Tuesday, January 4, 2011

The Pitch

AquaVenture sees underwater exploration potential

By Lynette F. Cornell

AquaVenture WaterCrafts LLC
Headquarters: Salem, N.H.
Phone: 603-231-4611
Email: info@aquaventurewatercrafts.com
URL: www.aquaventurewatercrafts.com
Founded: 2007
Employees: 2


In the company’s own words:
“AquaVenture WaterCrafts is the designer and manufacturer of the SeaBird towable, two-person submersible, promising a new paradigm in underwater exploration and marine recreation. SeaBird’s joystick controls permit travel nearly straight up, straight down and through 360-degree rolls. Though SeaBird can maneuver like an advanced fighter aircraft, it is stable enough to transport even the faint of heart to its maximum depth of 150 feet in slow, docile motion.”

The technology:
AquaVenture WaterCrafts has developed a personal submarine that uses a towing rope rather than on-board motor to navigate through the water. The launch product, the Seabird, can be towed behind a motorized watercraft using a cable up to 300 feet long for speeds up to 25 miles per hour underwater. Thrusters help keep the sub suspended in the water when the towing vehicle is not moving. Additional developments will include sonar technology to provide audible collision warnings. The company also has a design for an adaptive version of the sub that would have a specialized joystick between the pilot’s knees so that the sub can be controlled entirely by either hand. The adaptive sub would be targeted toward the market of returning veterans coming with significant disabilities as a means of therapy to help them cope with the physical and emotional challenges of recovery, said Maurer. The company is hoping to produce a few subs at cost and is looking for individuals or organizations interested in helping raise funds to pay for one or two submersibles to be used by groups that assist disabled veterans.

People behind the company:
Richard Maurer, president, is a former U.S. Air Force B-1 bomber command pilot and current American Airlines first officer. Robert DeCesare, vice president and chief technician, is a project manager at CAC Mechanical Services Inc.

The plan:
Maurer said the company is focused on developing a manufacturing facility that will support early construction, as well as act as a testing ground for improved manufacturing processes. The company will also work on adapting the business model to maximize both customer value and company profit with plans to grow eventually into a large-scale worldwide manufacturer. The company plans to begin production in summer 2011 with an estimated retail base price of $115,000 for each submersible.

The pitch:
The company is currently seeking business partnerships with vendors of marine electronics and other marine components, software and composite suppliers. The company is also looking for marine retailers who may be interested in becoming distributors and travel industry businesses to partner in a paid referral program.

The market:
The company is looking to tap into a variety of markets, including the marine tourism industry in regions such as the Caribbean. According to Maurer, the company does not have a direct competitor to its product, and consequently, there is not an established market. For comparison purposes, he said, traditional tourist submarines, which typically fit 10-40 passengers, generate annual revenues of $150 million.