We are a driverless vehicle and on-demand ride-hailing company.
- Investment conditional upon Future Fund funding - see Key Info
- Part of driverless vehicle projects worth £17M in UK & Australia
- £3.5M platform investment, UK first, airport automated bus trial
- 2 commercial POCs & 3 Government funded Innovate UK Projects
Learn more about convertible loan campaigns.
Formed in 2015, Conigital stands for 'Connected Digital', we are a deep tech, retrofit driverless vehicle and on-demand ride-hailing startup on a mission to digitally connect Autonomous vehicles to empower inclusive mobility for all.
We address the key transport challenges:
We provide a pandemic safe, turnkey driverless vehicle deployments of any vehicle type, including an automated bus, as well as the backend operational platform for transport/mobility operators to run human-driven and/or driverless fleets as part of a Mobility as a Service (MaaS) offering.
Whilst in transit, our multi-language, Travel AI concierge (Connie or David) generates new revenue streams by improving passenger experiences, providing travel updates, onward travel, infotainment and e-commerce services. We connect passengers with 'local marketplaces' as they travel or sight see e.g. shops, cafes, tourist sites, hotels and our clients retail services including upselling any special offers or upgrades.
Substantial accomplishments to date
2020: Automating the UKs first bus to be trialled at an airport.
2020 Project Zero Carbon Rugeley, Conigital role is exploring how an Connected, Automated, Shared and Electric (CASE) vehicles could be provided within Rugeley town as part of a wider mobility as a service offering – leveraging a Smart Local Energy System for a zero carbon future
2020: Technation Top 16 AI companies to watch in 2020, ‘Ranked No. 2”
2020 India office opens
2020: Australia Office opens
2020: Microsoft Co-Sell ready
2019: Connie AI implemented in Farm Robot
2019: Voted a top 10 AI company, Vodafone 5GDIG awards
2019: Project AIM - Framework for integrating Driverless Vehicles into Brownfield Sites.
2019 Business Desk: Emerging Entrepreneur award
2019: Driverless Vehicle Trial Working with the world's largest on-demand transport authority, in £1.5M project to automate a Ford Wildtrak and offer an autonomous on-demand rideshare service.
2018 Startups Winner Cambridge Wireless
2018 Business Desk: Best Newcomer 2018
2017: Project CAPRI; collaboration for a £5.6M project to trial pods on public roads. Conigital was allocated £184,800 of this grant.
2017: Project SYNERGY; collaboration for a £4.9M project to provide an on-demand mobility platform and AI platform for UKs 3rd largest Airport. Conigital was allocated £530,000 from this project grant.
2016: Project INSIGHT; collaboration for a £2.2m project with emphasis on the mobility requirements of blind and visually impaired users as well as the general public. Conigital was allocated £337,000 of this grant.
Our monetisation will come from Driverless Vehicle trials leading to commercial deployments. Use of our White label ride-hailing platform for mobility operators to optimise their existing fleets and offer new mobility services such as on demand rideshare and carshare all managed via our mobility platform.
Finally, once a passenger is in transit we aim to offer infotainment and e-commerce services and onward travel to improve their journey experience. This will be delivered via smart bluetooth device in the vehicle and allows user to sync their personal social media and access their entertainment accounts such as spotify.
Use of proceeds
Our Driverless vehicle platforms are now ready to start trialing in driverless pilots with end customers. We need to transform from an R&D led company into a commercial one.
Use of proceeds is anticipated to be in the following regions:
Continued R&D (both materials and salaries) 40%
Marketing & Commercial to launch products 45%
Patent filings 5%
General working capital 10%
The use of funds will allow us to create a repeatable blueprint that we believe we can take forward to airport after airport and city after city proving our product-market fit and our Series A investment round enabling us to start scaling the business and venture into new markets.
The company has an outstanding Bounce Back loan of £50,000, interest-free for 12 months, and 2.5% thereafter. This is to be repaid in monthly installments starting in August 2021. None of the funds raised will be used to repay this loan.
Convertible Loan Note
Seedrs is supporting companies who are intending to apply to the Government backed Future Fund. You can read more about the Future Fund here: https://www.seedrs.com/learn/blog/the-future-fu....
In order for a company to be eligible to seek matched funding from the Future Fund, this investment round must be on the convertible loan terms that have been prescribed by the Future Fund for this purpose. These terms differ to our normal ‘advanced subscription agreements’.
Given this product differs from most campaigns on Seedrs, we urge all investors, including regular Seedrs investors, to read the information below and ensure you understand the terms in full before making your investment.
1. Key terms
You will see a term sheet attached to this Campaign in the Documents section which sets out the key terms of the convertible loan and you can see the full document prescribed by the Future Fund here: https://www.british-business-bank.co.uk/ourpart....
