Photo - Payment wearables
play_arrow
View
38867

Payment wearables

Georgia
Market: Internet and IT, Electronics, Gadgets , Crypto currency
Stage of the project: Prototype or product is ready

Date of last change: 28.05.2019
Min investment
$  20.000
Total required
$ 250.000
Rating
equalizer 244 из 1000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

We make authentication absolutely effortless and secured by converting bulky wallet into a fashionable tiny ring. Our customers are able to pay everywhere in the world, wherever contactless payments are accepted; earn loyalty points; open RFID doors and share any kind of identification information with a single gesture. That’s not all, CNICK Ring stores unique token which communicates with the medical databases and provides doctors with a customer’s emergency health information.

Current Status

CNICK ring is already launched in Georgia, we have over 5000 early customers and we need additional investment to expand.

Market

Wearables market is growing every year by 10-15%, expected to
exceed $51 Billion by 2022, which shows increasing interest in the
smart jewelries, despite the smartphones high adoption rate. By
launching the crypto payments device, we are entering into one of
the fastest growing market. Even so currently there is low rate of
using crypto for every day purchases, we believe adoption rate will
grow every year exponentially and we will benefit from the first move
advantage starting right time, shaping the industry.

Problem or Opportunity

Contactless card development simplified our life, we mostly don’t
have to carry keys, coins or tickets, but we have to fill our wallet with
multiple rectangular plastics with different functionalities and every
time repeat boring procedure of taking wallet and picking appropriate
card. Smartphones look promising solution here, but unfortunately
not a reliable enough to trust carrying our identity information, as we
don’t want to be stuck with battery drained phone when access and
payments are such an urgent task.

Solution (product or service)

CNICK Ring is an unique combination of fashionable jewelry and technologies. Current version of the ring replaces payment cards, access badges and tickets and we are working to enable cryptocurrency payments as well. Beside this, we are partnering with ministry of health of Georgia to enable storing emergency health information.
CNICK ring is handcrafted made from exotic wood and we enable customers to build unique ring design using our online configurator.

Competitors

Our closest competitors are NFC Ring and Token Ring, beside them there
are Chinese manufacturers of RFID Rings on the market, but they have
crappy quality and poor performance product.

Advantages or differentiators

CNICK clearly stands out of the crowed with design, quality and
performance.
Our Ring is the first fully customizable wearable technology and the first
wooden ring, which provides superior jewelry experience for the
consumer.
What we build is more than hardware technology, we develop platform
which unifies all the identifiaction in one simple tiny wearable device, consisting multiple applications of different needs, some can even become life saving for the consumer such as storing emergency health information and making it available to the doctors instantly.

Finance

Starting price is 50$. We expect to have revenue of 350,000$ this year and avg. annual growth rate of 120% during next 5 years.

Business model

Our current revenue comes from the product B-to-C and B-to-B sales.
Beside this, we have opportunity to develop new revenue streams by
integrating different companies’ services to our platform, such as loyalty
cards, memberships and ticketing.

Money will be spent on

We need investment for expanding in neighboring countries and Europe as well as for developing our wallet app, which will enable to control cards connecting to our wearables.
Use of funds:
30% Marketing
25% R&D
10% Licensing
15% Tooling, increasing manufacturing capacity
20% Other operating expenses

Offer for investor

We participate in the new government program which grants us with 250,000$ if we raise another 250,000$ from investors.

Team or Management

Won the competition and other awards

We have one multiple startup competitions including: Startup Georgia, Seed forum and TS Fund's grant.

Photos

Photo 1 - Payment wearables

Website address

5,00
1
2
3
4
5
1 voice
Log In/register
arrow_back
EN
more_horiz
close
visibility228
star0
Add to favorites
Delete from favorites
share
close
thumb_up0
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address