The existing AddSeat is already a success selling through dealers in seven countries. New products and additional dealers can only expand our sales growth.
With the new highly qualified Advisory Board appointed since the start of the funding, we will look at further integration into other mobility products.
For an amount of €160.000, we offer 2.5% of our shares at a share price of €124.80. The minimum investment is €249.60 and the maximum investment €160.
NOTE: for each two shares bought at this price you will receive one more share. The shares will be issued as "B" shares.
The problem this product solves
Marit Sundin, the innovator of AddSeat™ saw a chance in 2010 to change her life by adding a seat to a Segway. The idea for a "small footprint" powered wheelchair was born. Combine this with the market looking for something that changes the "handicapped" label to a fresh and exciting transportation product then you have AddSeat. Marit herself saw how the question went from "what happened to you?" to "Wow! where do I buy the AddSeat?" This product we now see as part of an integrated mobility solution and have a team that can now take that forward.
How the product solves it
AddSeat™ is a stylish and thoughtful technical mobility solution mounted on a gyro unit, currently a Segway™. By adding a seat to the market leading gyro platform, it allows those who need to be seated, the possibility to use this product in a diverse range of environments.
No impact on the underlying gyro product allowing the customer to convert back to a standard product maintaining an inbuilt value. The name "AddSeat" aims to communicate to customers the potential to change their lives with the market leading drive unit. Additional options for steering and seating have been added.
The AddSeat is covered in wheelchair upholstery that can be changed with ease. Removable steering column allows easier transfer from fixed seat or wheelchair. With two versions, fixed height and height adjustable, the latter with its own motor to allow easy height adjustment.
The footrest can also be adjusted for personal comfort. The seat is sprung and can be slid backwards in order to get the center of gravity further back and enable a more powerful braking effect. Also, two different steering column styles are available for those with or without lower limbs.
Product use cases
AddSeat has a diverse user base, from amputees to those who have MS, or those with a limited capability to walk any distance. Many traditional wheelchair users can now access areas that were previously physically exhausting to traverse; snow, sand, uneven roads such as cobblestones all are now less of a barrier. Plus joining others while they cycle, being on the grass touchline of a football match are just some examples that are normally taken for granted.
For the user, it creates a freedom that is profound and allows them and their family to have a less restricted life.
Mike Redford CEO - Head of Business Development
International Business development experience managing multi-country operations and experienced in building companies from scratch to operational businesses. Takes the vision and makes it happen. - Contact me either by mail at [email protected] or by phone +46 687 10407 if you would like to know more about AddMovement and/or our funding ... See more
International Business development experience managing multi-country operations and experienced in building companies from scratch to operational businesses. Takes the vision and makes it happen. - Contact me either by mail at [email protected] or by phone +46 687 10407 if you would like to know more about AddMovement and/or our funding via FundedByMe. See less
Marit Sundin Product Development - Brand Ambassador
Marit is the Inventor of AddSeat and founder of the company AddMovement AB which started in 2012. Since then Marit has worked with design engineers and manufacturers in developing the product taking input from leading robotics academics. Marit has won the Female Inventor of the Year 2014 presented by the ... See more
Marit is the Inventor of AddSeat and founder of the company AddMovement AB which started in 2012. Since then Marit has worked with design engineers and manufacturers in developing the product taking input from leading robotics academics. Marit has won the Female Inventor of the Year 2014 presented by the prestigious Svenska Uppfinnareföreningen (Swedish Inventors Association) against 119 nominees. Marit is a Paralympic Gold Medal winner in Sitski and helped in the design of the original product. She is also a popular speaker at motivational events. See less
Dr. Andreas Hub Advisory Board Member - Human/Machine Interface
Dr Andreas Hub studied physics and mathematics at the Universities of Tübingen, Aix-Marseille (France) and Ulm. Andreas's PhD thesis at the University of Munich addresses the psychophysics of human colour perception. At the Max Planck Institute of Biochemistry, he developed a prototype for the recognition of object colours for people ... See more
