Lumaten LTD
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Lumaten LTD Disrupting the $68bn research sector with a breakthrough platform
  • Sales and Marketing
  • NZ$257,682


  • 51.5% funded

  • 0

    time left

  • 10.0% - 25.0%

    min - max equity offered

  • NZ$500,000.00 - NZ$1,500,000.00

    min - max investment sought

  • NZ$2,895.30

    min investment parcel


More detailed information about this offer is contained in this Offer Document

Offer Document
Offer overview

Lumaten Ltd is offering 172,694 to 518,081 ordinary shares under the following terms:

Executive summary

SHOPPER360 is a breakthrough research platform that predicts shopper behaviour with enhanced accuracy. The platform utilises virtual reality to observe the natural behaviour of shoppers rather than relying on the claimed intentions of consumers.

Developed by a team with decades of commercial, research and technology experience, SHOPPER360 is changing the world of shopper marketing.

The platform has been made possible by ground-breaking discoveries in the world of cognitive psychology and predictive analytics combined with the gaming industry’s latest VR technology.  Research participants wear VR headsets and walk freely inside lifelike shopping environments.  The application observes, measures and records the shopper’s activity every 10th of a second providing highly granular data for analysis.   

Until now, the gold standard in shopper research has been control versus test in-store trials.  But they are slow, expensive, resource heavy and can disrupt store business. SHOPPER360 delivers all the deep insights of real life store studies, but with a new level of accuracy, flexibility and speed.

SHOPPER360 is the ideal platform for marketers and commercial leaders to refine and optimize their go to market strategies.  The research is all performed in virtual environments making it simple to test future innovations without the costs and time delays of real world trials. 

The platform predicts revenue, share and profit outcomes for any in-store strategy including;

  • New product launches
  • Packaging refresh
  • Brand refresh
  • New pricing strategies
  • Changes to store layout
  • Product range
  • Promotions

Unlike real store trials SHOPPER360 presents no operational risk or disruption to regular business.  This enables suppliers and retailers to test truly disruptive initiatives. 

SHOPPER360 identifies causality between the changes in test variables and the outcomes for revenue, share and profit. 

The validity of real world studies are often confounded by extraneous factors.  SHOPPER360 eliminates all uncontrollable factors such as weather, competitor activity and changes in operating environments.

Once a virtual environment has been built for a client, it can be re-used multiple times.  The accumulative data from each study builds richer insights over time, making the platform increasingly useful to the customer.    SHOPPER360 de-risks all new strategy and maximises every shopper touch point. Once the platform is embedded with an FMCG brand owner, or retailer, it will become a highly valued tool. Nothing will go to market without endorsement from SHOPPER360.

It’s a brand-new approach for a brand-new world.


SHOPPER360 combines four platforms: Cognitive Psychology, Virtual Reality, Established Research Systems, and Artificial Intelligence.


Ground-breaking discoveries in the world of cognitive psychology are at the theoretical heart of SHOPPER360. We call on academia to bring a deeper understanding of the neurological processes at work in the shopper experience and to provide robust testing of our theories and systems.


Thanks to the gaming industry, it is now possible to build incredibly lifelike 3D digital environments. SHOPPER360 can model any retail environment and host studies that are totally controlled. We can change outfittings, relays, Stock Keeping Units (SKU’s), pricing, Point of Sale (POS) and environmental elements with the click of a key. The ability to test new and innovative strategy is limited only by the client’s imagination.  We observe the shopper and record every detail of their journey.


The research industry is under-delivering in the shopper space, but it does have strong science and systems that have been refined over decades of practice. SHOPPER360 draws on the best theory, technology and operational systems from the established industry.  This is particularly critical in establishing statistical validity for SHOPPER360 studies, as it gives clients confidence in the veracity of the predictions.


We measure and record the participant’s behaviour every 10th of a second, producing vast amounts of data. A.I. gives us the ability to analyse and compare massive amounts of data, finding connections, trends and causes that a human could not identify. A.I. also looks at all possibilities and considers details or questions that humans can miss.

One of the limitations of quantitative analysis is the answers are only as good as the questions asked.  A.I. machine learning finds patterns and relationships beyond the questions initially asked.  This capability increases incrementally as more studies are conducted.  Ultimately, understanding the causal links between behaviour and outcomes will enable Lumaten to create benchmarks and new revenue streams from the data we own.

