STEMI Global has created a solution which improves medical outcomes in medical emergencies such as heart attack, stroke, and trauma. Quite simply, we aid paramedics and doctors in ensuring that patients get the best possible care as quickly as possible. Effectively, we put doctors into the ambulance for those few vital minutes that make a difference.
As well as saving lives (heart attacks are the largest single cause of death in Europe), we save costs: false activations of medical treatment teams and secondary ambulance transportation costs are avoided. Treatment costs are reduced.
Stemiglobal has been operating in Slovakia, Central Europe for 3+ years. With 330 ambulances, 50 hospitals and 7 cardiac centers it covers pretty much 100% of the market.
This year we started our international expansion. We have a number of customers in development in EMEA and Latin America regions. Letters of intent from Kazachstan and US have been received, too. We have already performed a successful pilot in Argentina and we are currently steering another one with a major HMO.
We continue enhancing our platform with new features and modern technology in order to increase both social and economical impact on the medical life saving process. This includes integration of an AI based solution for digitization & subsequent evaluation of the ECG curve, connection of STEMI to 5G network, development of new acute modules, etc.
Strategical partnerships are a big part of our past and future business success. Among these belong networks of regional business catalyzers/accelerators, cooperation with pharma companies (e.g. Boehringer Ingelheim) and medical device manufacturers (e.g. Medtronic), initiatives such as Stent 4 Life, Stroke Angel and others.
Customers: EMS companies, Hospitals, Health Insurance Companies (both from the private & public sectors), Governments.
Total available market: 1,5 B - 3,0 B USD per year (SaaS) Service available market: 600 M - 1 200 M USD per year Service obtainable market: 80 M - 160 M USD per year (in 5-7 years)
Problem or Opportunity
When saving patients with acute diseases, speed is crucial. Every minute saved makes a difference to whether they live or die. And, assuming they do survive, what will be the quality of their life and how much money will the healthcare system need to spend to keep them living healthy and productive lives?
Long treatment times caused by unnecessary time delays in patient management is a worldwide problem. Causes? A limited ability in establishing the correct diagnosis by a paramedic on the field, a third-party involvement in facilitating remote consultation, temporary unavailability of hospital centers, secondary transportation - you name it.
Communication barriers often cause EMS and hospital teams to act in isolation. The use of multiple channels (i.e., dispatch centers, text messages, fax, emails, pagers, phone calls, different apps, etc.) can be a source of much miscommunication, too.
Solution (product or service)
STEMI is an all-in-one communication platform which connects healthcare professionals in the region and turns them into one virtual team. In other words, STEMI puts doctor to the ambulance for those few crucial minutes which really matter. The solution is used for the management of heart-attack, stroke, trauma and COVID-19 cases.
Against the direct competition: 1) The only solution to have been implemented nationwide 2) Results backed by clinical study 3) Analytical Tools for the Healthcare Management 4) End-to-end time saving concept 5) Global ambition: local language platforms, adaptation to existing processes in countries, international chain of distributors and partner
Currently, our revenue consists of 3 major sources:
Major: A) Paying customers from Slovakia, Central Europe
Supporting (temporary): B) EU Grants C) Sponsorship of Pharma Companies
We monetize on the annual SaaS licencing principle.
The company has 8 full-time workers. This represents 80% of the total costs at the moment.
Our preferred business model is to sign a minimum yearly contract per hospital or EMS ambulance paid for the entire year in advance. This reduces administrative work and gives us a better cash flow. At certain point we're able to offer the solution for a Health Insurance Company, Ministry of Health or other Regional Healthcare Management Body on a large scale basis. In this case, price reduction from the volume is probable.
Money will be spent on
- Enter 3-8 markets a year for the next 3 years - Develop the product to include a personal solution for direct B2C sale - Automate processes to minimize DevOps effort and optimize onboarding of new customers - Extend the existing product with further 2 acute modules in order to broaden our sales potential - Connect the platform on the 5G internet and implement AI based ECG digitization + evaluation - Certify the product as a medical SW - Enter US Market with HIPPA compliance
Offer for investor
Depends on the amount and what they bring to the table other than money. We're always open to opportunities.
Most of the current revenues come from a single contract.
Mitigation measures: Diversification of customers in various conuntries; Realization of long-term contracts (3+ years)
Incubation/Acceleration programs accomplishment
1) Introduction to Israeli Startup Ecosystem Program - winners 2018 2) EIT Health RIS Innovation grant - winners 2019 3) EIT Bridgehead Europe "Soft-Landing Grant" - winners 2020 - currently incubated in a) Tec Lab in Portugal b) UK Innovation Agency in England 4) Central European Initiative "Covid19 quick response call" - winners 2020
Won the competition and other awards
1) Startup of the year 2016 (National startup awards 2) Product of the year 2018 (IT Gala & PC Revue) 3) Top 10 Telemedicne solution providers in Europe 2020 (HealthcareTech Outlook) 4) Global Unicorn CUP 2020 (Top 9 Europe, Top 25 World)