Owlet CEO Kurt Workman
By Jarrett Banks
Owlet, Inc. (NYSE: OWLT) not long ago put together with Sandbridge Acquisition Corp. (NYSE: SBG) (“Sandbridge”), a unique reason acquisition business, or SPAC.
Owlet has built a linked nursery that provides know-how and information to the forefront with its Wise Sock baby keep track of. IPO Edge sat down with CEO Kurt Workman to obtain out a lot more.
IPO Edge: Can you give me a short description of Owlet?
Owlet is reworking modern parenting with a linked nursery ecosystem of digital parenting goods and expert services to simplify checking options in-dwelling so dad and mom can relaxation simpler. Our objective-developed, increasing suite of connected electronic parenting products and providers aid mom and dad acquire peace of intellect in their roles as caregivers – our goods and companies aid mothers and fathers to remain educated with ongoing, safe, and exact monitoring even though complementing parents’ instinct and supplying priceless peace of intellect.
IPO Edge: How are you differentiated from many others in equally the shopper and digital overall health spaces?
The most significant variance between Owlet and our aggressive established is that we have pretty much a decade’s head commence when it comes to knowledge and know-how. In reality, the Owlet Intelligent Sock is the 1st little one observe to keep track of a baby’s oxygen level and coronary heart rate—key indicators of a baby’s properly-being—while they rest.
In addition, the accuracy and reach of our data is unmatched. There are hundreds of 1000’s of toddlers staying monitored by our merchandise, contributing to a massive dataset with hundreds of millions of several hours of rest – 11.5 billion heartbeats tracked for every night time. This dataset is exceptional to us and lets for both of those the improvement of new, smart purchaser items in our platform and a larger sized contribution to total infant and household overall health as we companion with significant institutions for ongoing analysis.
IPO Edge: How is Owlet altering the new guardian expertise?
Given that launching in 2012, Owlet has served watch 1 million babies – and much more than 1.5 million mothers and fathers have trustworthy us to aid them take treatment of their child. When bringing a child dwelling, new dad and mom are very informed that they need to have enable and they are actively looking for methods. What they discover is a pretty fragmented and disjointed current market where they have to engage in one particular extra role on best of all the things else – they now have to be the IT professional.
Owlet is making an attempt to remedy this by bringing modern-day know-how to modern day parenting, consolidating the merchandise in this fragmented industry into 1 related nursery ecosystem, less than a person roof, by way of a suite of items that chat to each other and support ease some of the tension and new mother or father unknowns we know all new family members encounter.
IPO Edge: What is the all round sector?
There is a significant and increasing target industry for Owlet’s solutions – in 2021, we are observing a parenting marketplace of about $21 billion, which is anticipated to increase to $49 billion by 2023 and up to $81 billion by 2025. We approach to broaden our item suite and get the job done to consistently enhance our platform to fulfill the wants of this current market globally.
IPO Edge: Why is the Corporation a solid expense?
Our connected system of items has a potent spine with an mental residence portfolio of 33 patents throughout the globe (with many other people pending) and 38 registered logos. Combined with our facts set – which is the most significant in toddler overall health and sleep – we are special in our area and we’re constantly investing in investigate and innovation to resolve the most significant difficulties that dad and mom face.
IPO Edge: How big is your consumer foundation? Do you see loyal, repeat buyers even nevertheless your products are for a unique time of lifetime?
As described right before, much more than 1.5 million dad and mom have downloaded our software and utilised our products to support take care of their baby and themselves. This amount is constantly developing – 1 of the little bright places we have witnessed in all of our buddy circles in the course of this unbelievably tough time of the pandemic is that lifestyle does not absolutely pause – individuals nonetheless have infants. And individuals toddlers and their households need to have the same care irrespective of whether we’re in the midst of pandemic or not. We’re pretty proud to be delivering people with new babies with some peace of head when it will come to their child’s properly-staying, giving amazing insights that dad and mom crave and have to have to deliver the best treatment in the treatment.
In conditions of repeat customers – we are quite proud that most of our sales arrive from individual referrals right after a mother or father has applied our product or service on their newborn. To us, there is no far better endorsement than that.
IPO Edge: What is your eyesight for Owlet moving ahead?
Our very long-term intention is to continue to keep each and every little one risk-free – at-residence checking and access to technological innovation like Owlet need to be commonly accessible for just about every child and each and every father or mother. Our start out with the award-winning Intelligent Sock allowed us to offer important datapoints and peace of intellect to new households, and we’ve ongoing functioning towards this target with the related nursery and treatment platform in brain.
IPO Edge: What does the foreseeable future glance like in terms of innovation now that you are publicly traded?
Our target long-expression will be to continue growing the suite of products and solutions and staying a public company permits us the runway to make a significant change. We truly feel definitely assured about where we are as a business – we’ve created a trustworthy, large-good quality linked care platform backed by the two biometric facts as properly as an avid and loyal shopper foundation. Our technologies is mature, and we now have to have to use the info learnings and breakthroughs we have been capable to make to pediatric overall health on a greater scale. The up coming action for Owlet is to continue on expanding the items accessible through the platform and going community puts us in the most effective placement to do that.
Jarrett Banking institutions, Editor-at-Substantial