- Investment sought:
- Equity offered:
for 6.15% equity
- AI based in-home companionship & health support for the elderly
- 18-month product validation process with the NHS and the elderly
- Sales made to NHS & LoI signed for 10k units from Care provider
- Microsoft AI4Good, Virgin Startup & NatWest Accel cohort member
miiCARE is transforming the way care is provided to the elderly. Our purpose is to keep the elderly safe and healthy in their own homes for as long as possible. We accomplish this with miiCUBE, our AI-based assistive technology solution. miiCUBE is a digital companion device that interacts with an ecosystem of IoT sensors, wearable devices, and telehealth equipment in the home to create situational awareness, learn the normal routines of the elderly, and personally empower them to take control of their own health. In a detected emergency, miiCUBE can inform a designated responder.
miiCARE already has dozens of systems deployed at end-users across the UK and we secured our first contract with NHS England back in 2018 as part of the National Healthy New Towns Initiative. We went on to secure a contract with East Kent NHS as part of the flagship Dementia Village Project.
miiCARE has an existing MVP and is in the process of mass-producing the solution to approach the mass market.
We are enlisting a HaaS (Healthcare as a Service) subscription model to generate our month-on-month revenue. To maximise the monthly revenue stream, the subscription will be per user. This means for every miiCUBE we place in the home of an elderly person, each user (usually relatives) will pay a monthly subscription of £1/day (£30/month) to enjoy access to the data and service. This method allows us to distribute the cost among the family members while making the subscription affordable. We will also charge an upfront cost for the equipment to warrant any damage, misuse or lapsed membership payments.
The same revenue model will apply to our B2B/ B2B2C revenue channels (Care homes, insurance companies, telecom, local authorities). We are speaking with several partners and distributors; the current stance is for a share of the monthly subscription fee. The split in fees will depend on the size of the opportunity and the SLA expectations.