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Pitch Deck Teardown: Five Flute's $1.2M Pre-seed deck
- 1. Issue Tracking SaaS for Physical Product Developers Five Flute brings issue tracking and team collaboration directly into the 3D design tools where engineers and designers already work. FiveFlute
- 2. We’ve shipped hardware and software products across industries and we deeply understand the problem space. 15 years of product development, built & managed team of 25+ electromechanical engineers at Cooper Perkins, Led factory ops at Plethora, Developed Hydrow’s flagship rowing machine. 4 Patents. Engineering Director @ Cooper Perkins Head of Hardware @ Plethora MS in Mechanical @ Virginia tech CEO William Burke 14+ years of software development, designed & launched 2 different baby monitors nationwide with Babies’R’Us, developed infant sleep coaching platform in partnership with Johnson & Johnson Co-Founder & CTO @ Rest Devices BS in Mechanical & CS @ MIT CTO Carson Darling TEAM
- 3. Product development Overview Technology Development Is it possible? Product Development Detailed design, reduce risks, meet requirements Mass Production Make it at scale Iterative Product Development Process Tools used Benchtop Prototype Prove that the concept is technically feasible 1-4 months Works-like Prove that integrated functionality is possible 2-5 months looks-like Prove integrated functionality in a believable form factor 3-8 months made-like Prove integrated functionality in a believable form factor using production like manufacturing processes 3-12 months Pilot production Validate the production process 4-6 months Production Full production including supply chain management and change order management Ongoing Support Ongoing updates, improvements, and fixes Ongoing Sketchbook 3D CAD - SolidWorks / Fusion 360 / Catia / NX PCB Design (EDA) - Altium / Eagle Product Data Management (PDM) - Vault / SolidWorks PDM Product Lifecycle Management (PLM) - Duro / Arena Product development is a complex interative process involving multiple disciplines and a variety of tools
- 4. Collaboration in hardware product development is a nightmare - existing tools are siloed, discipline specific, and don’t play well together. Even simple hardware issues require coordination between multiple people working in different environments PROBLEM During assembly a fitup problem is discovered between a PCB and a mechanical enclosure During assembly a fitup problem is discovered between a PCB and a mechanical enclosure PCB Redesign: Electrical engineer fixes IC component model in Altium Enclosure Redesign: Mechanical engineer updates the enclosure heat sink to match the new PCB Design Update: Industrial designer modifies the product surface to accomodate the new heat sink volume Engineering Technician Industrial Designer Mechanical Engineer Electrical Engineer
- 5. Problem Hardwareengineersarelockedintodesigntools(CAD)thatdon’tsupport collaborationorteamwork. Theyareforcedtousehighlyinefficientanderrorproneworkaroundsbuiltfromgeneral purposeproductivitytoolsandsoftwaredevelopmenttoolsthat . don’tmeettheuniqueneedsof hardwaredevelopment CAD StatusQuo-BespokeWorkarounds&SWDevTools We’vefeltthispainpersonallyandwe’vedonethediscoverytoknowthat othersfeelitaswell. Discovery. Whiledevelopingourwebappwe’ve spokenwith50+companiesabouttheircurrent issuetrackingmethodologies. Experience. We’veseenthisproblemfirsthandin20+ yearsofhardwareproductdevelopmentacross consumer,fitness,softgoods,robotics,aerospaceand medical. Thisproblemisindustryagnosticandwidespread. DISCOVERY Redacted Redacted
- 7. Five Flute’s issue tracking platform lives where real work is done PLATFORM Mobile Technicians & in-house manufacturing Desktop Webview Management, non-CAD users CAD Integrated Engineers (ME / EE / IE)
- 8. DEMO
- 9. Integration improves customer experience and speeds adoption Simpler Adoption. By integrating into CAD we show up where engineers already work. To them we’re not a new tool, but rather a new set of capabilities that make their work easier. Customer Experience. Five Flute wins over general purpose tools by connecting directly to the engineering assets that hardware teams develop, providing a rich visual context for team communication and more efficient issue tracking workflows for all collaborators. Stickiness and Defensibility. Our long term advantage is cemented by integrating across the entire product development tool chain. Product Led. Transparent pricing, easy onboarding, great help docs = short time to value. Our core functionality is team communication so every message is an opportunity to convert collaborators to account holders. Mechanical CAD > ECAD > ID > PLM WHY WE WIN
