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