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Typewise

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Decoding human thoughts, through privacy-focused AI text prediction technology.

169%
 - 
Funded 17 Aug 2021
€850,000 target
€1,446,470 from 652 investors
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Business overview

Location Binningen, Switzerland
Social media
Website typewise.app
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number CHE-222.930.167
Incorporation date 3 Jun 2020
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Investment summary

Type Convertible
Discount 20%
Share price N/A
Tax relief N/A
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Business highlights

  • 1.2 million app downloads
  • 400% revenue growth year-on-year
  • AI technology developed with ETH Zurich (patent pending)
  • Growing B2B pipeline for licensing deals
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Key features

  • Secondary Market
  • Seedrs nominee min. €10.00 +
  • Direct investment min. €25,000.00 +
  • Idea
  • Investor Perks
  • Key Information
  • Team
  • Updates
  • Investors 652
  • Discussion
  • Documents

Learn more about convertible campaigns.

Idea

Introduction

Most people spend more than 7 hours on digital devices every day.

But entering information into devices happens at only 10% of the speed of thought. The result is an immense productivity loss at global scale.

Meet Typewise, a Swiss deep tech company, on a mission to make daily lives easier by decoding human thoughts.

Our solution is an AI text prediction technology to boost the productivity of millions of people by 2-3X over the coming years. Our AI is unique in that it runs on-device and thus protects data privacy, a must-have for B2B licensing deals.

Our first product is the award-winning Typewise keyboard app designed for typing on mobile devices. Compared to standard keyboards, it reduces typos by 4X, automatically detects 40+ languages, and protects privacy 100%.

Our next step is to license our AI technology as an SDK/API, with the goal to power every human-machine interaction across mobile, desktop, voice, and even brain-computer interfaces, ultimately touching 1 billion lives every day.

Substantial accomplishments to date

2019:
📱 Launched Typewise Keyboard
🚀 Reached first 45,000 downloads
⚖️ Granted design patent by USPTO and WIPO for hexagonal keyboard interface

2020:
🚀 Reached 600,000 downloads / 200,000 users
📈 Generated €60k revenue*
💶 Raised a €1m seed round
🤝 Signed research partnership with the Swiss Federal Institute of Technology (ETH Zurich), funded with €300k from Innosuisse (Switzerland’s innovation agency)
💁🏼‍♂️ Hired key employees incl. VP of Growth (ex-Uber) and Senior AI Engineer (Cambridge University PhD in Quantum Physics)
🏆 Won Best of Swiss Apps Gold Award and Swiss AI Award (2nd Place)

2021 (HY1):
📱 Launched Typewise Keyboard 3.0 with new AI technology
🚀 Reached 1,200,000 downloads / 350,000 users
📈 Generated €105k revenue in first 6 months (= on track for 400% year-on-year revenue growth)*
🤝 Grew pipeline for B2B licensing deals to 20+ international opportunities
⚖️ Filed patent with USPTO for groundbreaking AI autocorrection technology
💁🏼‍♂️ Signed-on three experienced advisors from Google and the telco industry
✅ Accepted into Microsoft for Startups and Nvidia Inception Program
❤️ Achieved 4.2/5 rating from 10,000+ public reviews in the App store and Play store
🏆 Won CES Innovation Award Honoree, Stevie Award Gold, and MWC Global Mobile Award Honoree
🗞 Featured in international press including:

*based on unaudited accounts on the revenue references

Monetisation strategy

Typewise has two revenue streams: (1) B2C app subscriptions where users pay for premium features, and (2) B2B licensing deals where we will sell sell our technology as an SDK/API to corporates across various industries.

✅ Proven B2C model:
- Over 15,000 paying customers (= 5% paying user base, 3X above benchmark)
- 10% month-on-month growth
- Achieved profitable unit economics
- Validated new subscription tier (€50/year) for professional users that will further drive revenue (launching in Q4/2021)

🔥 Massive B2B opportunity:
- License white-labeled keyboard SDK to messaging platforms (1 deal in negotiation in EU), banks (1 deal in negotiation in EU), advertising platforms (1 deal in negotiation in UK), device OEMs (1 deal in negotiation in USA), etc.
- License text prediction API to companies in customer service (1 pilot committed in USA, 2-3 additional pilots in negotiation in USA/Japan/India), and further expand into adjacent verticals (legal and compliance, administration, healthcare, etc.)

Use of proceeds

We are aiming to accelerate our growth to reach 10+ million users over the next 1-2 years. Executing on this opportunity requires further product engineering, mainly to develop enterprise functionality, which will be key in achieving our ambitious revenue targets. At the same time, we will persistently build out our marketing and sales machinery to further gain a strong foothold in Europe, the US, and beyond.

60% of raised funds will be allocated to tech and product engineering:
📱 Make our keyboard solution ready for international expansion and SDK delivery
🖥️ Bring our AI tech to desktops, to serve B2B pilots and demonstrate value in enterprise environments

40% of raised funds will flow towards growth:
🚀 Reach 5-10 million app installs, thus building a global brand
👩🏽‍💼👨🏼‍💼 Build up business development team, focusing on US market

We're building the future of AI-powered human-machine interaction to make life easier and more efficient.

Join us!
Janis & David

Investor Perks

As investors, you are supporting our growth and are part of our journey. To show you our gratitude we will give you the following gift(s), depending on the investment amount:

1️⃣ For an investment of at least €500, you’ll receive a 🌱 lifetime subscription of Typewise PRO, so you’ll never have to bother about typos again.

2️⃣ For an investment of at least €2,500, you’ll receive an exclusive theme to pimp your new keyboard 😎

3️⃣ For an investment of at least €10,000, you can choose to participate in a master class about ‘machine-learning’ (by 👨🏻‍🎓 George, our senior AI engineer with a PhD in Quantum Physics from Cambridge) and/or about ‘growth hacking’ (by 👨‍💼 Dmitry, our VP of Growth, a former Uber Eats Marketing Head).

4️⃣ For an investment of at least €25,000, you’ll join our ✨ VIP club.

5️⃣ For an investment of at least €100,000, Janis and David will invite you to one of Switzerland’s best restaurants for a ⭐⭐⭐⭐⭐ dinner.

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Advance Subscription Agreement

This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".

The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.

• Discount: 20%.
• Valuation: CHF 12,000,000.
• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least CHF 1,000,000 from one transaction or a series of transactions, in exchange for the company issuing of shares;
- A Change of Control of the company (transfer of more than 50% of the share capital); or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
•If a Trigger Event occurs, the ASA will convert at
- the lowest price paid per share in connection with the Trigger Event, discounted by the Discount; and
- the Valuation Cap divided by all issued shares and outstanding options and equity interests in the Company, discounted by the Discount.
• Longstop Date: 30 June 2022.
• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:
- the lowest price of any shares issued after the date of this Agreement; and
- a price per share based on a pre-money company valuation of CHF 10,000,000 on a fully diluted basis minus the Discount.
•The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from Convertible

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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