The round

Terms

Use of funds

What it funds

The model needs about £365,000 to trade through 2027 and roughly £480,000 to reach the cumulative cash low point at the end of 2028, before grants and R&D tax credits, so £500,000 covers it with headroom — around 16 months of runway at the 2027 burn rate. EBITDA turns positive in 2028 (1,800 units against a break-even of about 1,830) and operating cash flow in 2029. The 2026 position is already funded by the first round, grants and R&D tax relief. No further capital is required to reach profitability; a £2M Series A in 2029 at a modelled £8M pre-money funds international scale and is already in the dilution figures below.

EIS protects the downside

For an additional-rate taxpayer investing £100,000: 30% income tax relief brings the net cost to £70,000; if the company failed, loss relief at 45% returns a further £30,150, so the maximum at risk is £30,850. Gains are tax-free after three years and the shares qualify for inheritance tax relief after two. Illustrative only — EIS relief depends on individual circumstances and HMRC rules, and this is not tax advice.

Forecast and returns

The six-year model forecasts £22.4M revenue and £5.55M EBITDA (25%) in 2031 on 14,000 units sold that year (30,000 cumulative) and 21,769 subscribers, with about £5.2M of recurring subscription revenue. At the base-case 12× EBITDA multiple (strategic med-tech median 12.7×, August 2026 benchmarks) that is a £66.6M exit and a 21× money multiple to this round, stated after dilution from the modelled Series A, which takes this round from 20% to 16%; the 9–15× sensitivity range gives £50–83M and 16–27×. The most likely route is a strategic acquisition by a med-tech or assistive-technology incumbent in five to seven years, with a private-equity sale (four to six years, on 25% EBITDA margins and recurring revenue) and an IPO (seven to ten years) as alternatives. The point of maximum value to an acquirer is 2028–29, with sales scaling, EBITDA turning positive and 17–18 years of patent life remaining. These are forecasts, not guarantees.

How to invest

Next steps are a call with David (founder) and Clint (chairman), a visit to Vulcan Works in Northampton to see the glasses built, then the financial model and data room. Register as an investor and David will approve your access, usually within a working day. In the investor portal you can download the financial model and documents, then request the amount you have in mind. You will receive the term sheet, share subscription agreement and deed of adherence to sign electronically, then a share certificate once funds are received and the shares are allotted. Existing shareholders can request to invest and follow their investment in the same portal.

Register to invest Shareholder sign-in Email David instead