Wearable Headband Maker Hapbee Closes $6.5 Million Private Placement

Hapbee, a maker of the wearable headband that emulates normal molecular interactions in the body through small, specific magnetic fields, raised C$6.5 million (~$5 million), through offering a non-brokered private placement of convertible debentures.

The company is developing a non-medical wearable headband that delivers low-power electromagnetic signals designed to produce sensations such as Happy, Alert, Focus, Relax, Calm, and Sleepy.

In February 2020, Hapbee engaged a third-party consultant to launch a campaign on Indiegogo, an online crowdfunding platform, to obtain user experience feedback from early tech adopters and supporters. According to the company, as of June 2020, its campaign has presold over 1,600 units (on Indiegogo platform) with a target retail price of $379 per unit from over 1,200 backers.

Hapbee is currently manufacturing its first 2,500 units. Completion of this initial manufacturing process will allow the company to fulfill orders from its Indiegogo campaign backers. Hapbee plans to make 10,000 units by Q4 2020.

The users can comfortably wear the band on their heads, over the brim of a hat, or discretely beneath their shirt collars.

“Now, perhaps more than ever before, people are seeking innovative and healthy ways to manage their daily lives and the emotions that come with it – such as stress, exhaustion, and difficulty concentrating,” said Scott Donnell, CEO of Hapbee.

In a press statement, the company said it is developing a companion smartphone app (for iOS and Android), designed to garner relevant experience data such as user habits, favorite signals, and time of day and duration of plays to optimize the user experience.

“With the closing of this offering, I believe we have the growth capital needed to bring our revolutionary wearable to market and help empower people to choose how they feel,” Donnell said.

Wearable Sensors companies raised $321 million in 1H of 2020. To learn more about wearable sensors companies, please visit: https://mercomcapital.com/digital-health-reports-news

Image Credit: Hapbee