Overview

Raised to Date: Raised: $591,361

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Total Commitments ($USD)

Platform

Republic

Start Date

08/28/2022

Close Date

03/20/2023

Min. Goal

$25,000

Max. Goal

$1,070,000

Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    

Valuation Cap

$30,000,000

Discount

0%

Venture Capital Investors:

Future/Perfect Ventures

Rolling Commitments ($USD)

Status

Funded

Reporting Date

03/30/2023

Days Remaining

Funded

% of Min. Goal

Funded

% of Max. Goal

Funded

Likelihood of Max

Funded

Avg. Daily Raise

$2,913

# of Investors

879

Momentum

Funded

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LEXI

Year Founded

2017

Industry

Business Services, Software, & Applications

Tech Sector

EnterpriseTech

Distribution Model

B2B2C

Margin

Low

Capital Intensity

Low

Location

Berkeley, California

Business Type

Growth

Company Website

LEXI, with a valuation of $30 million, is raising funds on Republic. It is an enterprise IoT edge-to-cloud platform that is universal, interoperable, multi-protocol, and intelligent. The platform is used for wireless protocol support and forward compatibility, major ecosystems coverage, and machine learning to enhance UX. The LEXI platform is being deployed into several business segments, including smart buildings, smart homes, smart agriculture, industrial control, and environmental monitoring. Scott Cahill and Deepak Saxena founded LEXI in December 2017. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $1,070,000. The campaign proceeds will be used for IT and cloud, marketing, sales, software development, product, account management, and customer service.

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$2,535,276	$52,116
COGS	$1,636,252	$90,980
Tax	$0	$0
Net Income	$-97,127	$-784,404

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$673,911	$105,073
Accounts Receivable	$1,335,300	$0
Total Assets	$2,145,277	$278,718
Short-Term Debt	$930,440	$396,729
Long-Term Debt	$150,000	$150,000
Total Liabilities	$1,080,440	$546,729

Financials as of: 08/28/2022

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Would you tolerate being forced to buy all your new kitchen appliances from just one brand even though, say, the company that makes your coffee maker doesn’t make a very good refrigerator?

Of course not. But that’s exactly what’s happened. Consumers have to commit to a single ecosystem: Google’s Home, Amazon’s Alexa, or Apple’s Homekit. This walled garden extends to product choices as well, such as Philips Hue, Ring, Nest, and others.

And so, consumers pay the price. Those who dare buy smart devices from more than one brand are stuck with devices that can’t work together. And those who have committed to a single brand have a limited range of products to choose from.

That’s a big problem. And right now, LEXI is the only company that has figured out how to fix it. Its technology — featuring a universal IoT gateway — is truly agnostic. (IoT gateways are often required in smart home protocols. A universal IoT gateway serves a secondary purpose of interconnecting different wireless protocols.)

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