New Investment Opportunity: Healthy.io
Turning the smartphone into an FDA-cleared medical diagnostic device
- Patent-protected AI-powered app and testing kit transforms any smartphone camera into clinical-grade medical test scanner for urinalysis, chronic wound management and growing portfolio of conditions
- 100% YOY bookings growth projected from $12M in 2021 to $24M in 2022, driven by blue-chip customer agreements with NHS UK, Blue Cross Blue Shield; gross margins forecast to increase from 58% in 2022 to 67% in 2023
- Proven 50% increase in adoption among chronic sufferers in large-scale commercial rollout in UK; replaces lab testing, cuts costs for insurers, reduces friction for patients, enhances screening to preempt diabetic renal failure and other serious medical complications
- Multiple Class 2 FDA 510(k) clearances
- Partners include Blue Cross Blue Shield Association, US National Kidney Foundation, NHS England, Walgreens Boots
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Dear Josb,
Millions of people fail to get diagnostic tests recommended by their physicians, leading to medical problems that could have been avoided if detected and treated earlier.
OurCrowd is investing in Healthy.io, a rapidly growing Israel and US-based company that is turning the smartphone into a medical diagnostic tool used at home. The details in this email are based on information received from, and verified solely by, the company.
The Problem
All too often, someone who should perform a diagnostic test does not follow through because the process is too much hassle. Scheduling an appointment, coordinating transportation, waiting at the lab, performing the test, and then waiting for results is a real barrier for many people.
The high rate of noncompliance with routine diagnostic tests causes health problems for the patient and imposes a measurable economic cost on healthcare systems and insurance companies.
The Solution
Healthy.io transforms the smartphone into a lab-grade medical device that can be used to conduct medical diagnostic tests at home that until now required a trip to a lab or doctor's office. By enabling people to test at their convenience, the company helps systems better manage various health conditions, saving lives and cutting costs.
Healthy.io's technology is currently being used in two types of clinical areas: urinalysis and wound care.
The company's urinalysis products test for kidney damage, urinary tract infections, or general urinalysis as part of a routine checkup or pregnancy test.
Large-scale commercial adoption by 640K people with diabetes through the National Health Service in England showed a 50% completion rate among previously untested patients. The York Health Consortium predicts savings of £1,260 per patient.
The wound care product allows physicians to remotely monitor chronic wounds, such as diabetic ulcers.
The Technology
The company has developed proprietary, AI-driven technology that allows virtually all phones to see the same color regardless of the hardware, software, or lighting conditions. This is an essential core technology if smartphone cameras are going to be successfully used as a diagnostic tool. Healthy.io's proprietary algorithms have been trained on a non-replicable dataset of 5,000,000+ clinical images.
The Traction
Healthy.io forecasts 100% YOY growth in bookings from $12M at the end of 2021 to $24M in 2022. This strong traction is driven by customer agreements with the UK's National Health Service (60M lives covered) and the US Blue Cross Blue Shield Association (100M lives covered). Gross margins are forecast to improve from 58% in 2022 to 67% in 2023.
Regulatory Compliance
The company has received CE certification, ISO 13485 certification and multiple Class 2 FDA 510(k) clearances for smartphone urinalysis and wound assessment. The company has submitted final clinical data for FDA clearance of its kidney test of home use with any phone.
The Partners
Healthy.io has a blue chip roster of partners including the Blue Cross Blue Shield Association, Walgreens Boots, the US National Kidney Foundation, and NHS England.
The Round
Proceeds from this $40M-$60M Convertible Loan Agreement (CLA) will be used to fund the company until an IPO, or until a Series D round in advance of an IPO, depending on market conditions.
Meet the CEO
We're hosting a webinar/conference call on Monday, March 28th, at 7PM Israel / 12PM New York / 9AM San Francisco for investors to meet CEO Yonatan Adiri and learn more about Healthy.io.
Can't make the webinar? Register and we will send you a recording of the call.
The Healthy.io Solution
Healthy.io currently provides four different services, three based on urinalysis, and one wound care offering. The patient can do the test at home, whenever convenient, and results are available within minutes. Current products are:
- Minuteful Kidney. Tests for albumin creatine in the urine, a marker of kidney damage. One in three adults should have this test performed annually.
- Minuteful UTI (urinary tract infection). Tests the patient for bacteria and blood in the urine. One in two women have been affected by UTIs.
- Minuteful 10 (general urinalysis). Tests 10 different parameters in urine, mostly used for pregnancy tests and as a part of a general checkup.
- Minuteful Wound (wound care). The wound, along with a Healthy.io calibration sticker, is scanned with a smartphone. The software conducts a full 3D mapping of the wound area and analysis. An automated, digital wound assessment is available immediately.
Next steps:
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