Data room › Section 3 of 8

Business model

High-margin hardware with a subscription attached. One device, one monthly plan, a three-year upgrade cycle. Assistive devices designed solely for use by a disabled person are zero-rated for VAT in the UK, so the price is what the user actually pays.

£1,230Recommended retail price per unit, zero-rated for VAT. The low-vision wearables it competes with sit between £2,600 and £5,150.

£30Per month including VAT, covering AI and GPS updates, new features, warranty and upgrades

62–65%Blended gross margin across hardware and subscription, from a unit cost built line by line from supplier invoices

Four routes to the customer

Disabled Students’ Allowance funding for students in higher education. NHS and charity partnership pilots. Direct sales through the website and accessibility events. An ambassador and channel network for reach beyond that.

Why the niche is defensible

Apple, Google and Meta have confirmed the AI eyewear category, but they are building for the mass market. None of them is designing for the 295 million people who cannot see the screen. Mavis is built from the lived experience of the community it serves.

Path to profitability

This round covers the remaining cash trough of roughly £399,000 and takes Mavis to EBITDA-positive trading in 2028 and cash-flow-positive trading in 2029. The 2026 position is already funded by the first round, grants and R&D tax relief.

The financial model

The six-year model — unit economics costed from supplier invoices, break-even analysis, cash flow, headcount plan and exit scenarios — is in the Documents section for shareholders, or available on request to qualifying investors.

What each unit earns

Costed unit cost of £199.78, built from 146 priced line items and corroborated by an outsourced PCBA quotation of £99.29 per unit at 200 units (Shenzhen Longshenghui, April 2026). That gives a hardware gross margin of 84% before commission, and a contribution of £631–£692 per unit after a 20–25% blended ambassador and channel commission and a 3% refund and warranty provision.

Subscription economics

£30 a month including VAT is £25 net. It costs £5.49 to deliver — £1.49 for the SIM and £4.00 for AI inference — a 78% gross margin. The plan assumes 80% of units take the subscription and 5% annual churn. Hardware stays the majority of revenue throughout: 94% in 2027, 77% by 2031.

The market

295 million people, and a category Big Tech has just validated

Apple, Google and Meta have put more than $10B into smart eyewear — for the mass market. Nobody is building for the people who cannot see the screen.

295M+People with sight loss globally

£14.2BAssistive technology market, 2023

8.5%Annual growth rate (CAGR)

£23.7BProjected market by 2030

Where we go first
Region	Blind / partially sighted	Low vision	Priority
United Kingdom	360K	1.7M	Primary
Europe	7M	23M	Phase 2
North America	2.1M	12M	Phase 2
India	9M	70M	Phase 3
MENA	3.1M	54M	Phase 3

Competition

A comprehensive solution at a fraction of the price

Zero-rated for VAT, so £1,230 is what the user actually pays.

Feature	Mavis	IrisVision	eSight	NuEyes	Ray-Ban Meta	EnVision
Navigation & obstacle detection	✓	✓	✗	✓	✗	✗
Text to speech	✓	✓	✓	✓	✓	✓
Object recognition & description	✓	✓	✓	✓	✓	✓
Emergency audio / video call	✓	✗	✗	✓	✗	✗
Custom applications / modules	✓	✗	✗	✗	✓	✗
Surface analysis & measurements	✓	✗	✓	✗	✗	✗
Made for blind & visually impaired	✓	✓	✓	✓	✗	✓
Unit price (RRP)	£1,230	£2,600	£5,150	£3,995	£379	£528