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FenSens is offering securities under both Regulation D and Regulation CF through SI Securities, LLC ("SI Securities"). SI Securities is an affiliate of SeedInvest Technology, LLC, a registered broker-dealer, and member FINRA/SIPC. SI Securities will receive cash compensation equal to % of the value of the securities sold and equity compensation equal to % of the number of securities sold. Investments made under both Regulation D and Regulation CF involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Furthermore, the contents of the Highlights, Term Sheet sections have been prepared by SI Securities and shall be deemed broker-dealer communications subject to FINRA Rule 2210 (the “Excluded Sections”). With the exception of the Excluded Sections noted above, this profile contains offering materials prepared solely by FenSens without the assistance of SI Securities, and not subject to FINRA Rule 2210 (the “Issuer Profile”). The Issuer Profile may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. Investors should review the risks and disclosures. The contents below are meant to be a summary of the information found in the company’s Form C. Before making an investment decision, investors should review the company’s Form C for a complete description of its business and offering information, a copy of which may be found both here and below.

About FenSens

** Investor Webinar ** 

Join CEO Andy Karuza on Thursday, April 20th, at 2:30 PM EST as he walks through FenSens' offering materials and take questions from investors. 

RSVP required. To RSVP, please visit https://attendee.gotowebinar.com/register/2181287415573567235


The Mission & Vision

Our goal is to make state-of-the-art car technology affordable and easy-to-install for Americans currently missing out on great new car technology due to the cost or complexity of installation. The average American struggles to afford new cars and existing smart car solutions for old vehicles are often prohibitively expensive and complex to install. We want to change that through IoT-enabled smart devices that don’t require the “car guy” for installation.

The Problem

From our experience, new car technology can be prohibitively expensive and difficult to install for the average consumer. Most require a “car guy” to install it for you. FenSens is taking this technology to the mass market by making it wireless, require near zero installation, and by using smartphones instead of LCD monitors. This will not only bring down the cost but also make it affordable for people - people who don’t want to spend 10% to 20% of their vehicle value on one feature, which is what many current solutions require. For instance, 80% of vehicles still lack rear obstacle sensors or backup cameras while many consumers are interested in the technology. This is due to affordability and the lack of easy install. 

The Solution

We have created a smart wireless parking sensor that enables instant hands-free alerts right on the driver’s phone. An app launches automatically on the driver's phone after hitting the included universal QuickLaunch® button. The app provides audio, visual, and vibration alerts for objects in the car's blind spots.

It installs in less than five minutes with only four screws and no wiring - just like any license plate frame. We have several layers of security to prevent theft. The wireless device is powered by Bluetooth technology. It's affordable, reusable,  and doesn't require professional help to install.

We are currently developing a suite of interconnected smart devices for the car and already have three more products in the pipeline with technical feasibility studies and 3D renderings being completed. By using IoT technology we are able to make many of the outdated technologies in a $40B automotive aftermarket more affordable, easy-to-install, and easy-to-use. Furthermore, we are able to tap into an unprecedented amount of big data analytics including safe driving habits, vehicle health metrics, trip details, and more.

Our future business model includes a premium subscription service where customers can call for roadside assistance, launching more car devices, tracking missing or stolen vehicles, and more. Additionally, discussions with several high profile technology and automotive manufacturers are leading us towards unique partnership and acquisition opportunities similar to the strategy executed by Dropcam. 

Product & Service

Our flagship product is the patent-pending FenSens, which makes parking easier and safer. It allows you to SEE (visual display), HEAR (beeps), and FEEL (vibration) nearby objects in your blind spots from the convenience of your mobile phone (hands-free). A smart license plate frame is installed in five minutes or less with four security screws to prevent theft and no wiring required. Ultrasonic distance sensors are used to detect objects in front or behind the vehicle. Bluetooth is then used to transmit the alerts instantly to the driver’s iOS or Android-enabled smartphone device.

The app launches automatically at the tap of the QuickLaunch button placed anywhere in the vehicle. Several other in-car services and apps can be launched from the QuickLaunch Button.  The device itself has a battery life of five months using universal AA batteries. This approach makes the technology not only affordable but also easy-to-install without any professional help and therefore more accessible to the masses.

We believe the competitor solutions cost way more than FenSens when installation is included. From our experience, every competitor outside of Pearl Automotive (which costs way more than FenSens), typically requires an expensive professional to help wire in the device or sensors and requires additional hardware such as an LCD monitor. 

We have four patents pending and three more on the way for new automotive IoT technologies that we would like to deliver to the market next year. One product is a smart app-enabled anti-theft device that will compete against Lo-Jack at a much lower price point; a camera version; and a SaaS button platform for the car similar to Amazon Dash where users can tap for roadside assistance, launch connected car devices, make purchases (like Amazon Dash), and access other services accessible through a subscription plan.


