BiiSafe – Accelerating international growth
BiiSafe helps you keep track of things you need and love. They have already sold over 50,000 units of BiiSafe Buddy in about 30 countries. BiiSafe is now ready to begin their next growth stage and launch the second generation Buddy globally.
BiiSafe develops, markets, manufactures and sells software, accessories and service platforms for security and wellness purposes. The vision of the company is to offer advanced and easy-to-use safety and wellness enhancing products to customers and organisations. Over 50.000 units of the Red Dot design award winning BiiSafe Buddy have been sold and delivered in about 30 countries. Buddy can be used to locate valuable items (keys, wallet etc), to share location, to follow your pet’s movement and to improve corporate security. Exports account for more than 90 % of company’s sales.
BiiSafe has divided its B2B customers in six sub-segments: company and school security (school personnel and company staff), key vendors (car business, real estate industry, locksmiths …), security services companies, insurance companies, corporate gift companies and B2B2C electronics distributors. In addition, BiiSafe sells its item finder, personal safety and pet products directly to customers via its own web shop.
The company has defined its offering to each customer segment, and it offers to each of its customers a one-off service component and a recurring SaaS (or HaaS) component. First reference customers from e.g. school security sector have appreciated the intuitiveness and ease of use of the BiiSafe system. Global mega-trends, especially urbanisation, ageing of population, increased feeling of poor security, digitalisation of services and growth of security sector support strongly the growth potential of BiiSafe.
The three biggest owners of the company are its founders Jouni Suutarinen, Pekka Kettunen and the Gaselli Capital Oy. The company’s structure and processes have been planned and implemented to facilitate rapid up-scaling and global go-to-market. The team is highly international and multi-cultural and has a versatile work experience.
Company’s values are: excellence in customer service, growing together, continuous improvement, and the will to do and succeed.
The company’s future focus is the development of sales, marketing and service platform. The company is seeking rapid and profitable growth in international markets.
Our business & market situation
Product and service concept
BiiSafe’s product and service concept is comprised by the physical hardware and its App and cloud software. The company offers its customers an enjoyable customer experience by combining hardware, mobile application and a cloud service into a seamless entity. The Focal point for the company is the BiiSafe Portal, which has been developed especially to meet the needs of its B2B customers. The BiiSafe Portal will also facilitate management of HR issues that are linked to safety and wellness.
BiiSafe’s flagship product, the BiiSafe Buddy has a design patent and it holds a trademark. It is a small smart phone accessory that improves safety and quality of life. Buddy can be used e.g. to find lost items, to share location, to improve corporate safety and security, to track activity and to follow whereabouts and activity of pets. With Buddy several everyday problems can be solved. The reference customers have specially appreciated the ease-of-use of Buddy and interlinked App and cloud services. Buddy can easily be customised. E.g. buddy can be laser engraved and the sales package can be customised with the company’s brand image. There is also a wealth of possibilities for App branding, customisation or even white-labelling.
BiiSafe offers companies a portal, where it is possible to manage numerous things that are related to employee safety and well-being. BiiSafe’s customers can even build their own businesses on top of BiiSafe Portal service platform. B2B customers can integrate the BiiSafe Portal to be a part of their own business offering, and at the same time they become distributors of BiiSafe’s products. B2B customers can also get significant benefits from the customisability of BiiSafe’s products and services.
BiiSafe sells its basic freemium offering both to consumer customers and companies, but at the same time it aims to build attractive premium value-added services on top of the basic offering. BiiSafe sees a great potential in these premium services, and in the future an increasing proportion of the revenues will come from these services. Branding and customisation of the services is currently the most important value-added service. Over 70% of BiiSafe’s B2B customers buy their products branded. We have put special attention to the cost-effectiveness of customisation in our second generation Buddy.
The safety industry can be divided into three categories: physical devices, software and services. The global size of the industry is estimated to grow from 44 Bn USD(2012) to 129 Bn USD (2019), which accounts for 14.9 % annual growth. The Safety industry grows steadily irrespective of financial cycles and even depressions. The market of physical devices is estimated to grow on average 15.1 % p.a., software products by 25.8 % p.a. and service products by 28.8 % p.a. (source)
The Internet of Things, IoT, is closely interrelated with the safety industry. According to Forbes’ recent article IoT market is expected to grow very substantially during the coming years. Cisco estimates IoT services to face an annual growth of ca. 15.7 %, so that on 2018 the value-added services alone account for a total market of USD 120 Bn. Number of connected devices is expected to almost triple to 50.1 Bn devices by 2020, compared to the situation of 2015. (source)
Next generation products
BiiSafe released the new generation Buddy on the summer of 2016. It contains technology that facilitates a cloud connection via low-power WiFi, ZIGBEE hub or Bluetooth 4.2. connection. Demand for service packages is increasing and BiiSafe can also offer its customers the so called HaaS services (hardware as a service). An example of HaaS is the home security package of Verisure, where monthly fee comprises of devices and service.
