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Intellego Technologies patented technology has generated a strong interest in the consumer industry where the company have delivered products to some of the world's largest consumer companies. In addition, the company is now expanding with new products (Appendix 1) to additional market segments. With the expanding markets and new products, Intellego's goal is to double its sales every year for the next three years which will significantly increase the value of the company.
Within the next coming years the company will either make an IPO or be acquired by a larger consumer or industrial company.
The problem this product solves
Have you ever had a sunburn? If you have you are certainly not alone. Every year millions of people develop sunburns and the number of skin cancer cases are increasing every year.
You can prevent sunburn by using sunscreen, clothes, stay indoors but even then it it possible to get burned in the sun. For example, sunscreen dilutes with time and how do you know when you need to reapply or when you are in an environment where the UV radiation is very high e.g. on the ocean?
How the product solves it
Smartsun UV indicator patented technology will take out the guess work of when you need to reapply sun screen and help you to minimize the risk for sunburn
Smartsun is the world´s only affordable and reliable product which, by colour change:
- Indicates when you need to reapply sun screen
- Indicates when you are close to sunburn and should avoid the sun the rest of the day
Smartsun comes in the form of a thin wristband or ultra thin sticker which can be put anywhere on the skin.
- Functional with all sunscreens - apply sunscreen to your skin and on the indicator. When the indicator changes colour the user can see, through the colour change, that additional sun screen may be needed. The sunscreen makes the colour change to occur at a slower pace.
- Patent protected
- Developed for sensitive skin - skin that burns easily
- Water proof - both salt water and pool water
- Developed together with dermatologists
- Measure UVA and UVB raidation
- Can be used anywhere, beach, ocean, mountain. The stronger the UV radiation is, the quicker the colour change will occur
Product use cases
Smartsun can be used anywhere. An example is a family where the parents wish to keep track of their children's UV exposure.
The family goes to the beach where the parents put the Smartsun product on the children. If the parents then apply sunscreen on the children's skin they will also apply sunscreen on the indicator. The parents will then be able to see when it may be time for additional sunscreen application or when the children should avoid the sun for the rest of the day hence minimize the risk of sunburn.
Claes Lindahl CEO
Claes Lindahl, CEO and founder. Background in bioengineering and economics with experience from start up companies in bioengineering and healthcare sector. Claes is running the daily operations and is responsible for all processes from sales to development.
Elin Nilsson Marketing Manager
Elin has extensive experience from marketing and communication. Elin has been working in larger companies but foremost in start-up companies with marketing and communication including social media presence and graphic material.
Peter Sundberg CFO
Peter has wide experience and he has been working with venture capital in the healthcare market, controller at larger organisations and raising funds for start up companies.
Pontus Dahlström Board member
Serial entrepreneur with background from Morgan Stanley and is currently investing and advising start up companies. Mr Dahlström have made several successful exits in investments
Daniel Daboczy Board member
CEO at Fundedbyme, board member at Färgfabriken, board member Djenee
Johan Lund Board member
CEO at FrontOffice and partner at Abelco Investment Group
The Smartsun products are primary used by families and women, who use sunscreen, and wish to to keep track of their children's UV exposure and prevent sun damaged skin.
Micro perspective - In Sweden there are an estimated 10 million bottles of sunscreen sold every year through ICA stores and pharmacies. Smartsun is today sold in five countries in the EU including Apotek Kronans in Sweden.
Macro perspective- The global sun care market is estimated to be worth 9 billion USD and over 1 billion units of sun care products are sold every year.
There are several products out in the market which claim they measure UV radiation. The majority of these are UV Index products which only tell you if there is high or low UV a certain second. Other products include electronic wristbands which can not be combined with sunscreen and/or swim with. In the last five years there has been an increasing amount of competition in the UV indicator market as people become more aware of their UV exposure.
Unique differentiator from competitors
Smartsun is the world's only affordable and reliable UV indicator for the mass market which combine the features:
- Indicate reapplication of sunscreen
- Indicate risk for sun burn, before the sun burn occurs
- Measure both UVA and UVB
- Can be combined with sunscreen
- Water proof
- Only cost 0,69€ per day
Company revenue streams
The price for a 10-pack of Smartsun is in general 6,99€ for wristbands or stickers. We have also developed a family pack, a 30-pack, for 14,99€, which will be launched in the summer of 2017.
The gross margin goal is at least 70% which is expected to be reached in the next 12 months.
In addition, Intellego have several new products in development which will expand the available market and be sold to several industries e.g. hospitals, doctors and construction.
The Smartsun products are sold through:
- Sunscreen companies - it has been indicated that the usage of the indicators increases the amount of sunscreen a person uses. It is possible to print a logo/message on the indicators which then work as brand carriers
- Distributors in key markets which we train and develop a long term collaboration with
- Online stores
- Pharmacies and retailers
- Dermatology clinics
- Its own website - available now!
We are also working on setting up a more extensive online shop which should be able to supply to customers outside the Nordic region.
2012 - Started and first investment round
2012 - Proof of Concept of functional technology, global exposure in e.g. TIME Magazine.
2013 - First functional prototype for consumer use
2014 - Successful consumer feedback and trials
2015 - First major sales to a retail chain, granted patent
2016 - First major sales to sunscreen company, launch of the UV sticker
Next key objectives
- Expansion of the Smartsun UV indicators to additional geographical markets in the EU
- Launch of a new product aimed towards the hospital market
- Further expansion of the Smartsun UV indicator products outside of the EU
- Finish development of two new products which shall also be launched this year
- Making the company public through an IPO to further accelerate growth and development of additional products
We have previously been financed with 8,5 MSEK.
7 M SEK in venture capital
1,5 M SEK in loan
The majority of these funds have been used to develop the Smartsun technology. The launch of the first product took place in 2014. With the funds it has also been possible to explore additional product segments where the Smartsun technology can be used. One of these areas are hospitals where a first product is expected to be launched Q4 2017.
Smartsun have several different collaborations, for its technical development and commercial development with dermatologists, hospitals, universities and distributors.
Use of funds
The funds will be used for:
- Expanding sales and marketing in current and new geographical markets - 50%
- Product development - 25%
- New staff - 25%
- Granted patent in North America, large parts of the EU, Australia and New Zealand
- Finalist in Venture Cup business plan competition
- World wide recognition in TIME Magazine
The focus is to maximize the shareholder value through expanding sales, increase revenue and reach a positive cashflow in 2018. With this strategy we see the possibility to at least double the turnover each year until 2020. The increase in revenue will be possible by sales of existing products in combination with launching new products (Appendix 1) which are currently in development.
With the increase in sales we aim to use that as a foundation to provide our investors with an an return of investment of 3X the invested capital.
The Smartsun products are new and have a unique set of features which gives the products a strong competitive edge. However, as the UV indicator market is new it requires education for the consumers and to make them aware of the products.
In order to minimize the risk, Smartsun is working with cancer organisations, dermatologists and will shortly increase the marketing resources to increase the awareness of the Smartsun UV indicator products.
Smartsun have also experienced collaborations with distributors which Smartsun decided to terminate, for different reasons. Finding the correct distributor is hard but important for achieving success.