What we have done with the capital, the plan for the next phase, and what it is set to return.
Nicholas Rose, Founder
1
Beginning · three years of progress
iO-CO
Three years: from early studio to operational group
Since 2023 the team has expanded significantly, and the work has moved from concept to the edge of market entry. These milestones are the substance behind the numbers.
Three products taken to human trials. From concept, through IP protection and development, to ready for human trials — to generate data and optimise for market entry within 12 months.
A production facility in Jersey. A secure, GMP-aligned site, being prepared to handle Schedule 1 substances and to scale production.
A product & data lab in Jersey. iO-CO CoLab — R&D, IP generation and the data infrastructure.
The team, significantly expanded. Now 11 across R&D, engineering, product design, manufacturing and operations — plus dedicated venture hires.
Protected IP and hardware. 7 patents filed; PCBs designed and manufactured; prototypes built and tested.
The pipeline advanced. Several Idea Bench concepts progressed toward MVPs and a commercialisation path.
2
Beginning · where the money has gone
iO-CO
Where the money has gone
We have raised ~£4.75m across the group since 2023. Broadly, this is where it has gone, verified against the bank statements.
~£4.75m
raised & deployed
People & time — £1.61m 35.8%
Third-party development — £894k 19.8%
iO-CO Lab Jersey — £282k 6.3%
State Mode Jersey lab, hardware & materials — £266k 5.9%
Rent & overheads — £715k 15.8%
Fundraising & finance — £484k 10.7%
IP, legal & professional — £257k 5.7%
Group, 2022–April 2026. Broad split; the full itemised detail follows. Verified against bank statements.
3
Beginning · the detail
iO-CO
The same money, itemised
Every line verified against the bank statements; the named suppliers sit behind each in the master schedule.
People & time
Team salaries (timesheeted, incl. founder)
£1.61m
Team time invested (sweat equity)
£873k
6,554+ team-hours logged (Jul 24–Apr 26)
Third-party development
Product design
£386k
Electronics & engineering
£272k
Manufacturing & machining
£154k
Digital & brand design
£82k
iO-CO Lab Jersey
Lab running, equipment & property
£282k
State Mode Jersey lab
Lab fit-out & hardware
£162k
Materials & consumables
£104k
IP, professional & fundraising
Fundraising fees
£157k
Accountants
£112k
Patent attorneys
£95k
Advisory
£44k
Lawyers
£6k
Overheads
Rent (Ascot + labs)
£259k
Utilities, office & insurance
£149k
Travel
£90k
Recruitment
£56k
Software & subscriptions
£40k
Other / sundry
£121k
Financing · ring-fenced
Intercompany loans & share movements
£327k
Group, 2022–April 2026, verified against bank statements; named suppliers in the master schedule. Financing is ring-fenced.
4
Beginning · what it built
iO-CO
What we own
Sorted into the recognised intangible-asset classes — the basis any IP or M&A valuation uses. Most of the value sits in technology and know-how: the class that is hardest to replicate and slowest to build.
Technology & know-how
7 patent families filed + UK trademark
NESSA — non-equilibrium steady-state architecture
Grow-chamber control systems & gene logic
Formulations & GMP production methodology
Proprietary spore library & cultivated strains
Control software, user apps & firmware
7 filings · 3 platforms · 1 architecture
Product & design
AIROS sleep system — bag, duvet, headboard, pillow
State Mode product, dosing & packaging
Registered & unregistered design rights
CAD, PCB & technical drawings
Tooling & pre-production engineering
4 AIROS products · pre-production
Data
Dynamic Data Lab (DDL) — the Data Trust Exchange
Seven-domain body–brain data model
Proprietary movement & physiology datasets
Test, trial & production reporting
1 platform · 3 data-generating products
Brand & market
iO-CO + venture brands — AIROS, State Mode, BMB, NESSA
Trademarks & domain names
Brand & identity systems
Go-to-market positioning & collateral
UK trademark · 4 venture brands
Classes per the standard intangible-asset taxonomy (IFRS 3 / ASC 805): technology-based, design, data and marketing-related. Filings and registrations evidenced in the IP schedule.
5
Beginning · the asset base by venture
iO-CO
The same assets, venture by venture
Four ventures and the studio platform. The key technologies, named — each at the stage it has reached. This is the work; the value sits inside it.
