We have developed AVATR, an AI and Machine Learning mobile application designed to deliver personalised medicine at scale and beyond borders.
AVATR is a medical-grade mobile technology designed to deliver high-impact social, economic and health benefits. Using proprietary Augmented Intelligence, Machine Learning and UX design, AVATR enables patients to use their smartphone to create a digital profile of their self, which they can share with their doctor to benefit from the convenience and assurance of continuous personalised medical care outside of hospital.
AVATR integrates real-time data from medical grade devices with environmental, social and behavioural data to enable a doctor to create and manage personalised care plans remotely, with the aim of delivering improved clinical services and outcomes, and cost savings.
Our team includes five PhD scientists, two designers, plus finance, scale-up, IP experts. Smart cities demonstrators are running in Singapore and Sao Paulo.
Dr Michael Wilkinson and Aleardo Furlani, Inavya's co-founders vision lies in combining AI, Data Privacy and designing a solution to help fix the healthcare system.
Both have been involved in innovation projects for the European Commission, and Michael Wilkinson was a business Development Manager at the NHS National Innovation Centre.
Chronic lifestyle diseases are on the rise, and, as a consequence, ever-rising healthcare costs represent a pressing social and economic challenge.
In our view, healthcare providers have a pressing need to improve health outcomes, control costs, and manage complexity of multiple chronic conditions, with patients positioned as partners in promoting their own health and wellbeing.
Substantial accomplishments to date
Over the past 12 months, AVATR gained significant recognition and traction in Europe, South America and Asia:
- Creation of an MVP in collaboration with a team of heart surgeons at the National Heart Center in Singapore.
- First phase of testing with Doctors completed in Singapore in December 2018.
- CE Medical Grade Level 1 classification in October 2018.
- Newton Fund Prize awarded in 2018.
- Letter of interest from a UK based pharmacy management consultancy group to launch a demonstrator in the UK.
- Finalist of the Katapult Accelerator Batch 4 selection process in Oslo (awaiting final winners announcements in the coming weeks).
- Collaboration agreement being negotiated in Brazil with Albert Einstein Institute, and Incor Heart Institute at the Hospital das Clínicas da Universidade de São Paulo.
- Press coverage in Forbes: https://bit.ly/2Rzy6K4.
- Selected by the UK government at the World Cities Summit in July 2018 in Singapore.
- Selected by the UK Science and Innovation Network and InnovateUK to join the UK Future Cities Mission to China in November 2018.
AVATR is based on a revenue-sharing SaaS business model that initially targets private clinics and private-paying patients in global markets, for which we already have received strong expressions of interest.
To enable controlled market-led growth and efficient scale up, AVATR will be commercialised in three stages:
The business model focuses on commercial validation. Private patients will be prescribed AVATR care packages by heart surgeon, and pay for the service delivery. We aim to target a user base of 10,000+ in key locations where we hope to have strategic partnerships with clinicians and healthcare providers.
We will scale up AVATR by extending the licensing model to key healthcare actors globally, such as hospitals, insurers and regional and global public healthcare providers.
AVATR will extend its portfolio to include more lifestyle-related conditions, and develop disease prevention services. Targeting licences to global insurance companies.
Use of proceeds
We are looking to raise funds with the aim of introducing AVATR to a limited number of paying patients in Singapore within the first quarters of 2019.
The proposed budget is split in to the following categories:
- Technology: 20% - to take the MVP into a full commercial version.
- Legal: 16.67% - to create and submit international design patents, legal agreements and medical devices registrations.
- Operating Cash Flow gap: 46.6% (as per financial supplement).
- Communication and Sales: 16.67%.