bio-T™ is a remote-care cloud engine designed especially to accelerate medical IoT device manufacturers. The bio-T engine implements all the medical IoT components needed for enabling remote care and provides solutions for every step of the way - from device connectivity, cybersecurity and data privacy, to patient interaction, data and behavior analysis.
The bio-T engine is almost at the MVP stage, and we already run pilots with paying customers. We closed 2019 with $1.4M revenue, servingClass III cardiovascular implants among other FDA-cleared devices in production acress the US, the EU, and globally. Among bio-T's device and pharma clients are $b scale US companies such as Aptar Pharma (NYSE), Phibro (NASDAQ), and Lumenis.
bio-T target customers are medical device manufacturers, including most pharma companies. The accepted segmentation of medical device manufacturers is according to 2 dimensions:
• Usage location: hospital / clinic / home
• Form factor: implant / wearable / stationary
The unusual stickiness of software in regulated solutions, and the long product life of medical device product lines, almost guarantee an unusually large $10M scale lifetime value per customer. Therefore, the tens of thousands (45,000 roughly) of medical device and pharma companies worldwide represent a $9b Target Addressable Market for bio-T.
Problem or Opportunity
The Internet of Medical Things (devices), a fast-growing multi-hundred billion dollar industry, is revolutionizing healthcare by enabling remote care, which is critical in pandemic times. But creating remote care solutions is complex for the medical device industry which faces gaps in securing private patient data and designing effective workflows for adherence management, clinical follow-up, real-time monitoring, and more. The involved risks - cyber, HIPAA/GDPR fines, usability, and cloud OPEX - lead vendors, including Medtronic, to turn to external solutions.
Solution (product or service)
bio-T is a remote-care cloud engine built especially for medical device
manufacturers to solve their complex, yet common, challenges. bio-T implements all medical IoT components needed for enabling remote care, and provides solutions for every step of the way - from device connectivity, security and privacy, to patient interaction and behavior analysis. With patent-pending features like adherence, patient recovery, and reimbursement management, manufacturers can quickly provide their users with a 360-degree remote-care experience. This "heavy-lifting" accelerates the time to market, reduces cyber risks, and enables manufacturers to focus on their big data research.
Sony, Philips and Flex BrightInsight who partnered with Google are notable competitors, validating that the market of large medical device manufacturers is ripe. IoT platforms and Electronic Health Record systems might join in the future.
The real big competitor is actually the in-house R&D alternative, which needs to be educated that there's a better way, and that like they use databases instead of writing to files store data, they will use bio-T™ instead of dealing with device adherence, caregiver validation, connectivity, cyber, scale, cloud costs… on their own.
Regarding market share, the is an emerging exponentially growing market where that share of each competitor is small because most of the market is still owned by the indirect competitor – the in-house alternative of developing "cars" without using prebuilt engines.
Advantages or differentiators
• Prediction of patient adherence to the clinical protocol of the device (patent-pending).
• Automated global governance of device data transmissions across regulated nations (patent-pending).
A unique advantage is that In addition to established vendors as customers bio-T also has a stream of Israeli startup medical device customers. bio-T learns of their IoMT visions, which almost always exceed the innovation of the established vendors. Therefore bio-T enjoys a better market view and predicts trends earlier. Unique features like medical device adherence prediction, IoMT data compression, and blockchain-based informed consent came through the innovation process of bio-T.
bio-T is Ahead With An Already Field-Proven Technology. With an engine that started in 2015, bio-T can already prove tried & tested enterprise scalability serving IoMT customers. This time gap of FDA-approved products in production takes roughly 2 years to close and you can't close the gap by throwing resources at the problem.
The leading business model is recurring monthly payment according to # of connected devices, aiming to capture $900K yearly per product line of an established manufacturer. Revenues are derived fr om direct sales. Longer-term revenues would be fr om SI/VAR sales worldwide to medical device, pharma, and CRO vendors. HMOs and Payers are also target customers (around adherence) with first cooperation agreements underway. The unusual stickiness and long life of software in regulated solutions almost guarantee an unusually large $10M scale lifetime value per customer.
After raising 3.5M$ and releasing the MVP by early 2021, we will penetrate the US and EU market of home care (implantables, wearables, stationary) medical device manufacturers with the help of our close partner, AWS; generate $1M ARR, with $2M under contract long term ARR, through a system integrator as Jabil that providing leads to bio-T. By 2025 we are expecting to be a leader in the emerging hospital–at-home domain, present in all key global markets, targeting beyond device manufacturers also health insurers and care providers, will generate $100M ARR wh ere 40% is SI-originated.
bio-T focuses on the US homecare connected-medical-device segment ("hospital at home"). Revenues are derived from direct sales through longer-term revenues would be from system integration partners like Jabil.
The leading business model is a monthly subscription fee according to the # of connected devices.
Money will be spent on
The investment funding will be spent on
(1) R&D – focused on (a) making the product much more scalable via self-service features and (b) medical-oriented data-driven applications (adherence prediction, …)
(2) Sales and marketing focused on the US
In addition, the company would benefit from enhancing its scientific advisory board with relevant physicians.
(1) IoMT adoption goes slower than expected. We'll adapt the budgets accordingly.
(2) The bio-T developer community may have a longer-than-expected learning curve of bio-T. We’ll make the product more and more self-service, alongside investment in guidance and certification programs.
(3) A big tech company (Amazon AWS) sit on our tail and produces a similar offering – unlikely according to our deep sources there.
(4) A major cyber breach that will hurt our name. We’re already doing everything we can think of and use the state of the art technologies and methodologies. In case something still happens we’ll communicate it asap to our customers and rest of the ecosystem, and be 100% transparent with a thorough root cause analysis.
Incubation/Acceleration programs accomplishment
Horizon 2020 - EIC accelerator phase 1
Won the competition and other awards
bio-T won the ICI 2018 best technology parade presentation awards
1.Prediction of patient adherence to the clinical protocol of the device (patent-pending)
2. Automated global governance of device data transmissions across regulated nations (patent-pending)