Dr Andreas Hub studied physics and mathematics at the Universities of Tübingen, Aix-Marseille (France) and Ulm. Andreas's PhD thesis at the University of Munich addresses the psychophysics of human colour perception. At the Max Planck Institute of Biochemistry, he developed a prototype for the recognition of object colours for people with high degrees of visual impairments. The International attention gained to this area was the consequence of his pioneering studies at the University of Stuttgart in the field of Assistive Technologies, specifically concerning interactive object recognition and navigation support for people with blindness as well as his research and prototyping for multi-handicapped people. Andreas Hub is the founder of a not-for-profit organisation for people with impairments, and he is acting as a consultant for inclusion and innovative technologies for international companies and governmental institutions. See less
Monica Sundelin Advisory Board - ISO/FDA expert
Monica Sundelin - Responsible for establishing the operational systems within AddMovement and manufacturing partner Samhall AB for ISO 13485 and that it will also comply with the FDA's regulation FDA CRF 21 part 820 to meet the US market. Overall project management and responsible for primary documentation so that we ... See more
Monica Sundelin - Responsible for establishing the operational systems within AddMovement and manufacturing partner Samhall AB for ISO 13485 and that it will also comply with the FDA's regulation FDA CRF 21 part 820 to meet the US market. Overall project management and responsible for primary documentation so that we meet all the requirements, rules and regulations in different markets. Background. Has been QA, (Quality Assurance) Manager in a microbiological laboratory for seven years and is now QA at an engineering company, Laser Nova, which among other things manufactures products in medical technology. An IRCA qualified auditor for; ISO 17025, ISO 9001, and ISO 14001. Qualified internal auditor for ISO 13485. Hired by SWEDAC and Norwegian accreditation as technical analysts in microbiology ISO 17025. Holds a master's degree in Molecular Biology. - Focus for AddMovement – ISO 13485 and FDA medical classification See less
Ian Thompson Advisory Board - Design Engineer
Ian Thompson is currently the Engineering Manager - German OEMs at KIRCHHOFF Van-Rob, part of Kirchhoff Automotive. Until January 2016, Ian was Head of Interior Engineering and New Product Development at Maserati SPA. He was a VP of Engineering for SenseAir Ab, VP Engineering at Longwood, Engineering Manager at Grupo ... See more
Ian Thompson is currently the Engineering Manager - German OEMs at KIRCHHOFF Van-Rob, part of Kirchhoff Automotive. Until January 2016, Ian was Head of Interior Engineering and New Product Development at Maserati SPA. He was a VP of Engineering for SenseAir Ab, VP Engineering at Longwood, Engineering Manager at Grupo Antolin, a manufacturer of premium interior components. Ian has over 29 years of experience in the automotive industry. He has worked with major OEMs like Ford, GM, Chrysler, Toyota, Hyundai, Renault/Nissan, Aston Martin and Bentley. Previously, he was a Technical Manager at Lotus Cars. - Focus for AddMovement – materials and design of AddSeat See less
Rolf Ödmark Advisory Board - Global organisation
Rolf Ödmark studied Law at Uppsala University and awarded a Master degree in Law. He is currently an independent consultant and was until summer 2016 VP Global Head of Compensation and Benefits for Telia Company. Before that he had 14 years of experience from Scania within different positions, three years ... See more
Rolf Ödmark studied Law at Uppsala University and awarded a Master degree in Law. He is currently an independent consultant and was until summer 2016 VP Global Head of Compensation and Benefits for Telia Company. Before that he had 14 years of experience from Scania within different positions, three years as VP Global Head of Tax at Vattenfall and ten years as Tax and Legal Director at SEB. Rolf has more than 27 years of experience in Automotive, Human Resources and Financial area. He has a broad experience in Merger and Acquisition, mainly in Europe and as a member of different Boards. In his work, he has been focusing on the decentralized global organisation that operates in a rapidly changing world with new technology and communication. Rolf has lots of experience in the area of advanced leadership, dealing with cultural differences, build confidence, set ambitious targets, customer focus, create added value, generate new ways of working and organisational work. - Focus for AddMovement – Organisational and process development at the factory and globally with our dealers. See less
In Europe, there are 5 million wheelchair users including both manual and powered wheelchairs. The figures are similar in the USA.
In Sweden, there are approximately 270.000 users of wheelchairs, of which 240.000 are manual wheelchair users plus 250.000 people are expected to use a walking frame (ref Swedish Handicapped Institute and Nysam).
Taking 10% of the wheelchair/walking frame users as a market in Europe then 1 Million devices is a distinct possibility. We expect to sell 120 in USA 130 in rest of world in 2017.
The AddSeat has limited access to the subsidised medical market as we do not have a medically defined product so therefore we are a "Lifestyle" product. We have one main competitor that has a registered medical product "GennyMobility". All our other competitors operate in the "lifestyle" market. Price to consumer is around €13000 plus local taxes being €1-2000 lower than our main competitors.
Since the start of the funding round we have started work on an ISO CE Medical Classed product in2017 so we can compete in both segments of the market. Sales figures do not reflect Medical Product sales.
