Forget walking on water, why not cycle instead? We check out the Manta5 hydrofoiling bike.
Hydrofoil electric bike company Manta5 is looking to raise $10 million in capital to fund the manufacture of its bikes designed to be ridden on water.
The Hamilton-based company founded by Guy Howard-Willis, the founder of retail chain Torpedo7 and 1Day.co.nz now owned by the Warehouse Group, founded the company about eight years ago following the sale of the outdoor equipment retailer.
Manta5 was one of just three New Zealand tech companies exhibiting their technologies at the consumer electronics show (CES) in Las Vegas last week.
The company took five staff to the show, where even the smallest stand costs US$4000 ($5700). It also brought along three of its $7490 Hydrofoiler XE-1 bikes - one for its stand and two for journalists to trial at a nearby lake.
Greg Johnston, chief executive of Manta5, told the Herald that the company had plans to create other models of water bikes, manufactured in part in Taiwan, including tandem models and others designed for surfing and the resort market.
A CES first-timer, Manta5 has been inundated with attention at CES, garnering a lot of media attention. Last Tuesday it was one of five companies trending at the event which attracts more than 150,000 people each year and about 4500 companies with exhibits.
"Being the world's largest innovation/tech trade show, CES presents an amazing opportunity for Manta5 to cement ongoing relationships within the US" Johnston said.
"CES is ideal for distribution talks. Although we are currently selling directly to the consumer, there are a number of great connections we will follow up with should we choose to introduce strategic distribution partners in the future."
The company's bikes were delivered to pre-sale customers for the first time ahead of Christmas. Most orders went to the United States and about 40 to New Zealand.
Above the water the product is a waterproof electric bike with pedal assisted technology that can be adjusted. Below the water, the bike is similar to a plane with hydrofoil wings and a propeller. On high-assist it will last one hour on the water and the detachable battery - which lasts up to 60 minutes - can be recharged in full in three hours.
It can travel at a top speed of 13mph, and has a cruising speed of between 5-9 mph.
Johnston said Manta5 had sold hundreds of the bikes and had already sold out of its latest pre-sale round, scheduled for delivery in May.
Greg Johnston, leads a team of 10 people at Manta5. Photo / Supplied
The company had received lots of interest from the super yacht and hire markets, among high-net-worth Kiwis, as well as interest from all over the world.
It is already working with some resort and hire operators in New Zealand and "prominent companies in the US", which could not named.
"Initially, because we had such overwhelming demand, we utilised a pre-sale strategy where people would put a 10 per cent deposit down ... we will scale up our mass production until we get to a point where we can hold stock, and we've got thousands of distribution inquiries from around the world, so [the next step] is whittling that down and working with partners so that we can have holding stock and running demos," he said.
"We're looking to have central distribution in the US and another in Europe."
The concept for the company's bikes was literally dreamt up. Howard-Willis had a dream one night of pushing off from his pontoon in Pauanui and riding out on to the water on a bike-like object, riding next to dolphins. He woke up the next day and got started on making the vision a reality.
It took about two years to develop the final prototype and first went on sale two years ago on pre-sale. Those units were delivered in December.
The company was funded by Howard-Willis in its first two years and has since received capital from local investors.
This year it will raise a series A round of funding to secure $10m in May. It plans to use the capital to scale up stock, for marketing and to grow its team.
The US is Manta5's largest market, followed by Europe. The bikes have proven particularly popular with buyers from California, Florida, Texas and New York, Johnston said.
"Our vision is to become cycling's new frontier, just like the mountain bike industry has downhill and cross-country mountain bikes, we want to create a suite of hydrofoil bikes. We see ourselves as having one that is for the resort and hire market, a racing model that's manual, and innovating on a surf model."
Manta5 hopes to have a second model on the market within two years.
