Verve InfoTec has launched an investment opportunity to help support its expansion plans. The power meter specialist is seeking investment to develop proprietary apps to exploit the full capabilities of its hardware, both in the sports and health sectors.
In the coming weeks, Verve will be initiating a public round of fundraising. The aim is to use equity crowdfunding, which will enable individuals to invest in Verve from as little as a few hundred dollars and become a shareholder.
The Expressions of Interest (EOI) phase of the crowd sourced funding campaign is now open, with Verve inviting people to express their interest in investing.
Verve InfoTec was established in 2015. Its InfoCrank meter crank claims high levels of accuracy and repeatability. Its technology is also being trialled in the medical setting to demonstrate the efficacy of the underlying tech to remotely measure, monitor, and manage patients referred for total knee replacements.
According to the company… ‘This will open up an exponentially larger market and with a true end-to-end solution planned, Verve can guarantee the quality of measurement and recording at all times. The company is seeking investment to develop proprietary apps to exploit the full capabilities of the hardware.’
The InfoCrank is designed to measure the constituent parts of power, torque and cadence, at a high frequency and offers a double-leg power measurement solution.
Verve found that conventional cycling head units and data-transfer were an impediment to measurement and so developed its own datalogger and software. According to the company… ‘Verve’s approach is in contrast with the majority of competitors who utilise algorithms to produce power numbers allied to lower frequency data collection resulting in lower resolution data overall.’
Around 30% of cycling medals at the Tokyo 2020 Olympic and Paralympic Games were reportedly won by national teams whose athletes have used the InfoCrank power meter.
In the health arena, Verve has co-funded studies that aim to demonstrate the efficacy of the pedalling action for rehabilitation and strength restoration following joint replacement. Verve is also now resident at J-Labs, a Johnson & Johnson incubator programme.
Verve adds that… ‘The market opportunity is massive and spans both the sports performance and health markets. It is estimated that there are today 43 million goal driven cyclists globally. By 2030, this number will increase to 61 million. In 2021 there were 121,253 hip and knee replacements performed in Australia and over 2.2 million in the US. In Australia those numbers are predicted to increase by 97% to an estimated 239,000 by 2030.’
