Community Research and Development Information Service - CORDIS


Revault Report Summary

Project ID: 697700

Periodic Reporting for period 1 - Revault (Revault - world´s first wearable private cloud. Securely sync and access your files from anywhere without an internet connection.)

Reporting period: 2015-10-01 to 2016-03-31

Summary of the context and overall objectives of the project

After we were approved for The Horizon 2020 SME Instrument phase 1, we continued communicating with the market to gain more knowledge and understanding about the needs and Willingness To Pay (WTP) of the market, in order to offer the right ReVault features to the right segment for the right price. Therefore we have perfomed several surveys towards different segments and we found out that Doctors are a segment with high WTP but they require higher data security than we can provide with the current features of ReVault.

At the same time we performed a big survey on Runners in UK and the US and discovered that 85% of the runners are interested in an offline music streaming watch. We also discovered that 33 % listen to spotify while running. Consquently we met with the Corporate Strategy Director at Spotify and presented our case which he found had potential. One week after that meeting, we signed a technical evaluation agreement and we have now verified that ReVault can host Spotify offline. We hope that the next step is to sign a commercial agreement with Spotify. In order to address the runner segment, we decided to add Pulsemeter, gyro and compass to ReVault so we can offer activity tracking, which is also a feature frequently used by non runners.

We will address the runner segment and people working in the ICT sector because these provided 25% of our Pre-orders in both Europe and US. There are 50 million runners in Europe and 65 million in the US while the ICT people amounts to 8 Million in Europe and 9 Million in the US. ReVault can be bought with a 24 months subscription or by paying a lump sum. We offer these models in combination with a referral program giving $20/ referral for existing customers.

We are developing the security of a much more secure ReVault in order to adress Doctors, Corporates, Law attorneys and Diplomats with a very secure ReVault.

We have visited the Hong Kong watch fair and CES in Las Vegas and made very good connections among potential suppliers and partners. From CES we also made some VC contacts. We have participated in several events for startups in both Sweden and Finland.

We have received interest from both VCs and business angels. The VCs say that we are in a too early stage for them, whilst the business angels are afraid of getting diluted because they see that we are agressive in our plans and will have a fast journey and that they will be unable to meet the investment levels in the coming round. We need to have come further before VCs can invest in us. The plan is to apply for phase 2 in order to reach an investable level for those VCs.

We had support problems from the Wifi/BT module manufacturer. This forced us to solve the problems by ourselves which caused us a delay in both the development and delivery date to our pre-orderers. Despite that and with minimal resources we have reached a working protype level. Today we have the real size electronics of ReVault and we can perform the features we promised on Indiegogo. Today we have customers from 46 different countries.

We have filed 3 patent applications on extra inductively charged and inductively charging battery for wearable devices in general.

We have performed all the work packages presented in our application to phase 1.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

What happened since we were approved the Horizon 2020 SMEI?
After we got approved for phase 1 we continued our communication with the market. We performed several surveys of different categories of respondents; Customers, Community members and panellists who are totally new to us, in order to learn more about the need and wishes and also examine the interest of the different segments. Through these surveys we have gained additional knowledge from the market that has enabled us to discover deeper customer needs and an acceptable pricing level.

1. We asked our built community to provide us with logotype proposals and received 30. We then deeply surveyed them on every aspect in the logotype like Font shape, color details etc. We were first concerned of the political aspect of it but the majority voted on:

2. Josef, The CEO, visited Hong Kong for a watch fair, one of the biggest in the world, in order to find a manufacturing partner for the watch housing and to scan the market for new smart watches/devices. He found more than 20 potential manufacturing partners and some potential design partners. During his visit he met with our Hong Kong distributor and discussed future potential with him.
3. CES is the biggest consumer electronic show in the world. This visit gave also a lot of new potential contacts in different areas; Global, European, US and China, online and high-street retail stores and distribution channels, Suppliers and some VC contacts. Competitors and market trends were checked: ReVault is still completely unique and the current trends are Health, fitness and the Smart home.
4. We have developed and verified the value proposition, traction and the business model among different segments based on continous communication with the market globaly but specifically in Europe and USA.

5. We have performed several surveys in order to understand the market and create solutions together with the customers. Here are the segments we have surveyed:
- Doctors in USA
- Backers i.e. those who have Pre-ordered Revault through our Indiegogo campaign (46 countries)
- Own community Global
- Runners in USA and UK
- Own community Global
By performing these surveys, getting more data and knowledge about the market we have been able to determine the Go To Market segments and exclude a segment we had in mind for the moment because we need higher security in ReVault to satisfy it which we will be working on.

6. We have found a new highly potential new segment and started a very potential cooperation based on this segment. More details can be found in the report

7. We performed a study on Sports wearable tech online sales channels

8. We are trying to approach OEM customers like Swarovski in Switzerland whom I met at CES and with Doro (Electronics for elderly) in order to offer a smart watch specialized in elderly´s needs.

9. We have participated in different start-ups events:
- Stockholm Tech-fest
- Slush in Finland
- Internet days in Stockholm
We met with several VCs and several ones finds the ReVault very interesting and investable, but we are in a too early stage for them. Some need a completely developed product and some need us to have launched ReVault and confirmed the delivered quality to the customers.

10. We have also been discussing funding with two Swedish Angel investor networks. They are both very interested, but at the same time scared of the aggressive plans we have as they cannot continue investing in the coming rounds and this prevents them from defending their positions, thus diluting their investment.

11. We have investigated the certification requirements for the battery and found out that the battery should be:
- Manufactured under a quality management program which includes the required elements of DGR (LBSG 3.3.2) allowing transport by air under rule "UN 3481, Lithium ion batteries contained in equipment"
- Tested to IEC62133. Copy of test certificate to be provided wi

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

The feasibility study clearly indicates that our product is unique/superior in several aspects - e.g. no other wearable have as wide compatibility, big memory, modularity and secure storage as ReVault. After scanning the market we haven't found any product similar to ours. We have confirmed market interest especially from runners and ICT-workers. We have already a customer base. Our community members have explicitely expressed their appreciation of (in particular) the security and accessibility attributes that we provide.

We have during this year employed 5 persons, a thesis student, hired accounting, legal and electronics manufacturing services both in Sweden and in Germany. In the future we aim to employ 56 people in Europe divided between Sweden and Poland. In addition we will use a bunch of European suppliers in different areas.

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