New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 300 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ventures to tell their story and pitch their idea. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for inclusion in this series.
Company name: PlayGineering Systems
Founder(s): Richard Fomrats and Viktor Kurakin
Headquarters: 72 Mukusalas Str. Riga, Latvia, LV-1004
Website: http://www.playgineering.com
1. What is your elevator pitch?
Playgineering provides cost-effective multi-sport technology for real-time player and ball tracking (without any physical tags), video referee, analytics and media content in one platform. Connected multiple small robotic cameras (patented) and smart tracking data processing provide fully automated game filming (patented) without the need for operators. We lower the costs for generating valuable games data and help to increase revenue for our customers, their sponsors and partners.
2. Problem & Solution
For ages high technology and broadcasting solutions for professional team sports were the privilege of only rich leagues and teams that create only 20% of the market. For the rest of the teams, leagues and even sports the traditional costs ofbroadcasting, real-time player tracking, automated statistics and video refereeing were too expensive to afford. Statistics were usually collected manually with low precision and low level of analytics. Usually sports entertainment content was
created only in post-production or with one handheld camera. Referees use very low level and ineffective solutions for their decision making.
Playgineering’s universal system now provides an affordable solution for lower leagues & teams. Automated player and ball tracking with analytics provide higher precision and requires fewer statisticians (cost saving). Integrated video referee.
Automated filming without operators from multiple angles, layers with data (speed, combinations etc.) visualizations and media mixing on one cost-effective platform. This enables better performance of the team and individual players,
while the entertainment and broadcasting capabilities attract more fans and provide more space for sponsor branding and more revenue.
3. Market – your target market and the overall market
Our main clients are teams, leagues, championships and sport organizations. According to WinterGreen Research, the sports analytics market will reach $4.7 billion globally. Additionally, ReportsnReports says that sport coaching platform market will reach 864 million by 2021.Modules of our new product have already been sold and installed in FRA, GER, FIN, CZE, KOR, CHN, CRO, RUS, KAZ, SVK, LVA, HRV, EST, LIT. More than 200 new sales leads worth >EUR 25m in GER, DNK, FIN, NOR, FRA, FIN, SWE, AUT, CHE, CHN, ITA, GEO, USA, CZE, SVK, RUS, HUN & many other countries with customers such as the Municipality of Paris, KHL, Slovakia Hockey League, France Handball Federation, Czech league & other teams, leagues, federations. Very high demand identified. More than 50 installations on process or already done in 2017.
4. Business Model – how do you make money?
We generate our revenue from selling the product and it`s modules. Subscription to the cloud with scouting and possibility to compare individual performance of the players, review videos & use other functions. Data streaming subscription for sports betting companies & other 3rd parties and sharing of this revenue with sports leagues & federations. Rental service available for championships.5. Management Team – with titles
Richard Fomrats- CEO , Viktor Kurakin- CTO, Alda Brazune- CAO, Valdis Zitars- Sales Director, Sanita Meijere- COO, Anrijs Brencans - CBDO6. Financial Needs: are you currently looking for investment? Have you raised investment already? If so, who are your investors?
Turnover in 2017: 2,1 Million EURThe company has raised 500 000 EUR in 2016 from Imprimatur Capital & private investors.
We are looking forward to raise: at least EUR 3m+ equity by end of 2017 / first part of 2018 to comply with our next strategic steps