Product Disclaimer: 

*Actual sensor field of vision may vary. Always use your best judgment and check your blind spots while parking.

**Please review and follow local license plate visibility rules or you could receive a ticket.

***Not suitable for every vehicle. Please see FenSens.com for vehicle compatibility. 

Media Mentions

Team Story

When Henry Wong approached Andy with the idea for a parking sensor, they knew that the automotive Internet of Things (IoT) industry had yet to take off and the timing was perfect. The team went on to present and win first place at Startup Weekend. They then began to do research around parking sensors to see if the technology already existed. The team found some shocking statistics. They knew that parking sensors were highly sought after by consumers but what they didn’t know was the scale of problems caused by not having one. Furthermore, they realized the entire $40B aftermarket accessories industry was under-serving the market with products that were overly expensive or had poor overall user experiences. Andy himself realized the last time he had bought an aftermarket accessory that required wiring the accessory sat on the shelf and was never used because it required hours of installation, wiring, or even having to call a professional “car guy” in to help.

Andy Karuza formed a team which included Dan Luong and Mohammad to help develop the first working prototype. Andy enlisted the help of several consultants and team members to fill the necessary talent gaps to finish the product and turn a hobby into an actual business. Andy Karuza was so confident in the business that he dropped everything to move to San Francisco to attend the Wearable IoT World Accelerator. Since then, Andy and the team have been on the road promoting the product and ramping up production. 

Meet the Founders

Andy Karuza is the founder of FenSens and brandbuddee, a true entrepreneur with a current emphasis in technical product development and marketing. Andy is an avid traveler, adventurer, and innovation expert. Andy is a leader in the online and social media marketing community with experience launching startups and helping Fortune 500 companies achieve success.

Andy Karuza

CEO

Andy Karuza is the founder of FenSens and brandbuddee, a true entrepreneur with a current emphasis in technical product development and marketing. Andy is an avid traveler, adventurer, and innovation expert. Andy is a leader in the online and social media marketing community with experience launching startups and helping Fortune 500 companies achieve success.

Notable Advisors & Investors

Kyle Ellicott

Advisor, Kyle is the COO of ReadWrite Labs, one of the world's largest IoT accelerators.

Q&A with the Founder

  • To date, you have generated revenue from pre-order bookings. Can you tell me about that – is that all Indiegogo? How much did you get from Indiegogo? Have you shipped?
    August – November is where we saw the registered Indiegogo campaign. We ran an extended campaign in August so we saw a big spike. This Month (January), we’re going to see ~$7K in ~$10k in sales. Without any marketing, we’re still seeing the sales trickle in. We’ll probably ship in May.
  • I’m seeing a negative number for R&D in November, can you clarify?
    For correct accounting for a grant – grants are netted out of expenses and so the $70k from Arrow electronics is being backed out of R&D in the month of November. R&D – some of that is being baked into COGS – So the $70k will eventually be recognized in COGS. It’s not equity, it’s not debt – so you need to back it out of expenses.
  • What are Indiegogo vs. website sales?
    Everything we are currently selling is being sold through Indiegogo. All of the sales are being done through Indiegogo.
  • I am not seeing cost to manufacture in the financial model, can you clarify
    Because it was done on a cash basis, and we don’t have any costs to manufacture as of yet, COGS are not reflected. When those units are purchased and delivered – we’ll probably back those in and do accrual basis accounting. Based on our estimates, the costs to manufacture will drop to around $31 at scale. We’re looking at around $10-$12/unit for fulfillment including shipping and taxes, etc. We are looking at around $45/unit max for COGS delivered, which is a bit under 70% GM delivered.
  • The Q&A with the Founder is based on due diligence activities conducted by SI Securities, LLC. The verbal and/or written responses transcribed above may have been modified to address grammatical, typographical, or factual errors, or by special request of the company to protect confidential information.

    Investor Perks

    1. Invest $2,000 and get 30% off all FenSens products for life. (Limit three of each SKU per person.)
    2. Invest $5,000 and get free product for life. (Limit one of each SKU per person.)
    3. Invest $25,000 and get free product for life and an invite to our exclusive launch party in Seattle. (Limit one of each SKU per person.)
    4. Invest $100,000 and get a board seat. (Limit one board seat on a first come, first serve basis for this round.)

    It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.

    Frequently Asked Questions

    About Side by Side Offerings
    What is Side by Side?

    A Side by Side offering refers to a deal that is raising capital under two offering types. This Side by Side offering is raising under Regulation CF and Rule 506(c) of Regulation D.


    What is a Form C?

    The Form C is a document the company must file with the Securities and Exchange Commission (“SEC”) which includes basic information about the company and its offering and is a condition to making a Reg CF offering available to investors. It is important to note that the SEC does not review the Form C, and therefore is not recommending and/or approving any of the securities being offered.