- 10. There are examples of the integration-first strategy paying off massively. What Frame.io did for video, Five Flute will do for hardware product development. video editors 3D design editors FiveFlute INTEGRATION IS KEY
- 11. Our competition is structurally unable to address this niche. CAD Native Connected to engineering data (parts, assemblies, drawings) Siloed Web Only FiveFlute These companies force teams to change their workflow in order to adopt. Redacted Redacted This software is too generic to be effective for hardware development THE COMPETITION ISN’T FOCUSED
- 12. Our market is everyone involved in physical product development. Market Engineers Engineers do daily design work in CAD packages like SolidWorks. Beyond ME’s, Five Flute is valuable for cross- functional teams. Electrical engineers use Five Flute to resolve fit issues with PCBs and industrial designers use Five Flute to collaborate with ME’s. Five Flute: CAD integration + web view Technicians & Support Staff Technicians support design work in the build and test phases and report & resolve issues in actual physical hardware. Five Flute: Web view + mobile Engineering Managers Engineering managers oversee teams of 3-10 engineers and are involved in making daily design decisions. They use Five Flute to understand the status of the project and to manage engineer workloads. Five Flute: Web view VP of Engineering The VPE oversees all design work done by the company. Their primary use case for Five Flute is to get a big-picture understanding of product development status. Five Flute: Dashboard (roadmap) La n d h e re a n d s p re a d
- 13. Our market is everyone involved in physical product development. mechanical enginers electrical engineers industrial designers engineering technicians technical program & product managers $1.95B SolidWorks beachhead market $12B Global opportunity 19.3M Global CAD Users 3.25M Active SolidWorks Users Data Source: https://www.solidworks.com/sw/183_enu_html.htm MARKET OPPORTUNITY
- 14. Inbound and Product Led. We land with engineers and spread across the organization. Lead Mechanical Engineer Mechanical Team Electrical Team Industrial Designers Technicians Technical Managers Awareness & Trust Engage & Inform Onboard & Convert How do we find and engage with engineers? Evergreen engineering focused content - articles, webinars, engineering charts and calculators that help our customers tackle common challenges Partner content: Xometry, Fictiv, & more How do we convert the team? Build the best platform for issue tracking and collaboration - every interaction with the product is an opportunity to convert other team members. How do we land that first engineer? Self onboarding, tutorials, great help docs, short time to value GO TO MARKET
- 15. We’ve already built the foundation of the product and our SolidWorks integration. The next steps unlock cross-discipline engineering ROADMAP Core issue tracking platform Mechanical CAD integration Electrical CAD / EDA integration Product Lifecycle Management integration Launched core issue tracking platform & web view in 2021. Upcoming platform improvementsl k Project dashboardu k Image annotatioŒ k Improved notifications & activity fee‚ k File attachments Integration with EDA software powers collaboration on the interface between electronics and enclosures. Unlocks: Cross-discipline communication between EE / ME / ID Launched SolidWorks integration 1Q2022 Unlocks: Design phase, mechanical engineers & industrial designers Integration in PLM tools allows us to coordinate issues across the full product lifecycle. Duro partnership in progress. Unlocks: Value across the full product lifecycle Ongoing platform improvements Time Launched 1Q2022 Launched 1Q2022
- 16. The focus of this phase is to find product market fit for at least one CAD integration and to build out our marketing & sales infrastructure. FUNDRAISE $XX pre-seed fundraise target focus results Engineering Continued platform development and refinement of SolidWorks add-in Marketing and Sales Build out content that attracts and informs professional product developers. Build out inf rastructure to enable self onboarding and team conversion XX month runway Ending subscriptions: XX Target MRR: XX Forward-looking ARR: XX CAC of XX or less across at least one channel