Simavita hopes its affordable nappy detector will whet investor interest
Smart nappy developer Simavita this week launched its affordable AlertPLUS technology for adult and infant diapers at an international incontinence conference in Texas.
AlertPLUS monitors wetness in nappies through a sensor printed into the diaper material and is designed for everyday use in adult and infant diapers.
Sensors in the nappy are read by a pod which connects to an app via Bluetooth so caregivers are alerted when they need to be changed.
AlertPLUS is part of a “ground up” strategy to cut costs and make Simavita’s products less expensive and easier to use.
Simavita estimates it will cost roughly 1c extra per nappy to print the sensors, with pods last six months and priced at about 1c per use.
So far investors are yet to respond. Simavita (ASX:SVA) shares have lost more than 70 per cent of their value over the past six months, falling from 7.7c in April to 2.1c yesterday.
In a shareholder update issued on Thursday, chairman Michael Spooner said: “We have achieved an enormous amount in a short period of time. Simavita is now exceptionally well positioned to deliver low cost and highly innovative product platforms to rapidly growing markets which are currently valued at over $US21 billion annually.”
High-tech nappies for the mass market aren’t too far off, according to the company, with discussions in the works to license the technology to major manufacturers in North America and Europe.
Simavita made $224,000 in sales last quarter and burned $1.2 million, leaving $1.6 million in the bank.
Estimated costs for the current period are $1.5 million.
The company is raising capital, and reported that more than $1 million in funds had been committed by the end of October.