Key statistics
Investor rewards
Business model

Having two client engagement models maximises cashflow, mitigates lumpy revenue and supports organic growth

One-Off SHOPPER360 Study

  1. A discrete engagement that could include a base study to understand current shopper behaviour of the target category and refinement of the necessary levers (package design, shopper communications, assortment and layout, pricing etc.) followed by A/B tests to refine the strategy and determine which combination maximises the desired metrics (volume, revenue, share, margin, profit).
  2. Lumaten builds the target category and fixtures and products to go on-shelf. These remain as Lumaten assets and can be re-used in subsequent studies with other clients.
  3. When the study is completed, there is no further client engagement unless they choose to enter a new engagement.
  4. The revenue and GP derived from the study are contingent on the number of A/B scenario tests conducted.
  5. Lumaten is free to operate within the category with other clients after the study is completed.

Subscription Service SHOPPER360 Study

  1. A three-year commitment with an upfront payment and annual subscription renewal.
  2. The client receives category exclusivity for the full three years.
  3. Lumaten builds the target category and fixtures and products to go on-shelf. These remain as Lumaten assets and can be re-used in subsequent studies with the client. Once the assets are built, the ongoing cost of maintaining and refining the platform are minimal.
  4. Lumaten conducts a base study to understand shopper behaviour in the target category.
  5. Ongoing A/B scenario tests will be conducted as strategies are refined.
  6. As the client builds SHOPPER360 into their marketing and commercial validation processes, the use of SHOPPER360 as a scenario testing platform will increase.
  7. Each time there is an engagement and a study, Lumaten charges an engagement fee.
  8. The number of scenarios that are run and tested will increase in years two and three and the revenue will reflect this increase in usage.

The goal of our business development team will be to sign subscription customers. If a customer chooses a one-off study, we will target conversion on completion of that study. This is even more attractive as the fixed cost of the build will already have been incurred. This model is standard practice within the FMCG universe and is used by companies like NeedScope and ACNielsen. The value of a client increases the longer they are using a platform.  Every engagement with the platform is additional revenue for Lumaten.

Milestones & History
  • August 2016 - RUSH Digital appointed technical partner
  • October 2016 - Lumaten Limited incorporated
  • November 2016 – MVP delivered
  • January 2017 – Pilot study delivered for Bulla Dairy
  • March 2017 – IBM invite Lumaten to co-present at multiple events, showcasing SHOPPER360 and developing pathway for IBM Watson AI integration.
  • June 2017 – HTC invite Lumaten to visit head office in Taipei
Strategy & Vision

SHOPPER360 provides customers with a better understanding of shopper behaviour, and stronger influence over in-store outcomes.  By leveraging the power of immersive technologies and cognitive capabilities we enable better shopping experiences for shoppers and greater returns for retailers and suppliers.

Our strategy focuses on three pillars:

  1. Utilising VR and cognitive technologies to enable a deep understanding of the drivers behind shopping behaviour and delivering highly accurate A/B testing to refine any innovation that touches the shopper. We will ensure that our platform and associated processes are standardised, codified and IP protected. Ultimately we will licence the platform and methodology creating unlimited scalability.
  2. Drive deep client engagements to deliver sustainable and repeatable income streams. In the early stages of our development we will focus on proof of concept engagements with clients.  These will be delivered through bespoke one off studies.  We aim to convert all one-off customers to subscription clients with ongoing business. Lumaten will focus on customer lifetime value. The long-term goal is to have quarterly revenue 90% derived from subscription clients.
  3. Establish a strong presence in Asia Pacific and then utilise a licencing model to expand the footprint of SHOPPER360 globally. In the first two years the founders will utilise their networks to establish a strong presence and reputation for thought leadership.  We will then pursue third party licencing and joint-venture arrangements with partners that have a global footprint enabling rapid expansion of our distribution footprint.
Use of funds

Should the maximum of NZ$1.5M be raised, the proceeds of the raise will be allocated as per the table below:

Solidify first mover advantage

  • We will incorporate additional processes and systems into our platform that will enable us to capture changes in cognitive load and use these to measurements to get even more granular data on shopper behaviour further enabling the identification of deeper relationships between how people shop and what they buy.
  • This will further embed SHOPPER360 as a leader in cognitive measurement systems.

Extend The scale of our physical test footprint

  • The physical constraints of the HTC VIVE limits us to running single-category tests in a physical environment no larger than 7metres by 7 metres.
  • By extending the field of test, we will be able to run multiple categories, model entire stores and model the entire shopping trip.

IBM Watson AI integration

  • We currently depend on engaging a research house to provide quantitative analysis of the data we collect. AI will replace much of the expert resource required for this work.
  • Integrating AI into the backend of our platform will provide real time reporting using natural language processing and Watson machine learning.

Working capital

  • Employ business development and production (graphics) resources ahead of demand.
  • Engage a CTO and Chief Research Officer.
Financial summary

Profit and Loss (000s)

Balance Sheet

How my shares will be held

This section is only applicable for investors who invest amounts less than $20,000 into this offer.