For instance, school personnel can send a threat alert to colleagues on an almost real-time basis by using Buddy and a linked cloud service.
Wellness industry is expected to grow steadily, too. Baby-boomers are ageing in all developed countries and the importance of physical activity is increasing. Also the role of companies as the caretakers of their employees’ wellbeing has increased in importance. At the same time, the general feeling of increasing uncertainty and threats is a clear and regrettable trend also in Europe.
BiiSafe is offering products that fit into these global mega-trends and it aims to grow heavily in the global markets. The company’s competitive asset is its strong customisability, experienced international team, modern design as well as continuous R&D and development of user experience based on customer feedback.
BiiSafe has a very international and experienced team. Currently there are employees from five different nationalities. Company language is English. Organisation is described in more detail in the investment memorandum.
CEO, MBA, b. 1972
Sauli Kiuru appointed as BiiSafe’s Managing Director on 4.1.2016. He is one of BiiSafe’s founders, and has previously served as BiiSafe Ltd’s Chairman of the Board since the company’s founding, but transferred to serve as the Board of Directors’ Vice Chairman in connection with the Managing Director appointment. Kiuru has worked in several growth and start-up companies’ leadership positions, serving at the same time as one of the main shareholders in the companies. At the beginning of his career, Kiuru has worked as e.g. KPMG auditor. After that, he served a little over ten years as Barona Group Oy’s CFO during the period of their fastest growth. Wholly owned by Kiuru, Gaselli Capital Oy was earlier e.g. one of the founding partners in Barona Group Oy. Kiuru has extensive board experience. Kiuru currently serves as e.g. Siesta Group Oy’s and Optima Group Oy’s Chairman of the Board.
COO, M.Sc.Eng, b. 1968
BiiSafe’s Business Director. Born in 1968, Jouni is one of BiiSafe’s founders and served as the company’s Managing Director between 2012-2014. During the first years of his career Jouni worked on a number of customer oriented product development projects. Jouni had a ten-year career (1998-2008) at PMJ automec Oyj (later named Cencorp Oyj), where he advanced from Product Development Manager all the way to Managing Director. As Regional Director for a technical wholesaler (B & B TOOLS AB, 2009-2011) Suutarinen was responsible for 10 branch offices and approx. €40M turnover. Jouni’s strengths are managing large and complex issues, strong technological expertise, new business development and strong marketing grasp in everything he does.
CPO, M.Sc.Eng., b.1966
BiiSafe’s co-founder and Head of Product Development since the company’s founding. Founded his first company while being a student at the Tampere University of Technology. Kettunen has worked for several technology companies with development tasks and has more than 20 years of R&D experience in automation, software and electronics. His past jobs include e.g. Development Manager at MoveRoll Oy (2009-2012), Vice President, R&D – Cencorp Oyj (2006-2009), Manager, R&D – Singulase Oy (2005-2006), Director, Technology – PMJ automec Oyj (2004-2005), Product Manager, SW Products – PMJ automec Oyj (2003 – 2004), Manager, R & D – PMJ automec Oyj (1995-2002).
Chairman of the Board, Licentiate in Technology, b. 1954
Chairman of the Board at BiiSafe, nowadays works as a professional board member, investor and strategic advisor to several technology and software companies. Seppo has over 35 years of experience with international companies in the ICT sector. He has previously worked as Managing Director at Tekla Oyj (1998-2003), Deputy Director at F-Secure Oyj (2008-2009) and Oy LM Ericsson Ab (1994-1998), and as Sales Director at Hewlett Packard (1982-1993), as well as a member of the Board of Directors/Chairman at Anilinker Oy, Commit Oy, Fountain Park Oy, AtBusiness Communication Oy, 3StepIT Group Oy and Forte Netservices Oy. He is member of Board Professionals Association (Finland) and FIBAN (Finnish Business Angels Network) – Finnish Private Investors Association, as well as Finnish Software Entrepreneurs Association and a member of the Information Technology Association.
Board member, Senior Advisor, MBA, b. 1971
Senior Advisor, Tuomo is an experienced growth business leader and passionate for innovation. Before he served as BiiSafe’s Managing Director, he has worked e.g. as Managing Director at Movenium Oy and Siesta Group Oy. He has lengthy experience in innovation development and funding e.g. as Senior Consultant for Bgator Oy and Oy Advansis Oy, and as Manager of the Finnish Funding Agency for Innovation’s TULI program. Tuomo feels his life’s work is to develop innovative companies aimed at the international market. A particular interest for him is network distribution and developing web-based marketing. He has experience in international business in the US, Scandinavia and Central Europe.