Yes I would investigate this venture and move to a venture pitch. The elevator pitch is engaging and speaks to the enthusiasm knowledge and general market share this product could have. Its open source nature and ability to be used in many real world scenarios, combined with the simplicity of the navigation for coding,make it worth a second look.
There are other products out there that overlap with this product, however, the wearable features push them past things like Makey Makey, Lilipad, or Fitbit like products as they are self contained and easy to use for younger children. The demographic that this product would service is well represented in the elevator pitch right down to the GBL (game based learning) graphics in the edit.
The adult demographic buying these products would be wide as it would appeal to parents, educators and potentially health professionals as a way to combat a plethora of child hood mobility issues, from obesity to differently abled individuals. Its insertion point for the child is very versatile and individual but in a group setting would be very inclusive in its ubiquity of use for all.