AIROS Sleep
Pre-production
Sleep bag, duvet, headboard & pillow
Environmental sensing & firmware
Companion app
AIROS patent family
4 products · sensing · app · patents
State Mode
Pre-production · GMP
Proprietary spore library & strains
Growing ingredients & substrates
Grow-chamber control & gene logic
Formulations & GMP methodology
Packaging, dosing & app
Test & production data
6 technologies · GMP methodology
BMB
Prototype · TRL 4→7
Smart instrumented balance board
Closed-loop capture engine
AI movement-scoring models
Predictive Age & Digital Twin
Proprietary movement-quality dataset
5 technologies · 3 patents in filing
DDL & NESSA
IP · platform
Dynamic Data Lab — the Data Trust Exchange
Personal Data Guardians
Active-inference prediction engine
Seven-domain body–brain data model
NESSA architecture (on paper)
Idea Bench — 12+ concepts
1 platform · 1 architecture · 12+ concepts
The physical base — tangible
State Mode lab (Jersey · GMP · ~10,000 users/yr) · iO-CO CoLab (Jersey · R&D, IP & product testing lab) · Ascot studio (UK) · bioreactor, freeze dryers, microscopy, 3D printing, eye-tracking · cash & equipment across the entities
Eight ring-fenced entities: iO-CO IP · iO-CO Lab Jersey · State Mode (UK) · State Mode Jersey · Niteshyft/AIROS · BMB · Dynamic Data Lab · Idea Bench.
6
Middle · the turning point
iO-CO
The constraint we have just cleared
An honest observation, shared with the few I would share it with. The single biggest brake on this business has been the way it was funded — and we have just reached the point where it comes off.
Funded drip by drip. For years the capital arrived in small, irregular amounts. It kept us alive and it kept us disciplined — but it forced hard choices. We protected the essentials: the IP, the science, three products built and clearly communicated. We deferred the rest — operational efficiency, depth in the team, the scaling work. In an early-stage company that is the right call; it is also a ceiling on pace.
We have reached the inflection. That phase is now behind us. The IP is protected, the products are at the door of the market, the labs and the platform are built. The constraint that held the pace down has lifted — for the first time we move from surviving the funding cycle to running the business.
The next two steps — in order
£550k
Runway · the priority
From shareholders and people we are already talking to, signed quickly. The most important capital we have ever asked for: it buys a calm, productive window to get the products where they need to be — and to raise the main round from strength, not need.
£4m
Acceleration
At a realistic valuation, once the £550k has de-risked the path. The capital that scales what is already built.
Said plainly, because you are among the few I would say it to: the drip-feed was the single biggest brake on this business. Releasing it is the single biggest opportunity in front of it.
Shared in confidence. £550k targeted as cash by August 2026; £4m agreed by end February 2027.
7
Middle · the plan, use of funds & runway
iO-CO
The plan — commercialise and reach liquidity
The technical and scientific risk is behind us. The next capital commercialises and scales — at a realistic valuation, in two steps.
Step 1 · cash in by August 2026
£550k
bridge — runway to ~March 2027
Step 2 · agreed by end February 2027
£4m
can be drawn down — runway to end 2029
What this delivers by end 2029
All three products into users' hands — data feeding the Dynamic Data Lab
The three ventures commercialised in their own right
A full or partial exit — a shareholder liquidity event
Thereafter only scale capital — the businesses grow themselves, iO-CO self-funding
£550k and £4m as above; structure of the £4m to be agreed. Timeline: 2023 (start) → 2026 (now) → 2029 (liquidity).
8
End · the progression
iO-CO
Funded step by step — value built at each one
From 2019 we drip-fed small rounds, building iO-CO and its Idea Bench. Each funding event triggered the next stage of value. We are now here — and the next two rounds carry it to liquidity.
iO-CO group + Idea Bench, on paper. ~£4.75m drip-fed across ~50 small rounds → ~£40m+ today → £200m+ target, with the next two rounds (£550k, £4m). Illustrative.
9
End · the opportunity
iO-CO
The neuro-stability economy
Every venture sits in the neuro-stability economy — how the brain and body regulate, recover and perform across sleep, cognition and movement. These are large, proven markets where we hold a clear technical USP. Any one of our companies could become a several-hundred-million-dollar business.
Eight Sleep
smart sleep environment — AIROS's space
$1.5bn
Oura · Whoop
sleep & recovery wearables
$10–11bn
Sword Health
movement / MSK health — BMB's space
$4bn
Hinge Health
digital MSK (public, 2025)
~$3bn
Functional-mushroom market
neuronutrition — State Mode's space
$25–36bn
These are the quantums at stake. With proven core technology and a clear USP in each market, a £100m+ outcome per company is a fraction of what the leaders are worth — and we are raising at £30m to build toward it.
Comparable valuations public (2025–26): Eight Sleep, Oura, Whoop, Sword Health, Hinge Health; functional-mushroom market size per industry reports. Shown to frame the opportunity, not as a forecast. · www.io-co.io