Owlet CEO Kurt Workman
By Jarrett Financial institutions
Owlet, Inc. (NYSE: OWLT) a short while ago mixed with Sandbridge Acquisition Corp. (NYSE: SBG) (“Sandbridge”), a distinctive objective acquisition company, or SPAC.
Owlet has crafted a related nursery that provides technological know-how and data to the forefront with its Good Sock newborn check. IPO Edge sat down with CEO Kurt Workman to uncover out far more.
IPO Edge: Can you give me a shorter description of Owlet?
Owlet is reworking modern day parenting with a connected nursery ecosystem of digital parenting goods and companies to simplify checking alternatives in-household so mothers and fathers can relaxation easier. Our objective-constructed, rising suite of connected digital parenting goods and services help dad and mom get peace of head in their roles as caregivers – our items and services assistance dad and mom to remain informed with ongoing, protected, and exact monitoring whilst complementing parents’ intuition and delivering priceless peace of thoughts.
IPO Edge: How are you differentiated from some others in equally the shopper and digital well being spaces?
The largest variance in between Owlet and our competitive set is that we have almost a decade’s head begin when it arrives to knowledge and engineering. In fact, the Owlet Clever Sock is the first toddler keep an eye on to keep track of a baby’s oxygen degree and heart rate—key indicators of a baby’s well-being—while they snooze.
In addition, the accuracy and access of our knowledge is unmatched. There are hundreds of hundreds of toddlers currently being monitored by our products, contributing to a large dataset with hundreds of thousands and thousands of hrs of slumber – 11.5 billion heartbeats tracked per night time. This dataset is unique to us and permits for both equally the progress of new, intelligent purchaser merchandise in our system and a greater contribution to over-all infant and relatives health as we husband or wife with major institutions for ongoing investigate.
IPO Edge: How is Owlet altering the new dad or mum practical experience?
Considering that launching in 2012, Owlet has assisted keep track of 1 million babies – and more than 1.5 million dad and mom have reliable us to assist them consider treatment of their youngster. When bringing a newborn house, new mothers and fathers are very knowledgeable that they will need help and they are actively seeking for methods. What they find is a really fragmented and disjointed marketplace exactly where they have to enjoy one extra job on prime of anything else – they now have to be the IT pro.
Owlet is striving to address this by bringing present day engineering to modern parenting, consolidating the products inside of this fragmented market place into just one connected nursery ecosystem, less than one roof, by a suite of products and solutions that speak to just about every other and aid alleviate some of the stress and new dad or mum unknowns we know all new families encounter.
IPO Edge: What is the all round industry?
There is a significant and increasing goal market for Owlet’s solutions – in 2021, we are viewing a parenting industry of about $21 billion, which is expected to grow to $49 billion by 2023 and up to $81 billion by 2025. We prepare to grow our product suite and operate to repeatedly optimize our platform to satisfy the wants of this market place globally.
IPO Edge: Why is the Company a strong investment?
Our linked platform of products and solutions has a sturdy backbone with an mental property portfolio of 33 patents throughout the world (with a lot of other people pending) and 38 registered emblems. Combined with our facts set – which is the biggest in infant wellbeing and rest – we are one of a kind in our field and we’re regularly investing in exploration and innovation to resolve the largest difficulties that dad and mom confront.
IPO Edge: How big is your buyer base? Do you see loyal, repeat prospects even while your products and solutions are for a precise time of lifetime?
As described in advance of, more than 1.5 million mother and father have downloaded our application and made use of our solutions to aid just take care of their newborn and on their own. This variety is repeatedly escalating – a person of the compact vibrant places we have witnessed in all of our pal circles during this extremely tricky time of the pandemic is that daily life doesn’t completely pause – men and women nevertheless have toddlers. And those people babies and their people have to have the very same care whether or not we’re in the midst of pandemic or not. We’re quite very pleased to be supplying households with new babies with some peace of head when it comes to their child’s nicely-getting, providing incredible insights that moms and dads crave and want to provide the ideal treatment in the care.
In phrases of repeat consumers – we are quite very pleased that most of our sales occur from personalized referrals following a parent has utilised our item on their child. To us, there is no far better endorsement than that.
IPO Edge: What is your eyesight for Owlet moving forward?
Our lengthy-term aim is to maintain just about every child harmless – at-house monitoring and obtain to technological know-how like Owlet really should be broadly accessible for just about every infant and just about every dad or mum. Our start out with the award-winning Good Sock authorized us to deliver vital datapoints and peace of brain to new family members, and we’ve continued doing the job towards this intention with the linked nursery and care platform in thoughts.
IPO Edge: What does the foreseeable future appear like in phrases of innovation now that you are publicly traded?
Our aim long-term will be to carry on growing the suite of goods and expert services and being a community enterprise enables us the runway to make a significant distinction. We truly feel actually self-assured about where by we are as a enterprise – we have developed a trustworthy, high-high quality linked care platform backed by both biometric data as well as an avid and faithful shopper foundation. Our technologies is experienced, and we now will need to apply the facts learnings and developments we have been able to make to pediatric wellbeing on a larger scale. The subsequent step for Owlet is to keep on expanding the merchandise accessible as a result of the platform and likely public puts us in the ideal position to do that.
Jarrett Financial institutions, Editor-at-Large