Nuheara Limited (ASX:NUH) Co-founder & CEO, Justin Miller talks about the launch of IQbuds and its applications
Nuheara Limited (ASX:NUH) is an assistive audio company, hearing related technology. And that hearing related technology we’ve incorporated into a product called IQbuds, which we’ve recently released to market, January this year. And IQbuds effectively allow you to control both your physical and your digital world, in a wireless set of ear buds.
IQbuds are a wireless set of ear buds and they are designed to meet and solve a number of different problems. Some of those problems are as simple as removing the wires, to enable you to wirelessly take phone calls, listen to music. There’s a number of smart features that IQbuds also feature. And they are the likes of our super intelligent noise cancellation, which enables us to dial down background noise and promote conversations. To other things, like hearing augmentation that allows us to overlay both our physical and digital worlds.
And an example of that may be, you’ve gone to the football, you’re pushing the commentary into your ears. You’ve been able to turn down the crowd, but you can still talk to the person next to you. So it’s overlaying these digital and physical worlds for you.
IQbuds launched at CES in Las Vegas in January of this year. CES is the largest consumer electronics show globally, over 200,000 visitors. We actually proceeded to do 3,000 demonstrations, personal demonstrations and fittings of IQbuds, over the course of that trade show. And importantly, we also commenced shipping to our early backers, in early January as well.
Sales this year for IQbuds will initially revolve around us fulfilling our back order, over the first quarter of 2017 calendar year. And as we push into Quarter Two, we’re announcing our retail partnerships. And excitingly today, we actually announced our retail partnership with Best Buy Co Inc (NYSE:BBY), which is the largest consumer of electronics retailer in North America. Excitingly, we’re in our first quarter of revenue, so we’ll book revenues this quarter. And as we push into retail, over the course of the next three quarters this calendar year, we’ll grow that revenue base.
When we launched in March 2016, the product was a prototype. We’ve now got a product in market. We’re fulfilling that through manufacturing of the product and shipping of the product. It’s exciting now to launch into retail over the course of the next six months, and take our product global.
Our focus for the next six months is to really narrow down and achieve retail sales globally. With certifications now achieved globally, we’re starting to ship globally. But importantly, we’re starting to realise that there are other benefits of our technology. And they relate to a number of different hearing health related matters, from simple hearing loss to a more complex situation. Where we’re finding kids as young as eight, using our product in the classroom to solve concentration disorders, such as auditory processing disorder. So there’s a lot of other reasons and areas that we can apply our technology.