C2Sense gas sensing tech
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C2Sense is a company that develops gas sensing technology to generate recurring subscription revenue from industrial customers. Their small, accurate, and affordable sensors monitor factors like yield and freshness in the poultry and food industries. They have received $5M in investments and $1.5M in non-dilutive capital to launch commercially in the food industry in 2017 and poultry industry in August 2017, with plans to expand to industrial safety applications in 2018.
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C2Sense gas sensing tech
- 1. A sense of smell FOR THE DIGITAL WORLD Phoebe Kwan, VP Business Development
- 2. an Industrial IoT company that generates recurring revenue using proprietary gas sensing technology to anchor subscriptions
- 4. simple, Affordable, PATENTED, small, and accurate OUR Special Sauce
- 7. Fruit Storage Case Study 2 and first Sales
- 8. Product Rollout $5M investments and $1.5M non-dilutive capital received to date Fall 2017 Commercial Product Launch in Food Industry August 2017 Product Launch in Poultry Industry Q1 2018 Qualifying Tests in Industrial Safety Q2 2018
- 9. CEO Found erA c a d e m i c Co- Founder J A N S C H N O R R T I M O T H Y S W A G E R E R I C K E L L E R MEET OUR PEOPL E. B o b D e a n s P h o e b e K w a n VPP r o d u c t D e v e l o p m e n t VPB u s i n e s s D e v e l o p m e n t Scienti stR & D M a n a g e r J o h n G o o d s
- 10. TO MEET OUR AMBITION S, WE WILL CONTINUE TO INVEST IN TALENT.
- 11. A sense of smell FOR THE DIGITAL WORLD Phoebe Kwan, VP Business Development
Editor's Notes
- Good morning. Thank you for giving me the opportunity here today to share our story. One of the biggest challenges for the digital world is to feed it with relevant, real-world information. Without that connection to the real world, even the smartest algorithms will be rendered completely useless. By now, we have gotten quite good at digitizing some type of information, like temperature and humidity with smart thermostats. We have also made tremendous stride in digitizing the sense of sight, with digital images, and the sense of hearing, with digital audio. But connecting the world of smell to the internet of things remains elusive. Most gases are invisible, and they come with a complex mixture of compounds, and current technologies and sensors have a tough time handling this.
- We are here to change this. My name is Phoebe Kwan, and I am the VP of Business Development at C2Sense. C2Sense is an Industrial IoT company that uses next generation, proprietary gas sensing technology coming out of MIT to capture real-world information. And we make this information available to our customers through a subscription model.
- Let’s look at our first two markets. The food and ag industry has a huge problem with the enormous amount of food waste every year. This cuts deep into the already razor-thin margin, not to mention, it also creates a serious societal problem. Our sensing platform helps our customers in this industry get better yields, and deliver fresher products to their customers. In the industrial safety market, our customers can use our portable or wearable sensors as real-time, connected alarm to protect workers from toxic gas exposure in the work place. When it comes to gas exposure and safety, every minute, ever second counts. Having come from the chemical and material industry before joining C2Sense, I have witnessed situations where by the time the exposure was known, it was already too late for the workers. So timely information provided by C2Sense could be a first line of defense for workers’ safety. Food supply chain: $2.5BN (from McKinsey) in transport; $0.5BN consumer fridge market; estimate food supply chain based on previous slide ($3BN) plus additional opportunities. BCC Research: Toxic gas sensors: $1.74BN 2015, $2.925BN 2020 MEMS chem sensors: $1.39BN 2015, $2.63BN 2020 Other chem sensors: $.615BN 2015, $1.015BN 2020 Sum (2020): $6.57BN, assuming 75% addressable by C2 tech platform: $4.9BN BCC Environmental Sensing global markets: $5.2BN 2014, $6.6BN 2019 McKinsey: THE INTERNET OF THINGS: MAPPING THE VALUE BEYOND THE HYPE (June 2015) estimates all by 2025 Health and safety management with IoT: $3BN-$29BN (p. 75), $640BN in costs in 3 sectors, 10-20% adoption in O&G, 25-80% in mining, up to 20% in construction; 10-20% decrease in health and safety costs Damaged goods in package (e.g. fresh food but also electronics) cost ca. $5BN/year; damage could be reduced by 50% with smart packages (p. 97) Cities: air and water monitoring: $403-693BN, value of lives lost to pollution: $7.6TN/year, 15% reduction (p. 89) Companies spend $1.5TN on trucking in 2015, $2.5TN in 2025; 17% improvement in efficiency could generate $254-$460BN benefits (p. 95) “Low-cost, low-power hardware The cost of components and computing power must continue to drop to make IoT applications cost-effective. Today many applications are technically solvable, but the high cost of components such as sensor nodes (with communications and power supplies) makes implementation impractical. However, the declining costs of microelectronics should make critical components more affordable. For example, the cost of semiconductors on a per-transistor basis has fallen by 50 percent in the past three years, while the cost of MEMS sensors has decreased by 35 percent (Exhibit 28). Sensor nodes not only need to be low-cost, but in many remote applications where they cannot be connected to electrical service they will also need to consume little power. Long-lasting batteries and local power sources (low-cost solar panels) can enable many IoT applications, such as monitoring remote equipment. Low-cost, low-power sensors are also needed in applications such as precision agriculture, where many sensors are necessary for monitoring soil moisture. The cost of RFID tags also must drop more to make them practical for tracking low-value inventory in retail, manufacturing, and shipping. EPCglobal, the standards body for the RFID industry, has set a goal to reduce the cost of an RFID tag, now 15 cents, to five cents. Another example application awaiting lower-cost sensors is the smart bandage, which would use disposable humidity sensors to alert patients and caregivers when a wound is not healing properly.”
