Role: 1204
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Our client is an early-stage company, in revenue, with both retail and B2B clients, who have developed a unique process using AI and Machine Learning to simplify the management of FMCG products in the home and for SME’s. Their unique organization and refill system employs small IoT devices and an intelligent app to monitor stock levels and facilitate easy reordering. What sets them apart, is the integration of cutting-edge AI algorithms that analyse real-time stock data, usage patterns, product details, and user preferences to accurately predict replenishment needs. By offering complete inventory control, our client alleviates the burdensome cognitive load of household and business stock management, saving users time, eliminating errors / omissions, and freeing up mental energy for more productive endeavours. The company has already raised £250k and operates in Liverpool and London.
We are seeking 4 Investing NEDs to join their Board alongside their CEO and CTO with the following areas of expertise:
FMCG & Consumer Marketing NED:
- Experienced in FMCG or retail with a network to enable the company to establish partnerships with FMCG brands with a track record of driving the adoption of direct-to-consumer services for business growth.
Design & Manufacturing NED:
- Experienced in industrial design and manufacturing, particularly within the smart home industry or consumer technology.
- Has experience of design-led products and how to leverage design to enhance brand positioning.
- Able to advise on small-scale manufacturing operations and formulate scaling strategies as the business grows.
CFO NED:
- A CFO with accounting and fundraising experience in high growth companies with a strong network to support future fundraising rounds.
Data & Engineering NED:
- A highly experienced technical advisor with a deep understanding of Machine Learning and AI.
- A proven track record in advising on Big Data and Artificial Intelligence, especially in areas relevant to the FMCG industry.
- With valuable insights in leveraging cutting-edge technologies to enhance our client’s product and operational efficiency.
- To bring a wealth of technical knowledge to support the company’s technological growth and innovation initiatives.
All candidates are likely to have business strategy / growth experience and to have been involved in fast growing early-stage businesses or divisions.
The incoming Non-Executive Directors will be encouraged to become shareholders in the Company with an initial investment of a minimum of £25k to £50k to align their interests with that of the existing Board Members who are shareholders.
A copy of the pitch deck will be provided to candidates who meet the criteria and on signing an NDA.
The company is registered for SEIS & EIS tax relief.
It is expected that the role will require approximately 2 or 3 days per month – potentially more in the early stages.
Market & Opportunity:
- Our client works in tandem with retailers to distribute their devices to their customers, connected directly to the retailers’ inventory and logistics system. These partnerships enable retailers to predict demand, effortlessly fulfil reorders, and serve their customers with ease.
- The company also has a smaller revenue stream of D2C customers and a NED with consumer marketing experience will help them grow this pipeline too.
- Domestically, our client simplifies home product management by offering complete inventory control. Thus, alleviating the burdensome cognitive load of household management, saving users time and freeing up mental energy for more productive endeavours.
- Beyond homes, our client’s potential extends to commercial spaces like cafes, restaurants, and retail outlets. While other technologies like SensorBins™ and Thing Square serve similar purposes, our client's solutions are more versatile, catering to a wide range of retailers, from small independents to multinational chains. The company eases the operational burdens faced by small and medium-sized retailers, helping them reduce operational costs while maintaining precise inventory.
- The company has raised £250k from Access VC via Founders Factory. This allowed them to develop their core technology (patent pending) and test this in 33 homes.
- In summary, our client’s intelligent home organisation and refill system revolutionises inventory management, benefiting both consumers and businesses.
- Future ambitions involve an international market expansion, particularly to the US.
Timelines:
- February 2023 – initial investment from Access VC (Reckitt Benckiser Group plc).
- June 2023 - piloted their hardware and reordering platform in 33 homes.
- August 2023 – prototype finalised in the lab.
- April 2024 – Go-To-Market.
Closing date for applications: 19th February 2024
