What can shippers and couriers save by shaving off a minute from every package they prepare for shipment?
Billions according to Chau Phan, a former PhD student and current postdoctoral fellow at the Centre for Ocular Research and Education (CORE) at the University of Waterloo, School of Optometry & Vision Science. Well worth the price of a single, easy to install Tricolops DIM-100 parcel dimensioner.
That was how he convinced two investors – finance phenomenon Michael Wekerle and tech titan Michele Romanow – to invest in his company when he appeared on the popular Dragon’s Den TV show last week. The packed panel also included Minhas Breweries co-owner Manjit Minhas, fashion mogul Joe Mimran, franchise king and original Dragon Jim Treliving, and Arlene Dickinson, who recently rejoined the program, now in its 12th season.
Chau Phan recorded the Dragon’s Den pitch last May when he was CEO of Tricolops. He’s since switched from the top job to the advisory board while he completes his post-doctoral fellowship at CORE. But keeping quiet about the outcome has been hard.
Keeping secrets is never easy, but it’s part of the job” says Phan.
Phan started Tricolops two years ago in the Velocity Garage, the University of Waterloo’s entrepreneurship incubator, with two other students and alumni from the University of Waterloo: Debbie Wu (Nanotechnology PhD ’16), and Mengxi Zhu (Mechatronics Engineering BASc ’14). They designed the affordable parcel dimensioning system around the concept of structured light which instantly detects three-dimensional changes in an infrared pattern projected on the Tricolops platform. Even non-cuboid shapes can be measured in milliseconds to within 5 mm, which he demonstrated live on the show.
Although the technology sounds intimidating, the team succeeded in making set up and integration into the shipping process quite easy. It can be used with scales, rollers, or conveyors, and is integrated with most Windows and web shipping applications.
Currently valued at $2M, the company started selling units only four months ago. Phan was hoping to sell a $150K for 7.5% of the company to the Dragons, which he received in a climactic split deal from Wekerle and Romanow.