ChekRite Holdings Pty Ltd - Convertible Notes Offer

Solomons Capital Australia has launched Convertible Note raise campaign for an award-winning asset based software company ChekRite.

ChekRite delivers a digital alternative to paper based inspections and processes to manage safety checks that need to be performed on equipment and/or premises across a wide array of industries. 

The company is already cashflow positive and is proud to call some of Australia's largest companies clients. E.g. CPB Contractors, Black & White Cabs, Downer and Ok Tedi Mining. 

The software allows day to day processes to be completed digitally via its proprietary system and captures structured data which then can be further used to train & develop AI systems for individual firms.

As ChekRite's largest client, CPB contractors (Australia’s largest construction company) has mandated that all of its over 2,000 subcontractors to use ChekRite.

This presents a massive growth opportunity for ChekRite, as they will target these companies directly to make them customers in their own right.

According to Forbes, the Big Data Market will continue to grow and globally the Big Data & Analytics market continues to explode. Since 2011, the market has seen a 500% growth and forecasted to grow at a CAGR of 20% . According to NewVantage Venture Partners, Big Data is delivering the most value to enterprises by decreasing expenses (49.2%) and creating new avenues for innovation and disruption (44.3%). Discovering new opportunities to reduce costs by combining advanced analytics and Big Data delivers the most measurable results, further leading to this category being the most prevalent in the study. 69.4% have started using Big Data to create a data-driven culture, with 27.9% reporting results.

Industries that are most prone to be disrupted are clearly within ChekRite’s target audience.

This is an exclusive offering only available to wholesale & sophisticated clients with attractive funding terms in convertible notes.

Key investment highlights:

• Highly experienced management team (Ex CIO of AXA global) and strong technology team.
• Attractive funding terms.
• If the conversion metrics are not met before maturity, note holders has discretion to receive cash payments with 9% p.a. coupon.  
• Fast growing industry with great potential to benefit further from existing signed contracts

Convertible Note Details:

• Convertible note in Chekrite Holdings Pty Ltd
• Note to convert to when revenue reaches $2.5m turnover (Conversion)
• Capital raise of $2 million with a minimum raise of $1 million
• Note Maturity: 30th Sep, 2024
• Minimum investment of $100,000

Valuation:

• Note will convert at a $20 Million AUD valuation if ChekRite generates $2.5 Million AUD or more in revenue for a 12 month period during the term of the note
• Note will convert at 6 times revenue if ChekRite does not exceed the $2.5 Million AUD figure

ChekRite is an award winning asset-based software company in Brisbane. ChekRite delivers a digital alternative to paper based inspections and processes to manage various safety checks that need to be performed on equipment or premises.

ChekRite was founded to change the way organisations harness the observable information around us, which leads to a safer, more productive and efficient world. Our customers come from various industries, including but not limited to: mining, aerospace, construction, trades, machine and equipment hire.

We were founded to harness the observable information around us for a safer, more productive and efficient world. Remove the need for paper and pen to manually record data.

Allow organisations the opportunity to collect valuable data about themselves, and start harnessing that information to improve safety, processes and efficiency. 

We have created a powerful and easy-to-use platform that exists where paper does not, offering limitless opportunities for  efficiency.

Our products harness the power of the operator to collect more data, more accurately, in real-time, rather than a backend data entry process Using a pay-per-use transaction model, we can allow unlimited users, assets, devices, processes and checklists.

This creates more usable data unhindered by the cost of a subscription based platform. 

Company highlights include:

• Won The Brisbane Lord Mayors Global Entrepeneur Program
• Listed in the Smart100 companies in Australia (placing 23rd) 

ChekRite is in the business of structured observational data capture.

• Standardise the data collected to suit the company language for ease of use.
• Reporting, analysing and updating made easier as data collected are able to be brought into other systems.
• Collect observational data that requires an initial input from humans, instead of identifying from sensory data providing better data quality.
• Reporting, analysing and updating made easier as data collected are able to be brought into other systems.

Next Phase

Once all the data are captured, it will be structured to make it usable across a variety of platforms. The structured data can then have intelligence applied to it, which yields potentially valuable and sellable insights.

For example, no matter what industry and company a Toyota Hilux is being used, we are able to provide insights across how that brand of vehicle is being used everywhere. That is made possible because of the structured nature of the data is uniformly analysed across a variety of industries. 

ChekRite

The world’s easiest to use data capture software! ChekRite lets users undertake inspections, audits and checklists faster and more accurate than they can on paper.

Our innovations have created inspection software that can capture more data than traditional means with no typing.

Using all the features of a digital device such as GPS, camera, and audio recording, we are able to capture more data to tell you exactly what is happening in your organisation. You also have full audit capabilities so you will know what was done, where, when and by who. 

ChekMate

ChekMate is a convenient management tool that allows authorised users to have real-time insight into your business. You can do basic administration of the system and view customised charts on any iOS compatible device.

You can also use ChekMate for our gamechanging issue management system to quickly triage issues that are raised and keep a fully auditable history on them.

ChekTV

ChekTV is ChekRite’s free Apple TV app that enables your business to display customised dashboards that report on ChekRite data in real-time on TV screens throughout your office or areas operations.

Without writing any code, you can quickly create customised dashboards that let you know exactly what is going on with your business.

ChekRite Portal

Accessed from any modern web-browser, the ChekRite portal lets you control all aspects of your ChekRite environment.

Simply build powerful checklists without any programming. Use our flexible notifications system to alert you of customised events via text, email, or even a phone call. You can even automatically file PDF reports created in Cloud Storage systems like Google Drive.

From changing the look and feel of your ChekRite environment to slicing and dicing data. The ChekRite Portal is your easy to use Mission Control.

ChekStore

A curated list of over 10,000 checklist templates for thousands of makes and models of equipment. This allows anyone to quickly get up and running with ChekRite with inspections specific to their equipment.

This also furthers the ChekRite ecosystem by opening this up to OEM’s and third party vendors to create (and optionally sell) content on ChekStore to our customers.

ChekRite Analytic 

A simple yet powerful Business Intelligence platform integrated into the ChekRite Portal to enable users to analyse the data they capture. This also furthers the ChekRite ecosystem by opening this up to OEM’s and third party vendors to create (and optionally sell) content on ChekStore to our customers.

Our revenue model is structured as:

• A pay-per-use transaction based model - which costs between $2 - 40¢ per check depending on volumes.
• Unlimited users
• Unlimited assets
• Unlimited devices
• Unlimited processes & checklists

The goal is to encourage more transactions to gain revenue, rather than high one-off fees. 

We have decided to utilise a pay-per-use method as our revenue model on the basis that the respective model focuses more on data integrity while generating a consistent revenue, in comparison to other models such as an one-time purchase, subscription or freemium fee.

In a subscription fee model, a user/subscriber is encouraged to share the device to others who might not have the same technical competency or human resources, in order to save fees on multiple subscriptions. The result of which, the data that are generated from the subscription model might not be of quality.