- Let’s take a look under the hood. This is a photo of our sensor chip, which you can think of as the heart of our solution. We developed this at MIT, and we are really excited that MIT has granted us exclusive license to 11 patent families around this technology. As you can see here, the sensor chip is very simple, it is cost effective to product, is very small, and can be tailored to sense different gases. But most importantly, we design our chips in a way that can handle complex gas mixtures around us much better than existing technology.
- If the sensor chip and the chemistry is the heart of our platform, then the device represents the body that houses the chip and the guts, and protect them from whatever harsh conditions we are monitoring. The device collects the raw data from the sensor and sends it to our server. You can think of our proprietary algorithms as the brain of the platform that sits on top of everything. It processes the raw data and communicate useful information, such as gas concentration, to our customers. Our customers can download the information, use an API to integrate it into their existing processes, or they can simply whip out their phone or tablet and view the real-time data wherever they are, whenever they need it.
- Let me show you a couple use cases. This is a picture of a chicken grow out house. About 25,000 chickens live in this house for 5-7 weeks while they grow. Imagine the enormous amount of waste generated by this many chickens during that period. The accumulated waste generates ammonia, and can reach dangerously high level without proper ventilation. This is a huge animal welfare issue. High ammonia level is associated to a host of respiratory, eye and skin diseases in chickens, which can lead to high mortality and stunted growth. And this directly translates to economic impact, to the tune of $0.5-1Bn of losses each year in the US alone. Our sensors are currently undergoing qualifying tests on a farm in Georgia. Our information will automatically control fans to flush in fresh air when the ammonia level is too high, or alert the farmers when to clean out the barn.
- Here is another example. This is with our first customer who recently purchased several hundreds of our systems and deployed them in their apple storage facilities across the US, Canada and Europe. Our sensor monitors the air in the storage rooms let folks know when the apples are getting ripe, or are ready to be shipped and sold. This is much more accurate and intelligent than first-in-first-out. Additionally, we also help them monitor their proprietary treatment process that extends the shelf life of the apples from 2-3 months to up to a year. They use our technology to make sure the treatment process is working as expected.
- It has been a very busy few months for us. As I mentioned earlier, we launched our first product a couple months ago. Shortly after, we closed a $3.2MM round led by the Engine, a fantastic new fund out of Boston, and the first fund that is officially supported by MIT. Early next year, we plan to have our first sale in the poultry industry, then will move towards our second product, a portable unit for worker safety. We are also in discussion with other partners and customers in other industries and markets. So we have an exciting few months ahead of us.
- Our CEO, Jan Schnorr, who unfortunately is not here today, started C2Sense with Eric Keller and Tim Swager from MIT. Tim was the Ph.D advisor for both Jan and myself, and he comes with over 30 years of experience in sensing.
- Of course it takes more than just a handful of people to build a great team and a great company. Today, we are 15 people strong, 10 of us being full-time, with a diverse background in chemistry, engineering, design, software and business. We are very blessed to have a very support group of investors and advisors who help us along the way.
- C2Sense is creating a sense of smell for the digital world with endless possibilities for the Internet of Things. I am looking forward to meeting many of you after this talk and to exploring some of the possibilities. We are C2Sense, and thank you very much for your time.