Fathom is the future of underwater adventure through an affordable, easy to use, underwater drone.
Fathom, a Techstars 2017 company, is making underwater exploration accessible for everyone, allow everyday people to discover the world in a new way.
One of the co-founders of Fathom, Danny Vessells, grew up spending summers at his grandparents lakeside cabin in Northern Michigan and was told for years about horse drawn carriages and sunken artifacts being at the bottom of the lake. Danny wanted to know if they were actually there, but wasn’t able to do this for two reasons: One, he wasn’t SCUBA certified, and two, everything that would allow him to get there remotely cost thousands of dollars and was highly technical.
That’s when Danny went to John Boss and Matt Gira with an idea to open up this vast, hidden underwater world to anyone with a smartphone through an affordable, easy to use, underwater drone. As a team, they’ve been on a mission to bring this type of exploration and adventure to the world for three years.
In the past decade, aerial drones have become ubiquitous. More than ever, individuals without any prior robotics or aviation background are purchasing aerial drones as a means to achieve and obtain a new perspective. In a world where everyday routines and technology continue to merge, Fathom is offering a fresh way to experience planet earth. Instead of discovering what has already been seen, Fathom plans to take people to places that have only been dreamed of.
We’ve currently estimated the total addressable market to be $50 billion.
Simplifying to make the user experience easy to use and memorable each time, and adaptability with the modularity of the Fathom One.
Success So Far
In the Fall of 2016, the Fathom One was launched on Kickstarter where Fathom received over 400 pre-orders resulting in more than $190,000 in revenue.
Fathom is a team of engineers with a passion for the outdoors and was founded around a simple goal: Create a new way to discover the world. What better to discover than something that has never been seen before? With the Fathom One, the team is using their experience as drone-users, scuba divers, and outdoor enthusiasts, combined with their engineering expertise, to create an adventure like none other, merging tech with the outdoor world so that all you’re left with is a sense of awe in your surroundings as you dive to new depths.
Its patent pending modular thruster system provides more flexibility and adaptability than any other drone on the market, while also increasing the robustness. By removing the thrusters for travel, users can slip the world’s smallest underwater drone into a backpack for a day hike, or a carry-on for a caribbean adventure. Once you reach your destination, set-up only takes a couple minutes and then you’re ready to dive.
If something goes wrong with the Fathom One, rather than sending in the entire drone for repairs, users can simply purchase new thrusters to swap out with the old ones.
Fathom has been featured in BBC, Discovery News, USA Today, Digital Trends, the Observer and many other news outlets. They are a proud member of the Techstars Mobility Class of 2017 and have received investment and support from the program.
There are two revenue models for Fathom. First, direct sales to consumers through e-commerce and second partnering with retailers. These sales channels are the focus for Fathom in the near future with additional potential revenue streams through infrastructure maintenance and inspections in the long-term future.
The team consists of 5 members, with 4 working full-time. Each member has a technical background in some way, ranging from mechanical engineering, to electrical engineering, and software engineering. Additionally, the team has entrepreneurial experience through the Yale Entrepreneurial Institute, the Hope College Entrepreneurial Institute, and the Emerge Xcelerate program which is now a part of Start Garden in Grand Rapids, MI. The team has known each other for 4 years and have been working together for the past 2 and a half, with equity split equally between the cofounders.
As the team continues to grow, they have a unique offering for new talent. Providing an chance for new hires to work on software integrated with hardware, an uncommon opportunity among midwest startups.
Fathom has surrounded itself with great colleagues and mentors from prestigious colleges, universities, accelerator programs, and law firms and are part of the ever growing TechStars network.
Matt has a degree in chemistry, but has extensive business knowledge through his involvement with the Yale Entrepreneurial Institute in 2015 and working on startup companies since 2013. He has been a crucial part to developing the Hope College entrepreneurship program along with running the operations at Fathom. Matt has been developing the current partnerships Fathom has and setting the strategic direction of Fathom.
John has a degree in biomechanical engineering and is the lead engineer in developing the Fathom One, Fathom’s first product. He took the sticky note idea of the Fathom One and made it a reality with his engineering experience. John is also an avid scuba diver and outdoor enthusiast which has helped Fathom develop their first product to meet consumer needs.
Danny has a degree in chemical engineering, and has gained a plethora of experience working in customer engagement for Fathom. He has been the led the development of the community that now surrounds Fathom, and reaching out to potential users to better understand their needs. Danny is an adventurer himself and the originator for the idea of Fathom.
Be a part of Fathom
This is an offering of Common Stock, under registration exemption 4(a)(6), in Fathom Drones Inc. This offering must raise at least $10,000 by January 2, 2018 at 4:00pm ET. If this offering doesn’t reach its target, then your money will be refunded. Fathom may issue additional securities to raise up to $1,069,992, the offering’s maximum.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
102,467 stocks × $49.50 per stock = $5,072,117 implied valuation
The purpose of this offering is to be able to ship the first units of the Fathom One and fully get to market. The use of funds will be going towards tooling, initial inventory, and operations.
These financial statements have been reviewed by an independent Certified Public Accountant.
- Making underwater exploration accessible through an affordable, easy to use, underwater drone
- A TechStars Mobility company
- Currently in the manufacturing process for shipping our first units, including over 500 preorders.
Fathom’s SEC filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
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Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
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The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.