Your shares will be held on trust by a nominee company. This allows the company and the nominee directors to help manage communications between investors and Lumaten. Lumaten will only have one name on its share register.

Should there be a shareholder vote, such as on the future sale of the company, change in constitution or other shareholder resolution, the nominee will pass any required resolution to you, the investor to vote on. The nominee will then collate these votes and pass them up to Lumaten.

Where the corporate action (for example a shareholder resolution) requires the nominee to vote shares held as a single block, the nominee may vote the shares in accordance with a majority view expressed by those investors giving timely instructions.

Upon any liquidity event, where your shares are sold as a result of a trade sale or IPO, any funds available to you as a shareholder will flow through the nominee’s trust account to you, the investor. In the event of an IPO, where your shares are not sold but become traded on a public stock exchange, you will hold your shares directly in the company rather than through the nominee company. That is, the nominee will not stand in your way from recognising the economic benefit of a liquidity event.

As a result of offering this service, and through managing the nominee company, Equitise takes a 5% success fee of your profits on any future liquidity event. This percentage will only be deducted from the returns we hope investors will make.

We are happy to answer any questions about the nominee via email to


Executive summary
Target market


Research is a US$68bn global market sector that continues to grow. In 2014 Australia and New Zealand spent AUD$1bn on research.  Of this AUD$650 million was spent in research directly with consumers.

This breaks down into the key areas of:

  • Product Design feedback
  • Consumer Choice Modelling
  • Conjoint Analysis
  • Marketing Program Effectiveness
  • Shopper Studies
  • Qualitative Research


Marketing efforts will be focused on establishing a thought leadership position within the industry.  This will be achieved through a combination of participation in trade shows, publishing, leveraging social media and the development of referential case studies.

The most important element for the expansion of SHOPPER360 awareness will be the experience of clients.  The blue-chip clients that we are targeting as foundation clients all have a global footprint.  The FMCG industry is stable but talent transfer is common and an opportunity to be leveraged.

Therefore, ongoing relationship management will be a critical element for the marketing efforts of Lumaten.


We plan to leverage our existing networks (Founders + Shareholders) to target blue chip FCMG customers in Australia, NZ and Japan to secure initial one-off studies as a proof of concept.

Currently we are in discussions with:

  • Bulla Dairy Australia
  • Unilever Global
  • Kellogg’s Australia
  • Coca-Cola Japan
  • Shiseido Japan
  • Coca-Cola Amatil NZ
  • Goodman Fielder NZ

6 Months Market

The next step is to convert one-off customers to subscription customers, this allows us to engage business development resources to manage ongoing relationships and develop further revenue streams. We will continue to target additional blue chip clients, leveraging increased capability delivered through the capital plan.

Next stage contacts:

  • Coca-Cola Amatil Australia
  • P&G Australia
  • Treasury Wines
  • Unilever Asia
  • Sanitarium Australia/NZ
  • Lion
  • Campbell/Arnott's

12 Months + Market

The long-term plan is to continue converting one-off customers to subscription customers and target new signup of subscription customers. We will continue nurturing ongoing subscription customers and build our capability to around the ratio of one account manager to 6 clients. We will continue geographic expansion of blue chip clients into Asia.

On the back of increased capability delivered by our capital plan we will commence targeting the retail sector.  There is an additional opportunity for retail to monetise the learnings from SHOPPER360.  As they maximise the effectiveness of their shopper environments, they will be able to charge suppliers more for higher returning spaces.

Leveraging our existing retail networks:

  • Z Energy
  • BP NZ
  • Countdown
  • Foodstuffs NZ
  • Aldi Australia
  • Woolworths
  • Coles
Competitive landscape

Potential returns

Lumaten is focused on building a business as a going concern.  The third pillar of our strategy envisages utilising third party licence and JV arrangements to accelerate our global expansion.  The research industry is renowned for using M&A to acquire new capability and new client relationships.

The success of Lumaten as a going concern will maximise its attractiveness to the global players and maximise the value it can extract from a transaction.

Our four-year revenue projections forecast a final quarter revenue in excess of NZD$35m.  Given the margins available from the platform, this creates a very profitable business and an exciting terminal value.

Whilst full modelling of a terminal value has yet to be undertaken, the founders have an expectation that a 10x return on this series A investment is achievable within the next three to four years.

Paul Fitzgerald

See profile
Troy Sugrue

See profile

Lumaten Ltd - Rush Digital contract

Lumaten Ltd - Rush Digital contract


Lumaten Ltd - Shareholder's Agreement

Lumaten Ltd - Shareholder's Agreement (Seed investment round)


Lumaten Ltd - Information Memorandum

Lumaten Ltd - Information Memorandum


The investors below have committed capital to the business in this funding round.

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