To replace hand-held mobile devices with hands-free wearable devices capable of running the same mobile apps smartphones do.
A working prototype, presold 1500 units to >150 B2B customers, raising capital to fulfill preorders (manufacturing setup fees).
Market potential: According to Gartner, in 2019, total U.S. training expenditures including payroll and spending on external products and services took an upward trajectory, soaring 14.2 percent to $70.6 billion. Spending on outside products and services skyrocketed 29 percent fr om $6.1 billion to $8 billion, while other training expenditures (i.e., travel, facilities, equipment) more than doubled to $28.7 billion. With Vyoocam, the plan is to grab a large portion of the 28.7 billion dollar market, especially the part wh ere businesses spend money on travel and equipment.
Problem or Opportunity
Everyday companies are using apps for collaboration and communication between their employees and their team members. In many business use cases, especially in-field technicians find it almost impossible to use apps on their mobile devices because their hands need to be free. Because of the COVID-19 pandemic, Remote Work has become a buzzword of the year and Vyoocam offers the technology that fits its use cases (remote assistance, remote inspection, remote training, remote learning, telemedicine...) the best.
Solution (product or service)
With Vyoocam devices, professionals can use the same apps they were using on their mobile devices but while having their hands free. Vyoocam supports thousands of apps already built for businesses. By running video conferencing apps only, Vyoocam presents an enormous potential for cost savings, more specifically reducing travel and training expenditures, ultimately improving business profitability.
Companies building smart-glasses like Vuzix, RealWear, and similar.
Advantages or differentiators
because of the built-in head-up AR display, smart glasses are running on a custom-built OS. To work with smart glasses, apps need to be custom-built for each device specifically. As a result, there are only a few apps for smart glasses. Vyoocam is running the same OS as any Android smartphone does, therefore it supports thousands of apps already built. In addition, Vyoocam can easily clip to any eyewear, having no head-up display makes it easier to operate and less invasive to wear. Moreover, it is small and robust, fits into any pocket, provides improved battery life, and it’s far less complicated to build, hence provides a more affordable solution.
In the pre-seed stage raised $300K to develop fully operational prototypes and proprietary Remo-droid technology. Now raising a seed round of $1M to fulfill preorders and to ship the first market-ready units to our customers. Customers secured for 6,500 (>$3.5 revenue) units with the plan to scale and sell at least 12K(>$7M revenue) units in the first year.
Vyoocam's business model relies on several recurring and non-recurring revenue streams. The plan is to build and sell at least three product lines of Vyoocam devices, to license the technology to other hardware companies, to sell our cloud-based video-conferencing service built specifically for our hardware on a subscription basis and lastly, there’s a plan to build the hardware ecosystem by offering hardware accessories like camera mounts, cables, battery packs and similar.
Money will be spent on
- manufacturing (OEM) - certification (GMS and FC/CE) - packaging & shipping - marketing & sales (scale-up) - to grow a team
The team has developed a proprietary Remo-droid technology which allows Vyoocam to use a screen of any other mobile device as its own. The technology allows Vyoocam to avoid having its own input-output device like head-up display what helps to the overall user experience.
Incubation/Acceleration programs accomplishment
ABC accelerator (SLO), ReadWrite Labs (US, San Francisco)
Won the competition and other awards
- IdeaKnockout Winner (Croatia), presented the first MVP's @ CES (Las Vegas) - winner of the 2018 China Mobile Innovation Competition in Silicon Valley - the best wearable device for the Industrial application by 2019 EU Wearable Technologies (Germany, Munich) - the overall winner of 2019 Wear it Innovation Summit in Berlin
Proprietary Remo-droid technology which allows Vyoocam to use a screen of any smartphone as its own.