The cashed-up company has already attracted funding from Atlas Advisors Australia, bringing their combined post-sales funding to $8 million.
As of yesterday, $500,000 of their $3 million goal had been reached after investments by close contacts in the 24 hours prior to the launch of their public equity funding campaign.
The campaign now goes public with close to 1000 expressions of interest and $2.5m “soft commitments”, according to a Forcite statement.
The MK1 helmet features Forcite’s patented RAYDAR helmet system, combining Formula 1 LED technology, audio interactivity, military-grade camera recording and a fingertip handlebar controller.
Forcite’s smart helmet is designed to deliver road alerts and visual and audio turn-by-turn navigation without a phone, enabling riders to see or predict things before they happen to avoid danger.
It also automatically records dashcam footage of multiple lanes without distracting the rider.
All the technology is incorporated into the helmet without the need for an externally mounted device.
Forcite Chief Executive Officer Alfred Boyadgis claims the helmet’s technology which warns of road hazards with flashing lights, can reduce the number of accidents and save lives.
Over the last two years, the company has taken a collaborative approach to designing and manufacturing smart helmets, using a group of Australian test pilots to give valuable on road feedback to Forcite’s Design Engineers.
Alfred believes the company’s success is down to the involvement of the motorcycle community and says equity crowdfunding is another way to foster this partnership with riders.
“Thanks to the motorcycle community, the team at Forcite never rides alone. Whether it’s feedback on the MK1 product features, feel of the padding, or even down to what’s in the box, riders across Australia have built the MK1 smart helmet with us,” he says.
“Now, they can take ownership of the company by investing in Forcite via this equity crowdfunding offer.”
The Sydney based motorcycle technology company aims to provide a safer, more dynamic motorcycling experience with it’s Forcite MK1 smart motorcycle helmet. The world’s first ECE 22.05 approved smart helmet has rapidly sold out every time it has been available.
Now, 1380 riders are using the Forcite MK1 on the road and 14,000 more have registered their interest to buy.
The company will use the investment to galvanise plans to launch in the US, extend the range of Forcite helmets to different riding styles and develop integrated motorcycle and helmet technologies alongside tier 1 manufacturers, with some promising relationships already in the works.
Alfred says the global market for motorcycle gear and accessories is growing 7.2%.
“We expect to take 20% of the premium motorcycle gear market by 2025 currently valued at $US2.7 billion per annum,” he says.
The company has received funding from notable sources in the past; in 2019, from Australia’s longest-running research commercialisation fund, Uniseed.