Australian Start-Ups Lure Silicon Valley Money, page-2

Last month, the startup also announced its plans to reverse list on the Australian Securities Exchange (ASX) later this year. Wild Acre Metals (ASX: WAC) is set to acquire 100 percent of Nuheara, making the startup the first wearables company to list on the ASX. The news was announced ahead of major wearables player Fitbit opening up its Initial Public Offering later this week.

Miller told Startup Daily they weren’t actively looking to list on the ASX; rather it was a matter of circumstance. The ASX only had 14 mining IPOs last year, and is expecting fewer this year. With the focus shifting away from the mining boom and towards the tech boom, many shell companies are looking for ways to survive. By acquiring tech companies, mining companies have a chance to capitalise on the growth of the technology sector in Australia.

Miller stressed the company is not out to create another cool widget or gadget. The company’s strategy is not to simply create a product that integrates with, and extends the utility of, existing technology, but to build a platform ecosystem. The vision is, in many ways, similar to that of Apple’s before it launched the first iPhone. Apple didn’t just create a hardware product, it created a platform, allowing developers to then create apps that are compatible with Apple’s mobile operating system.

Similarly, Nuheara’s plan is to reach critical mass and encourage app developers to create and deliver voice-enabled solutions across a range of consumer-driven needs and associated smart devices.