Blendid (1)

Blendid (1)

Blendid builds robotic and artificial intelligence-enabled food automation solutions. The company’s first product, a fully autonomous robotic kiosk, makes healthy smoothies made fresh-on-demand and customized to individual taste and nutrition preferences. Blendid’s kiosks are currently deployed in college cafeterias and supermarkets. The company operates both branded food service locations and licenses its robotic solutions to other food service operators.

Security Type
Crowd Note
Industry
Food & Bev
Min Investment
$100
Location
Sunnyvale, CA
Min Raise
$50,000
Offering Date
November 10, 2020
Max Raise
$5,000,000
Expected Close Date
June 07, 2021
Amount Raised
$462,901
Deal Notes

Offering Type: Side-By-Side (Regulation CF and Regulation D)*

Discount Rate: 20% or 25%

Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount (or 25% discount) to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $50 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

*Accredited investors who invest over $5,000 will invest through Regulation D 506(c) offering on the same terms as the Regulation CF offering.

Use of Proceeds

  • Intermediary Fees
  • Campaign Expenses
  • General Marketing
  • R&D
  • Manufacturing
  • Future Wages
  • Repayment of Debt
  • General Working Capital

Management

Vipin Jain
Co-Founder and CEO
Vipin Jain brings more than 28 years of experience in engineering, business management, and entrepreneurship to the Blendid team. Prior to co-founding Blendid, Vipin was the co-founder and CEO of Retrevo, a company that specialized in using machine learning to change the shopper experience around consumer products. before it was acquired. He went on to become the VP of Sales and Customer Care at Barnes and Nobel NOOK. He Led strategy programs and execution of all sales, strategic partnerships with Microsoft and Samsung, merchandising, operations, inventory, and forward and reverse logistics functions. He holds a Master of Science in Physics and a Bachelor of Science in Electrical and Electronics Engineering from the Birla Institute of Technology and Science, Pilani.

Venki Ayalur
Co-Founder and CTO
Venki provides 25 years of deep technology expertise in market defining and innovative technologies. Before co-founding Blendid, he conceptualized and oversaw the creation of software and hardware products for Barnes & Noble Nook and Motorola Mobile. He is credited with developing the color-based e-reader, overseeing the evolution of Motorola phones, and has been awarded multiple patents in the machine learning and location discovery space. He holds an MBA from the Northwestern University, Kellogg School of Management, a Master of Science in Computer Science from Northern Illinois University, and a Master of Science in Engineering Technology from the Birla Institute of Technology and Science, Pilani.

Vijay Dodd
Co-Founder and VP Engineering
Vijay brings over 28 years of experience in hardware and software product life cycles and a wealth of knowledge and engineering leadership to Blendid’s executive team. Prior to co-founding Blendid, Vijay worked with leading technology companies such as AT&T, Palm, and Barnes & Noble Nook. He acquired his specialty in Industrial & Product Design and innovative ME materials. He holds a bachelor’s degree in electrical engineering from Bangalore University, an MBA from Southeastern University, and a Master of Technology in Systems and Controls from the Indian Institute of Technology, Bombay.

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Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

Key Deal Facts

Has four Blendid robotic smoothie kiosks currently deployed in the San Francisco Bay Area including Walmart, the Market Cafe, the Charlie Brown Cafe, and the Plug & Play Tech Center
Signed an agreement with Walmart to deploy Blendid at its Fremont, California location with intent to expand further
Participated in the Plug and Play accelerator program in 2017
Raised $13.5 million in early stage funding from Benhamou Global Ventures, Plug and Play, Hone Capital, and Partech

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