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AVATR

Personalised quality healthcare delivered efficiently to a global market.

EIS

Location
London, United Kingdom
www.avatr.ai

Categories: Healthcare Digital Mixed B2B/B2C

Investment
sought:
£200,003
Equity
offered:
6.89%
Funded 20 Jun 2019
Investment
amount:
£274,819
Valuation
(pre-money):
£2,704,331

Idea

Introduction

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.

Avatr surgeon mobile heart wm

Intended impact

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.

Ina18008 inavya avatr busy surgeon

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 patient chatbot interface heart wm

Monetisation strategy

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:

Stage One:
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.

Stage Two:
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.

Stage Three:
AVATR will extend its portfolio to include more lifestyle-related conditions, and develop disease prevention services. Targeting licences to global insurance companies.

Ina18008 inavya avatr healthy patient

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%.

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

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This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.
This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.