We want to provide you with some additional information about our company and our past raise. Before you read this update, we highly recommend that you also check out our previous updates. They will give you a good sense of some of the things that we are planning for the future and what our business strategy is. Our goal is to be as transparent as possible at every step, since you are our partners in this business and we value your investment. This is why we try to go as in depth as possible in our updates.
The funds that we have raised will be used to purchase long lead time inventory. This inventory takes at least 3 months to deliver and purchasing larger amounts of these components will enable us to meet our target of at least 5,000 units produced per month. This will enable us to take on larger orders and meet existing demand. We have cultivated a long working relationship with our 12 suppliers/manufacturers over the last 2 years and this has enabled us to get favorable terms.
Specifically, our financial relationship with them allows us to pay 30% upfront and the rest after the components are delivered. This gives us additional financial flexibility with scaling up manufacturing.
Here are some Q&As that we've drafted with some important info:
How does Indiegogo work and is my investment beholden to any commitments made on indiegogo?
Indiegogo is not a shopping platform and the majority of people who donate there understand that. It is a platform used for the development of projects with perks given as bonuses to their donations. We made sure to update indiegogo backers along the way, with over 150 updates and an update about our wefunder launch as well. Most people understand that the wefunder campaign will enable us to expand our manufacturing capabilities and over 10% of our wefunder investors are from indiegogo backers.
How many suitcases have you shipped?
We have now shipped 390 units.
How many unshipped units/orders do you have and where did those orders come from?
We have 2,510 units orders that we still need to fulfill. These are from indiegogo, site orders and distributor orders. Distributor orders are not a priority to fulfill, since they were made on a pre-order basis and we are within the fulfillment periods that we laid out for them before accepting their orders. We've closed direct sales around 2 months ago so that we can fulfill our existing orders first.
We are committing 25% of production to indiegogo perks, so that the remainder of the perks are fulfilled within a period of 3-4 months.
Many distributors have expressed interest in purchasing large orders from us, but we can only accept those orders after we have further scaled up production. We estimate that there is demand for 1 million units, based on a market of 4.5 billion travelers each year.
What is preventing you from shipping those orders?
We developed arguably the most complex tech hardware project ever funded on indiegogo with a budget of around 800,000 dollars. We have also managed to patent our invention and movement system. We have 12 suppliers for 64 components that make up the robot -- this alone took us two years to develop. As stated in our wefunder campaign, we'll be able to expand manufacturing to at least 5k units per month. This will allow us to buy long lead time inventory that is necessary in the production of our product. Further info is available on our wefunder campaign
When do you plan to ship outstanding orders?
The bulk orders for components with a long lead time will take around 3 months to ship. We estimate that the overall time it will take for delivery of the remaining perks and orders is 3-4 months. This time estimate includes the time it takes for component delivery and assembly of the products.
I am interested in investing, but I want to be convinced that the product is presentable and working before I commit.
You can check out our youtube page with lots of videos here: https://www.youtube.com/channel/UCK92opnCjQhel5uAuhMs0xg
Over three thousand articles have been written about us and there have been over 100 video reports by various news agencies. You can likewise see our participation at the Paris Museum of Science and Industry, CES, Las Vegas Travel Goods Show (where we won the number 1 spot for best travel product), GAPS by the International Air Transport Association in Athens (where we co-hosted a panel with American Airlines, Delta and others), GSMA at Los Angeles Convention Center and many more.
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