Sydney-based motorcycle technology startup Forcite has announced today it has raised $5.5 million, with plans to use the capital injection to grow its global footprint.
The majority of funds came from a $4.2 million Series A led by Uniseed, but were also complemented by a crowdfunding campaign which has raised $920,000 through Equitise.
The combined cash will help ramp up the development of Forcite’s MK1 smart motorcycle helmet - which was designed to foresee hazards well before drivers can be harmed – and guide its forays into European and US markets.
Forcite co-founder and CEO Alfred Boyadgis believes that the company has a competitive advantage in this area of wearable technology.
“Thanks to input from riders across Australia, Forcite has created a more dynamic, exciting and safe riding experience with our smart helmet technology,” Boyadgis said.
“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.”
The company was founded in 2013 after Boyadgis was involved in a motorcycle accident and decided to join forces with industrial designer Julian Chow to create a safer system for motorcyclists.
The helmet is now in the hands of 1,380 riders, and has received interest from more than 14,000 customers across Australia, the US and Europe.
During the past 12 months Forcite has grown to 18 full-time employees, who will soon release a MK1S helmet that features several upgrades based on existing user feedback.
”Forcite has positioned itself as a market leader in the motorcycle technology industry with a rapidly growing and loyal customer base,” Uniseed investment manager Natasha Rawlings said.
“We strongly believe in Forcite’s strategy of providing category defining products and a community centred approach to business.
“They are thinking well beyond the motorcycle helmet category and have the support of the motoring industry to go there.”
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support