'Smart clothes' start-up aims to be a unicorn within first year
Manchester-based tech start-up Prevayl has launched an intelligent textiles and software that transforms everyday clothing into a collection of smart wearables.
The start-up said it aims to be the fastest growing 'unicorn' business in the world, achieving a $1 billion valuation within its first 365 days of trading.
Founded by entrepreneur investors David Newns and Chris Lord, the pair have assembled a team led by businessman Adam Crofts as CEO and pioneering technologist Tahir Mahmood as its director of engineering.
The start-up is also planning to partner with the Graphene Engineering Innovation Centre (GEIC), based at the University of Manchester, to pioneer new sensor technology with graphene for everyday use.
The technology will be able to track multiple different strands of ‘bio-data’, which it will analyse using deep learning.
It aim is to have a disruptive effect on a range of sectors, including fashion, pharmaceutical, medical and insurance, the armed services and police as well as sport, health and IT.
Mahmood has a track record in tech of over 30 years with companies such as Microsoft, Apple, MediaCom, Lloyds Banking Group and Kryolan.
"I'm driven to create technology that makes life easier and better for everyone,” he said.
“From helping to manage health conditions like diabetes and heart problems, alerting users to imminent allergic reactions, or coaching improved sporting technique based on body movements, Prevayl will transform lives, support better health and improve professional performance.”
Adam Crofts, CEO, added: "Putting fashion first, our goal is to create beautifully designed, highly covetable and very wearable pieces, where every fibre is 'alive.
"We're thrilled to be working with internationally-recognised and sector-leading partners to make this a reality in the very near future."
Prevayl said it is currently talking to investors to accelerate the next stages of development.