    Before making any investment decision, it is highly recommended that prospective investors review the Form C filed with the SEC (included in the company's profile) before making any investment decision.


    What is Rule 506(c) under Regulation D?

    Rule 506(c) under Regulation D is a type of offering with no limits on how much a company may raise. The company may generally solicit their offering, but the company must verify each investor’s status as an accredited investor prior to closing and accepting funds. To learn more about Rule 506(c) under Regulation D and other offering types check out our blog and academy.


    What is Reg CF?

    Title III of the JOBS Act outlines Reg CF, a type of offering allowing private companies to raise up to $1 million from all Americans. Prior capital raising options limited private companies to raising money only from accredited investors, historically the wealthiest ~2% of Americans. Like a Kickstarter campaign, Reg CF allows companies to raise funds online from their early adopters and the crowd. However, instead of providing investors a reward such as a t-shirt or a card, investors receive shares, typically equity, in the startups they back. To learn more about Reg CF and other offering types check out our blog and academy.


    Making an Investment in FenSens
    How does investing work?

    When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by FenSens. Once FenSens accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to FenSens in exchange for your shares. At that point, you will be a proud owner in FenSens.


    What will I need to complete my investment?

    To make an investment, you will need the following information readily available:

    1. Personal information such as your current address and phone number
    2. Employment and employer information
    3. Net worth and income information
    4. Social Security Number or government-issued identification
    5. ABA bank routing number and checking account number (typically found on a personal check or bank statement)

    If you are investing under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.


    How much can I invest?

    An investor is limited in the amount that he or she may invest in a Reg CF offering during any 12-month period:

    • If either the annual income or the net worth of the investor is less than $100,000, the investor is limited to the greater of $2,000 or 5% of the lesser of his or her annual income or net worth.
    • If the annual income and net worth of the investor are both greater than $100,000, the investor is limited to 10% of the lesser of his or her annual income or net worth, to a maximum of $100,000.

    Separately, FenSens has set a minimum investment amount of US $0.

    Accredited investors investing $20,000 or over do not have investment limits.


    After My Investment
    What is my ongoing relationship with the Issuer?

    You are a partial owner of the company, you do own shares after all! But more importantly, companies which have raised money via Regulation CF must file information with the SEC and post it on their websites on an annual basis. Receiving regular company updates is important to keep shareholders educated and informed about the progress of the company and their investment. This annual report includes information similar to a company’s initial Reg CF filing and key information that a company will want to share with its investors to foster a dynamic and healthy relationship.

    In certain circumstances a company may terminate its ongoing reporting requirement if:

    1. The company becomes a fully-reporting registrant with the SEC
    2. The company has filed at least one annual report, but has no more than 300 shareholders of record
    3. The company has filed at least three annual reports, and has no more than $10 million in assets
    4. The company or another party purchases or repurchases all the securities sold in reliance on Section 4(a)(6)
    5. The company ceases to do business

    However, regardless of whether a company has terminated its ongoing reporting requirement per SEC rules, SeedInvest works with all companies on its platform to ensure that investors are provided quarterly updates. These quarterly reports will include information such as: (i) quarterly net sales, (ii) quarterly change in cash and cash on hand, (iii) material updates on the business, (iv) fundraising updates (any plans for next round, current round status, etc.), and (v) any notable press and news.


    How can I sell my shares in the future?

    Currently there is no market or liquidity for these shares. Right now FenSens does not plan to list these shares on a national exchange or another secondary market. At some point FenSens may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when FenSens either lists their shares on an exchange, is acquired, or goes bankrupt.


    How do I keep track of this investment?

    You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement. If invested under Regulation CF you may also receive periodic updates from the company about their business, in addition to monthly account statements.


    Other General Questions
    What is this page about?

    This is FenSens's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity. If the company runs a side by side offering that includes an offering under Regulation CF, you may also find a copy of the FenSens's Form C. The Form C includes important details about FenSens's fundraise that you should review before investing.


    How can I (or the company) cancel my investment under Regulation CF?

    For offerings made under Regulation CF, you may cancel your investment at any time up to 48 hours before a closing occurs or an earlier date set by the company. You will be sent a reminder notification approximately five days before the closing or set date giving you an opportunity to cancel your investment if you had not already done so. Once a closing occurs, and if you have not canceled your investment, you will receive an email notifying you that your shares have been issued. If you have already funded your investment, your funds will be promptly refunded to you upon cancellation. To cancel your investment, you may go to your portfolio page


    What if I change my mind about investing?

    If you invest under any other offering type, you may cancel your investment at any time, for any reason until a closing occurs. You will receive an email when the closing occurs and your shares have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page.