PogoTec, which makes electronic wearable devices with an embedded point-of-view camera and augmented reality system, is preparing for a listing on the the Nasdaq stock exchange.
The U.S.-based company has announced that its initial public offering of up to $32 million has been validated by the U.S. Securities & Exchange Commission and that it has filed a Nasdaq Capital Market application to this end. PogoTec will also be using fundable.com to crowdsource the offering.
Set up in 2014, PogoTec's core initiative is to enable the development electronic wearable devices with a special application for eyewear. It started shipping its first products at the end of last year.
Two of them, PogoTrack and PogoLoop, are designed to attach electronic wearable devices to eyewear, while another PogoCam device, launched in November 2017, is described as the world's smallest and lightest camera that can be attached to a pair of glasses. It allows users to capture photos and high-definition video with audio from their point of view. PogoCam won first place in the wearables category in the IHS Market Innovation Awards at last year's Consumer Electronics Show (CES) in Las Vegas. It was the subject of the 2017 Gold Stevie award for New Product or Service Introduction of the Year.
As of Jan. 31, 2018, The company has shipped approximately $814,000 worth of products, selling over 6,000 units of PogoCam in the U.S. Approximately 4,500 units were sold through its e-commerce site and Amazon.com.
Another 1,360 units were shipped through ClearVision Optical, and 200 were shipped to Ritz Camera, a big-box specialty retailer. It has licensed PogoTrack to three eyewear producers: ClearVision, FGX International and Argus Vision.
PogoTec noted that it has already garnered interest from over 232,000 organic followers on its social network pages and its email database.
The management said it is looking to expand this year the number of accounts through which PogoCam will be sold to include traditional brick-and-mortar retailers, other big-box retailers and more optical retail shops and specialty stores in the U.S. It will also be looking to sell PogoCam in Europe through its e-commerce site and local retailers. It will be selling PogoCam in China through Alibaba.
PogoTec's future product development focus is on augmented reality and wireless power, banking on several patents already granted in the U.S., Taiwan, Australia, the European Union and China.