As a company, you know you’re doing something right if the public is lining up to back your development. That’s the current situation at Australian smart helmet startup Forcite after the budding brand opened an Equity crowdfunding campaign in December, 2021. While Forcite has only delivered its flagship MK1 helmet to 1,380 customers so far, the firm reports that its waitlist includes 14,000 riders from the U.S., Europe, and Australia.
With such a high level of interest, it’s no surprise that Forcite already raised $920,000 AUD (≈$660,000 USD) with just one week left before the February 16, 2022, campaign cutoff.
“The equity crowdfunding campaign speaks to our DNA of community involvement in the company,” explained Forcite Director of Communications Charlie Stack. “Since the early days of Forcite, we have involved motorcycle riders in the design process with a test pilot group of 8,000 riders giving us feedback and input on our technology.”
Combined with the $4.6M AUD (≈$3.3M USD) raised during Series A funding, the company is on track to collect $6M AUD (≈4.3M USD) in investments. In Australia, startups can proceed to the Series A funding round after securing Seed funding and developing a business model. During this period, startups need to prove to investors that they have utilized funds to improve the company’s value.
With support from Uniseed along with existing and potential customers, the startup is aiming to expand its presence in global markets later in 2022. The brand’s MK1 helmet already touts an integrated camera, internal lighting, and audio system, but the team continues to refine the system’s AI and features for the upcoming MK1S model.
“Thanks to input from riders across Australia, Forcite has created a more dynamic, exciting, and safe riding experience with our smart helmet technology,” stated Forcite CEO Alfred Boyadgis. “Our expert team of designers, developers, and engineers are also motorcycle enthusiasts who use Forcite technology daily so they can constantly test, learn and make iterative improvements after every ride.
“They have their fingers well and truly on the pulse. With this investment from venture capital and equity crowdfunding we’re expanding globally and building our R&D pipeline for the next generation of Forcite motorcycle helmets and in-bike technologies.”