Cycling tech firm See.Sense turns to crowdfunding
Co Down firm that makes ‘intelligent’ bike lights is halfway to £500,000 target
SeeSense founders Philip and Irene McAleese: funding will be used develop new product, develop sales and marketing and carry out more city trials
Cycling technology firm See.Sense is beginning a funding round through crowdfunding platform CrowdCube.
The Co Down-based firm founded in 2013 to make intelligent, connected bike lights, is seeking to raise £500,000 (€598,000).
Although the public element of the CrowdCube campaign gets under way today, See.Sense has already reached the halfway point through a private investment phase.
CrowdCube is an investment platform that allows the public to invest in start-up, early stage and growth companies through equity and debt investment options.
Those who back See.Sense will receive shares through CrowdCube, along with rewards the company said will be exclusive to investors.
The approach fits in with See.Sense’s previous methods of raising money; it previously raised £114,000 (€136,000) in two Kickstarter campaigns, where it attracted more than 1,400 backers.
According to chief executive Philip McAleese, the firm wants to increase the following it had built up through crowdfunding platforms and bring some of its initial investors along with them.
The funding will be used to develop new product, develop sales and marketing and carry out more city trials. The later will require a bigger team, Mr McAleese said. See.Sense now employs seven people.
See.Sense was founded by Philip and Irene McAleese. Its first product was Icon, a connected bicycle light that uses advanced sensors and connectivity technology to improve cyclist’s visibility, react to higher risk situations and integrate with smartphones to provide theft and crash detection alerts.