of future performance or success.
Offering Summary
Company | : | Whereable Technologies, Inc |
Corporate Address | : | 1000 Johnnie Dodds Boulevard - Suite 103-312, Mount Pleasant, SC 29464 |
Offering Minimum | : | $10,000.00 |
Offering Maximum | : | $5,000,000.00 |
Minimum Investment Amount(per investor) | : | $400.00 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 2,500 |
Maximum Number of Shares Offered | : | 1,250,000 |
Price per Share | : | $4.00 |
Pre-Money Valuation | : | $44,494,372.00 |
Voting Rights of Securities Sold in this Offering
Each Investor shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Investor’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Investor, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Investor pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Investor is an individual, will survive the death, incompetency and disability of the Investor and, so long as the Investor is an entity, will survive the merger or reorganization of the Investor or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Company Perks*
Friends and Family - First 7 days | 15% bonus shares
Super Early Bird - Next 7 days | 10% bonus
Early Bird Bonus - Next 7 days | 5% bonus shares
Tier 1: $2,500+
5% additional bonus shares
Tier 2: $5,000+
10% additional bonus shares
Tier 3: $10,000+
15% additional bonus shares
*All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Whereable Technologies, Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $4.00 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $400. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors' 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 only receive a single bonus, which will be the highest bonus rate they are eligible for.
Irregular Use of Proceeds
The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments. Any expense labeled “Administrative Expenses” not strictly for administrative purposes. Inter company debt or back payments.
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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$1,098,511.00
USD
$851,850.00
USD
Cash And Cash Equivalents
$150,105.00
USD
$238.00
USD
Accounts Receivable
$384,831.00
USD
$18,963.00
USD
Short Term Debt
$3,560,263.00
USD
$2,016,271.00
USD
Long Term Debt
$2,600,000.00
USD
$2,896,687.00
USD
Revenues And Sales
$538,946.00
USD
$86,333.00
USD
Costs Of Goods Sold
$164,305.00
USD
$27,793.00
USD
Taxes Paid
$0.00
USD
$0.00
USD
Net Income
-$4,965,643.00
USD
-$6,546,809.00
USD
Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
Company's PPP Loans Forgiven By SBA
4 months agoAs we expected, the Company has been notified that the SBA has forgiven loans made to the Company under the Paycheck Protection Program with an aggregate principal amount of $842,100, plus accrued interest of $14,697.
Our Community Joins In! | Insider Investment Notice
5 months agoWe’re excited to see our community come in and invest in Whereable Technologies/RiskBand. Our Insiders have invested a total of $55,000 into the offering!
We hope you join in as well! Invest in Whereable Technologies/RiskBand.
Please refer to the Company’s offering materials for further information and refer to the Company’s Risk Factors.
Engineering Team Leaders
6 months agoThe Company’s engineering team has been led by Fred Casanova and Jason Stevens, each of whom not only have extensive experience in the technology industry, but also invested in the Company even before they were employed by the Company. They are currently leading efforts to complete production of the Company’s upgraded GEN3 device.
FRED CASANOVA: Fred has more than 40 years of experience as an executive, innovator, and designer in the high-tech storage industry. As the Vice President of Product Development and Director of Engineering, he was integral to the successful development and introduction of our devices and ARIES Platform to the market. He is now actively involved in readying our GEN3 devices for deployment. Previously, he was Vice President of Engineering at Digi Data, a start-up cloud computing company that was acquired by Synchronoss Technologies; a Senior Director for Spectra Logic, a leader in high-end storage archiving solutions; and worked for Sun Microsystems and Storage Technology.
JASON STEVENS: As the Company’s Chief Architect and Director of Engineering, Jason is responsible for ensuring that all software and hardware designs are architecturally sound and meet the needs of the business, maintaining standards for security, reliability, availability, scalability, extensibility, and function. He is responsible for authoring and preserving product requirements and design specifications for the ARES (Advanced RiskBand Enterprise System) server and Graphical User Interface, and works with the engineering team to ensure the software and hardware systems are being documented and tested comprehensively. He is also actively involved in the development of the GEN3 device. Previously, Jason served as a Principal Engineer at Oracle, and then as a Software Architect at Spectra Logic, a computer data storage company.
Customer Testimonial
6 months agoSally Beauty continues to deploy RiskBand devices for its retail stores and distribution center. It began as a customer in 2019 with just 29 devices and has organically grown to deploy more than 500 devices.
Their Vice President of Loss Prevention has stated that the “technology is cutting edge, and the team behind the product and platform have been incredibly professional, reliable and responsive.”
He added: “We see RiskBand as an ideal remote worker solution. It’s easy to wear, discreet and provides out team members with peace of mind, knowing that they can access emergency help with a single press of a button.”
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