A chatbot-driven physical health app, empowering people to take care of their musculoskeletal health.
- London, United Kingdom
Categories: Healthcare Digital B2B
- Social Media
- Investment sought:
- Equity offered:
Our vision is to empower millions of people to take care of their musculoskeletal health, including bone, muscle, joint and spine conditions. TrackActive Me is an application that allows people to self-manage their musculoskeletal conditions and facilitate better health through exercise.
Via a chatbot, TrackActive Me assesses a person’s current and past musculoskeletal conditions, and their overall health and exercise habits. Our AdaptX technology is a combination of clinical algorithms, artificial intelligence, and exercise rehabilitation data, sourced from our clinical exercise software, TrackActive Pro. This technology designs and delivers personalised advice and exercise programmes, which adapt as a user progresses.
TrackActive Me is a highly scalable application distributed through insurance, corporate, and public health partners. Organisations are provided with an administration dashboard which aggregates the anonymised data to display an overview of the physical health of their customers or employees.
Musculoskeletal conditions are a significant burden on healthcare systems and economies, with spinal pain being the leading cause of global disability since 1990. It has been estimated that up to 50% of people have a musculoskeletal condition and two thirds of office employees experience pain in the neck, back or upper limb.
In 2015, an estimated 22% of UK people chose to self-diagnose, with ‘back pain’ being the leading healthcare Google search. Yet it appears only around 3 out of the top 10 health information search results provide information that is highly useful.
Evidence demonstrates that appropriate exercise and advice improves and prevents many musculoskeletal conditions. We believe TrackActive Me is the product to provide this.
In our view, there is a distinct opportunity in the market due to a lack of quality self-care musculoskeletal applications. For example, within the NHS Apps Library, there are no musculoskeletal applications compared with 18 mental health applications.
We aim to reach our intended market by distributing TrackActive Me via health and life insurance companies and within corporate health and wellbeing programmes. Through our commercial agreements we aim to reach over 500,000 people within one year.
Substantial accomplishments to date
TrackActive was founded by Ian Prangley and Michael Levens.
Ian is a sports physiotherapist, strength and conditioning specialist, and professional tennis coach, having worked for the Australian Institute of Sport and independently with various elite athletes, including Britain’s number 1 tennis player, Kyle Edmund. He is a physiotherapy consultant at the Centre for Health and Human Performance, Harley St, London, has conducted award-winning physiotherapy research, and was a guest author in an Amazon bestselling textbook, ‘Sports Injury Prevention and Rehabilitation’. Ian holds an MBA in addition to Masters degrees in both Sports Physiotherapy and Exercise Science.
Michael is a technology entrepreneur with 16 years experience in delivering digital transformation projects for corporates and startups in the UK and internationally. This is complimented by a diverse educational background in Information Technology (1st Class Honours) combined with postgraduate business studies at London Business School and University of Cambridge. Previously, Michael competed on the professional tennis circuit.
Michael and Ian are well supported by a talented product development team based in Poland and a group of highly experienced advisors covering core areas of the business.
TrackActive was initially funded by the founders and is now supported by TrackActive Pro subscription and content licensing revenue. Since 2015, the team has achieved the following:
We charge organisations an annual licensing fee based on
• Number of end users
• Chosen access level to data insights
• Required customisations
We are focused on having TrackActive Me adopted by corporates and insurers with an aim to reduce direct and indirect costs of musculoskeletal disorders and to increase their customer and employee satisfaction. Our strategy for growing our customer base is through direct contact and via distribution partnerships.
• Key direct partnership with Insurance Australia Group established in June 2018.
• Direct access to corporates and insurers through the Startupbootcamp InsurTech alumni, Sport England’s Open Active accelerator, DigitalHealth.London accelerator and our established networks.
• Key channel partnership with General Reinsurance Group established in October 2017.
• Global partnerships with employee health benefit providers, reinsurance companies and insurance-related product providers.
Private health clinics pay a monthly subscription starting from £25 per month, which scales depending on the number of health practitioners. We also provide content licensing of evidence-based exercise videos, images and descriptions.
Use of proceeds
Self-funded to date by the two founders, there is a short-term funding requirement to supplement existing revenue (paid pilots, TrackActive Pro subscriptions and content licensing sales) prior to generating TrackActive Me licensing revenue.
Initial focus will be on business development activities to secure further commercial partnerships, continued development of TrackActive, and generating evidence of efficacy. Evidence generation may involve commercial pilots, university-led research, and owning, acquiring, or partnering with a health clinic.
The following breakdown shows how we intend to allocate funds:
• 50% Product Development (product upgrades, Android release, administration dashboard, health content production).
• 40% Marketing (business development, evidence generation, and marketing activities for further customer acquisition).
• 10% Operations.
Advance Assurance for EIS was granted on the 20th of June 2017.
Please note, TrackActive consists of a UK parent company (Active Health Tech Limited), and a wholly owned Australian subsidiary company (Active Health Tech Pty Ltd). Seedrs investors will be investing in the UK parent company.
The UK company currently has outstanding directors' loans amounting to £12,078. The Australian company has total outstanding directors' loans amounting to AUS $35,744.42. All directors' loans accrue no interest and are only repayable from the company's free cashflow, investor funds will not be used to repay these loans.