Hapbee Raises $6.5 Million to Expand into Next-Gen Wearable Market
Hapbee Technologies, Inc., a wellness technology company developing the revolutionary Hapbee wearable, is pleased to announce the closing of financing for gross proceeds of approximately Canadian $6.5 million(the “Offering”).
At the time of this funding, Scott Donnell, CEO of Hapbee said-
“Now, perhaps more than ever before, people are seeking innovative and healthy ways to manage their daily lives and the emotions that come with it — such as stress, exhaustion, and difficulty concentrating. With the closing of this Offering, I believe we have the growth capital needed to bring our revolutionary wearable to market and help empower people to choose how they feel.”
What is Hapbee?
Magnetism is a fundamental part of life. It plays a role in bird migration and fish navigation, among other phenomena. What’s more, magnetic fields have been used for various purposes for thousands of years. Today, magnetic fields are used for magnetic resonance imaging, to speed bone fracture repair, increase the rate of wound healing, decrease pain and other human conditions.
This hot startup is a non-medical wearable technology that uses proprietary ultra-low-frequency magnetic field technology to stimulate sensations (i.e., Happy, Alert, Focus, Relax, Calm and Sleepy) on command. The company produces these sensations by delivering precise and informed low-power electromagnetic signals. Hapbee is non-ionizing, non-thermal, and non-invasive.
1. Ultra-low wavelength
Hapbee emits an ultra-low energy magnetic field of < 22 kHz. In comparison, many of today’s smartphones emit waves of up to 600 MHz, or 30,000x Hapbee. All of Hapbee’s Signals have been tested and confirmed to fall below the standard International Commission on Non-Ionizing Radiation Protection safe exposure guidelines for low-frequency magnetic fields.
2. No substance ingestion
Through its precision electromagnetic fields, Hapbee stimulates sensations and feelings in the body without requiring users to ingest substances. The Company currently has six available Signals ready for use with Hapbee: Happy, Alert, Focus, Relax, Calm and Sleepy. Average time to return to baseline is 15 – 30 minutes upon cessation.
3. Ergonomic design
Hapbee’s ergonomic design allows users to wear the product comfortably on their heads, over the brim of a hat, or discretely beneath their shirt collars.
4. Easy to Use
Users can easily select which Signal they want to experience through the Hapbee iOS and Android smartphone app. The Hapbee smartphone app intuitively controls all available Signals on a playlist and will be accessed via an affordable monthly subscription. Hapbee aims to expand this novel subscription service by releasing new Signals approximately every six months.
How Hapbee Works
Hapbee is powered by patented ultra-low radio frequency energy (ulRFE) technology invented by EMulate Therapeutics, Inc. , a clinical-stage therapeutic device company based in Seattle, WA. The ulRFE technology , which EMulate has invested approximately US$70 million in developing over the past 15 years, is backed by 32 patents that relate to Hapbee. Hapbee has exclusive global licenses for the non-medical use of the Technology in its consumer product.
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Recent Business Developments
1. Pre-Sale of over 1,600 units
In February 2020, Hapbee engaged a third-party consultant to launch a campaign on Indiegogo, an online platform to help launch groundbreaking and innovative products, to obtain user experience feedback from early tech adopters and supporters. This initial marketing campaign was a great success. It became one of the top projects on Indiegogo, demonstrating price point acceptance and preliminary product validation. As of June 2020, the Indiegogo Hapbee campaign has presold over 1,600 units with a target retail price of US$379 per unit from more than 1,200 backers.
2. Engaged Conscious Partners
In April, 2020, Hapbee signed an agreement with Conscious Partners, a full-service marketing agency based out of Victoria, British Columbia that specializes in creating marketing solutions for MEPS (mental, emotional, physical, and spiritual) organizations. Notable clients of Conscious Partners include Finnish wearable health technology company Oura Ring and Bulletproof, the creator of the consumer phenomenon Bulletproof Coffee. Conscious Partners will be focused on generating online sales for Hapbee.
3. Strengthened Board of Directors
In Q2 2020, Hapbee welcomed Mark Timm and Mike Matysik to its Board of Directors.
Mark Timm has been a serial entrepreneur and exponential thinking practitioner for nearly two decades. He has started more than a dozen companies, several of which have multiplied and been sold. His businesses have been built with international footprints in more than a dozen countries across diverse industries from retail to wholesale and from product manufacturing to digital marketing and real estate. Additionally, Mark Timm is the founder of ElevateOne, a leading U.S. e-commerce fulfillment company and fulfillment partner to Hapbee.
Mr. Matysik is a Co-Founder and Principal of Broadview & Co., a real estate investment firm, and a Principal of Berntson Porter Corporate Advisory, a boutique investment banking firm. His 30+ year career includes executive roles in medical device, biotech, music/media and technology. He has experience with IPOs, nine years as a public company CFO, and has been involved in multiple strategic exits for shareholders, both public and private.
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Upcoming Development Targets
Finalize development of the Hapbee smartphone app
Hapbee is in the process of finalizing development of its smartphone app for iOS and Android platforms. This app, initially offering six Signals (Happy, Alert, Focus, Relax, Calm and Sleepy), will provide Hapbee with the ability to garner valuable experience data such as user habits, favorite Signals, and time of day and duration of plays to continually optimize the user experience.
Complete initial manufacturing and shipping for Indiegogo campaign
Hapbee is currently manufacturing its initial 2,500 units. Completion of this initial manufacturing process will allow the Company to fulfill orders from its Indiegogo campaign backers.
Hapbee intends to manufacture 10,000 units in Q4 2020.
Research and Development of New Signals
Developing new Signals is a core focus for Hapbee’s growth strategy as the Company looks to expand its portfolio of sensations and build out a one-of-a-kind streaming service.
“We are grateful for the enthusiasm investors and early tech adopters are showing for Hapbee,” said Chris Rivera, President and Chairman of the Board for Hapbee. Mr. Rivera continued, “Hapbee’s current pursuit of a public listing is a testament to the years of cutting-edge research and development conducted by EMulate and Hapbee’s commitment to consumer product innovation.”