Unique differentiator from competitors
Currently, the AddSeat is unique with;¨
1. The variable height seat, this allows the wheelchair user to transfer easily from a wheelchair to the AddSeat and come up to the normal operating level.
2. Choice of steering solutions which means those without lower limbs can have a more controlled seating position. For those with lower limbs, the curved steering provides easier transfer.
3. Enhanced braking solution - this means that the angle and force needed to break are reduced, which is vital in locations where there is a gradient.
A similar braking movement is available on one of our competitors.
Company revenue streams
The sales channel is through dealers and distributors.
We sell a Segway with AddSeat fitted, except for the USA where we supply an AddSeat for fitting to a locally sourced Segway. Revenue comes from a margin on the Segway unit and the manufacture of the AddSeat.
Additional revenue comes from e.g. bespoke Alloy Wheels, Crutch Holders, lighting.
As AddSeat has now been on the market for over four years, servicing and spare parts for maintenance will start to add additional revenue. We will be looking to add a care package from 2017.
Commissions from Financial and insurance packages from 2017.
For 2016 we have focused on developing the dealer network across the globe, with a strategy of one dealer per country initially. Allowing us to time to resolve all regulatory issues, medical rules or road traffic acts in that given country.
Once we feel confident with the supply chain, it is then intended to expand the dealer network via a distributor/importer route.
Due to our requirement that the user should try the seat to check suitability first, we feel the dealer route to market is at the moment the most suitable. Online sales are not part of our strategy.
Milestones reached since the FundedByMe lending round:
- September 2015 -Closed FundedByMe lending round early. The largest and most successful crowdlending on FundedByMe.
- October 2015 -New Model 5.0 and 5.1 launched at Rehacare in Dusseldorf immediate sales and new dealer enquiries from around the world.
- December 2015 -New dealer appointed in Germany.
- April 2016 -New dealer appointed in the USA to help launch in North America. Exhibition in New York with immediate sales.
- June 2016 -Dealer appointed in Australia first exhibition July 2016.
- July 2016 -The UK adverts to build market awareness and find a launch dealer.
- Sept 2016 -Rehacare Dusseldorf.
Next key objectives
- We plan to break even by the end of 2016.
- Start on ISO13485 Medical Class 1 product development.
- Add one new European country, UK or France (possibly both due to number of enquiries)
- Look for a CEO to take the company forward, specifically with a global motor manufacturer background.
- Expand into North America.
- Finalise ISO13485 Class 1 product. Leading to FDA cleared device. (under way!)
- 2012-2014 85K Euro by the Regional Funds and Jimmy Dahlstens fund.
- 2012 Seed loan (Såddlån) of 24K Euro from ALMI with 20K Euro outstanding.
- The above funds took the company from Ver 1 to Ver 4
- September 2015: 105K Euro Crowdlending, 36 months 90K Euro outstanding
- Allowed development of Ver 5.0 Ver 5.1
- Attract new International Dealers, from the USA, Germany and Australia with attendance at Rehacare.
- Visits to potential dealers in Switzerland and Canada
- Advertising in trade and consumer magazines.
Our plan is to use assembly plants in three locations, currently two; Sweden for Europe and the USA for North America. The third will be chosen depending on market development in Asia.
As we increase volumes new manufacturing facilities will be chosen that fit the scale we need.
We have no agreement with any Gyro manufacturer as we wish to be able to offer a variety of solutions for different platforms now and in the future.
Use of funds
- Stability of cash flow. As new dealers are appointed in different international markets allowing stock levels to expand.
- To build a stock level that satisfies the various markets, EU Complete Unit Non-EU e.g. The US AddSeats only.
- Pre-purchase parts for production.
- Support development of improvements to the product during late 2016 early 2017.
- Events during the autumn of 2016 e.g. Rehacare in Dusseldorf. - Key for New Dealers and our German Dealer for his sales.
- Other events including Naidex UK 2017.
- Business development and marketing.
- Build procedures and products that satisfy ISO13485 Class1.
- Marit Sundin of AddMovement was awarded the Female Innovator of the Year 2014 with AddSeat - This prestigious award was presented by the Svenska Uppfinnareföreningen (The Swedish Inventors Association) at the annual ceremony held at the Engineering and Technical Museum.
- Winner of Åforsk entreprenörsstipendium in association Swedish Incubators & Science Parks - October 2015.
- AddSeat is now part of the Megamind's exhibition at the Swedish Technical Museum
- Selected by STING as 1 of 9 innovative European MedTech companies for Global MedTech 2016 course. A six-month programme to help us meet key organisations and individuals in USA, Europe, and Asia.