New technology from startup ventures is transforming the sports industry. The mission of this series is to introduce startup companies in the sports technology space to a broader audience and allow Founders of promising new ventures to tell their story. This particular startup took part in the Hype Global Sport Innovation Competition In Rio De Janeiro on August 24th, 2016. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for this series.
Company name: RideOn Ltd
Founder(s): Alon Getz and Ori Kotek
Headquarters: Tel-Aviv, Israel
1. What is your elevator pitch?
RideOn is the first company in the world to have a viable augmented reality headset for outdoors. We have achieved this through a technology called anchoring that we have created thanks to our vast experience in the field of AR. Our hunger and vision mean that we are currently seeking funds to pursue our research. We already had a successful 1 million dollar seed round and are currently in our round A.
2. Problem & Solution
The main obstacle we encountered was in providing real time assistance. It was key for us to solve this as it would enable improved performance as well as avoid accidents, especially when someone using our headset is warned of a danger ahead.
3. Market – your target market and the overall market
As of now our primary target markets are skiing, snowboarding and motorcycling. However, since augmented reality is for outdoor activities, our aim is to implement it in all kinds of disciplines such as paintballing, scuba diving, sky diving, sailing, cycling, running and many more.
4. Business Model – how do you make money?
For the moment our main source of income is the sale of our outdoor AR hardware products. Though, as we expand our business model will be based on the sale of: the license to use the RideOn tech and targeted AR commercials for outdoor users. Additionally, thanks to our technology a large database of sports user information will be created and sold to companies that want to use it.
5. Management Team – with titles
Alon Getz – CEO
Ori Kotek – CTO
Tomer Cohen – Head of operations
6. What else do you want the audience to know about your venture?
We intend to create a technology that will allow people to improve their experience with sport related activities. Hereby, the amount of sports done by our users will increase, leading to notable improvements in their health. On top of this, thanks to our RideOn connected community feature all sports will become a more social experience.