What kind of company is LOOMIA?
We are a technology company creating innovation in smart products and data services secured through blockchain technology. We connect consumers and companies in a mutually beneficial and seamless exchange.
ABOUT OUR TECH
The LOOMIA Electronic Layer (LEL) is a soft, flexible circuit that can be embedded into textiles, that moves like a piece of fabric, but acts like a circuit board. LEL’s can perform functions such as heating, provide lighting, and sense/transfer data. The thin layer of circuitry can be bonded to everyday objects such as clothing, car interiors, handbags, and office furnishing to bring functionality to everyday objects by collecting data from consumer habits, including frequency of wear, location, level of activity, and temperature.
Why Now?
Market researchers and industry shifts increasingly support the concept that Data is not only the new oil, it is also the new currency. Beyond that, we see an exciting opportunity to solve fashion’s 100B dollar problem around inventory and product rollouts through providing dynamic data that can inform the next product cycle. As brands try to stay in front of the pack predicting trends, LOOMIA Tile can give accurate product data that brands can use to perfect their strategy. From end to end, LOOMIA’s LEL can provide individual ID’s per garment, which could be dynamically tracked from make to the point of sale, and after it reaches the customer’s hands, continue to understand product use, performance, closing the loop on what is now a large gap in knowledge from a user feedback standpoint.. An added potential use we are excited about is anti-counterfeit benefits LOOMIA TILE could provide both brands and buyers.
How can brands benefit from LOOMIA TILE?
Right now, when a product leaves the store, brands and manufacturers have no real way of understanding how that product performs in the real world, what the user experience or interaction is. But brands want to understand their customers, which is why they spend millions and millions of dollars through disjointed channels such as surveys, focus groups, reviews, and even prowling social media for insights. With LOOMIA Tile brands get comprehensive reports that aggregate data from all users that match its request to make informed decisions on new products, sale promotions, inventory levels and more.
What is the LOOMIA Data Exchange?
LOOMIA’s Data Exchange is being designed to operate concurrently in an ecosystem that allows users to collect data and sell it to brands and consumer research firms. Simply put, when a brand requests some specific type of data, it flows through the network reaching all users with the amount it will be paid on fulfilling the request. Each user’s app will reply with the data if it meets the user’s threshold requirements. In exchange for their data, users get TILE Tokens deposited into their wallet in the TILE application. Another way to think of it is matching buyers with sellers. Let’s say a Brand wants all weather data and use on leather jackets from the northeast for a specific amount of TILE tokens. Any user who has agreed to sell that data for that garment at that “price” will have that bid matched, and the exchange of tokens for data happens automatically on both sides.
What do consumers stand to gain?
On the user side, there is a strong drive building to control access and derive value from your data. Consumers are smart, and increasingly want transparency and control over their information. This creates a meaningful marketplace of peer to peer exchange that improves products, incentivizes using data for currency that can then be used for future product purchases or unique experiences brands design. Incentives are TILE tokens for the data they choose to sell. These may be convertible into other digital currencies or used across brands on the LOOMIA Platform. It’s a nice closed loop!
How safe is the technology?
The LOOMIA LEL is ROHS compliant, primarily made in the USA and is safe for skin, and nontoxic. Naturally, it conducts, because it has certain metals, like silver, which is commonly used for medical purposes. You are in no more danger from a materials standpoint than the metal on your zipper. We take the extra step to add specialized insulation on the layer that adds, even more, user safety. Our LEL is a removable layer, insulated in a way that makes it removable when a garment reaches the end of its use. As we grow, we intend to work with brands to establish a recycling process, which is something we will determine over the time. We aim to build a structure that is sustainable.
