App/tech business of the week ~ Formalytics

What? ~ Formalytics enables soccer players with a smartphone to film their kicks and become better players through the feedback received. The technology allows users to master a knuckleball, dip ball, curl ball and penalty strike.

More than 1 billion people play soccer worldwide, and rival products such as the Adidas Smart Ball are out of the price range of most people. Formalytics turns every soccer ball into a smart ball.

Where? ~ Currently in a private beta mode with several hundred users, Formalytics is planning a commercial release on iOS and Android for June 2017. Sign up for beta access at www.formalytics.io

Who? ~ Formalytics has six full-time team members and four advisers.

Co-founders Andrew Hall, Holly Ade-Simpson and David Budden. Others include Tom Riordan (marketing manager), Tre Kani (computer vision), Marcel Van Workum (GPU architect), Sam Kim (iOS engineer) as well as directors Matt Macfarlane (Yuuwa Capital), Grant Etherington and advisers Andrew Ellerton, Tim Brewer and Drew McInnes.

Quote ~ “There aren’t any widely accessible and affordable ways to quantitatively measure individual performance across a range of soccer skills. (Before Formalytics) players needed to visit a sophisticated multi-camera setup typically only available to professionals in a dedicated laboratory. “ co-founder Andrew Hall said.

$ / News ~ Formalytics raised approximately $500,000 late last year. A further raising is expected in mid 2017. Currently, the product is being completed prior to launch, with a focus on the English Premier League market. A base product will be free to use, with revenue flowing from upgrades and sponsored filters (similar to Snapchat). Estimated annual potential revenue of this market exceeds $500 million.

Formalytics is planning to launch by June 2017 and is ranked #1 by startup date on BNiQ list of startups

https://www.businessnews.com.au/Company/Formalytics