A summary of the key terms is set out below, but should be read in conjunction with the term sheet:
Interest: 8% per annum, non-compounding. On conversion events, the company can choose to repay the interest or convert it to equity (generally without the discount). See the Term Sheet for more details.
Redemption Premium: An amount equal to 100% of the principal loan amount
Qualifying Equity Financing. The convertible loan will automatically convert on an equity financing raising at least the total loan amount, at the lowest share price of equity financing less the Discount.
Maturity Date: 36 months from signing convertible loan agreement.
The default position is on the maturity date is that the loan will convert to equity unless the investor majority elect to redeem.
If redeemed, the company will repay the principal together with the Redemption Premium.
If converted, the conversion price will be at the most recent funding round share price less the Discount, provided that funding round happened after 20 April 2020 and was at least a quarter of the size of the convertible loan investment. If no such funding round has occurred, conversion will be at the share price of the last funding round prior to 20 April 2020 (no Discount).
Other events of default or conversion: There are various other scenarios in which the convertible loan may convert or be repaid and investors should reference the term sheet:
Non Qualifying Funding Round: The convertible loan can convert on an equity financing round which does not meet the size criteria of a ‘Qualifying Equity Financing”, at the election of the majority of investors under the loan. Please see the term sheet for how this conversion is priced.
Exit: The convertible loan will automatically convert or be redeemed on an Exit, whichever would give investors the higher cash return. Please see the term sheet for how conversion is priced and payments on redemption in this scenario.
Events of Default: The convertible loan is to be repaid on the events of default, such as liquidation or winding up. See the term sheet for more details.
2. Government matched funding
The company intends to apply to the Future Fund for matched funding on the total eligible amount invested in this funding round. Subject to eligibility criteria and the Future Fund's approval, the Future Fund will “match” the funding raised via Seedrs or other eligible sources, subject to a minimum investment of £125,000 and a maximum investment of £5m. The Future Fund is to be allocated on a ‘first come, first served basis’ to eligible and approved businesses, so there is no guarantee that a company will receive the Future Fund matched funding.
This campaign is conditional upon receiving matched funding from the Future Fund. Seedrs will not complete the investment and transfer the funds raised until we have confirmation that the Future Fund matched funding application has been approved and that the Future Fund is ready to make the investment. If the application is denied, the campaign will be cancelled and funds will be returned to investors.
Because this campaign is conditional upon the matched funding, you will see that we have reflected the Future Fund investment as part of the round.
Seedrs does not charge any fees in relation to the Future Fund matched funding, application process or for acting as lead investor with respect to applications.
3. Conversion to equity
The convertible loan agreement prescribed by the Future Fund is equity focused and favours conversion of the loan to equity as the default position.
Redemption is only available in certain scenarios and is often subject to the vote of majority of the investors. Where a vote of investors is required, Seedrs will vote on behalf of any investors it represents as nominee.
There is a possibility that the convertible loan will convert in some scenarios without the consent of Seedrs (if we do not make up a majority of investors). It is also Seedrs’ position that this is primarily an instrument for investing in the equity of the fundraising business and our default position would be to vote in favour of converting the loans to shares in the company, unless there is a clear or compelling reason not to.
As always, investors should be aware of and accept the risks involved in investing in early stage and growth focused businesses: https://www.seedrs.com/pages/risk-warnings
In addition to the usual risk warnings included above, investors should be aware of and accept the following with respect to convertible loans:
The convertible loan agreement is intended as bridge funding to a future funding round, but there is no guarantee that a company will be able to secure further funding.
The Future Fund is to be allocated on a ‘first come, first served basis’ and there is no guarantee that a company will be successful in its application to receive the Future Fund matched funding.
There is a risk that the Company may not have sufficient funds to repay the loan on the maturity date, pay interest when it becomes due or pay the redemption premium included in the terms.
Convertible loans are unsecured obligations and in the event of a winding up or liquidation event will rank behind secured creditors of the Company.
5. Secondary market
Investors will not be able to sell their interest in the convertible loans on the Seedrs Secondary Market unless and until they have converted to shares in the company (and then only subject to eligibility and the terms and conditions of the Seedrs Secondary Market).
6. EIS Relief - past, current and future
As noted above, the convertible loan instrument is not compatible with EIS requirements, so no EIS applications will be made with respect to investments in the convertible loan.
The government has confirmed that investing in the convertible loan will not impact EIS relief previously claimed on investments in the fundraising company:
“The government has confirmed that such previous investments will not be affected where the convertible loan converts into shares. Where the convertible loan note redeems, we have been alerted that the government intends to make changes to the rules to clarify that this is compatible with such previous investments.”
However, investing in a convertible loan could impact your ability to claim EIS relief on future investments into the same company. The government has not clarified the position on this and has said it is a matter for HM Treasury and HMRC.
Seedrs is unable to provide tax advice. Tax treatment depends on individual circumstances and is subject to change.
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