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Aichom

Smartwatch solutions for people with dementia & families

Lithuania
Market: Medicine, Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 22.12.2020
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Idea

Giving peace of mind for families caring for their loved ones living with dementia. Aichom provides location tracking, safe zones, dementia health tab, familiar voice notifications and utilises AI to analyse data from smartwatch sensors to derive meaningful predictions on behaviour and health status.

Current Status

Aichom beta app is available on Apple App Store in the US, Canada and the UK. We are now testing this free version with target users, negotiating a partnership & investment with a leading tech company in the Baltics to assist in the further development of our features and Aichom version for Android systems. Aichom is placed among the Top 10 startups from Europe in a virtual Silicon Valley accelerator 'Pioneer'.

Market

There are currently >50M people living with dementia globally. 10M cases per year. Our customers are families (20-50 y olds) that experience the burden of care and have their elderly members living with dementia. Due to rising costs of care, we are offering an innovative approach by utilising the smartwatches available on the market, which could also serve other functions, not just for our App. We have launched Aichom app for Apple Watch in the US, Canada and the UK currently, looking to scale and launch globally in the near future. It is important to note that the best experience is for the smartwatches that have a cellular data feature, therefore, in the countries that support smartwatch sim cards.

Problem or Opportunity

Every 3s, there is a new case of dementia. Who is at risk? At the age >65, 1/10 people, while at the age of >80 every 3rd person lives with dementia. Currently, there is no cure for the condition and it still costs >800bn USD per year. Most of the care given for people with dementia is by family members. People with dementia tend to get lost, forget the way back home, get injured, so constant monitoring is necessary, which brings mental health burden to the family members. Caregiving family members have to constantly worry about the location, health status, potential falls and behaviour (physical activity, sleep patterns, etc.) of their loved ones living with dementia.

Solution (product or service)

Aichom introduces a smartwatch application to give peace of mind for the family members. Now they can track the person with dementia, get notifications if the person leaves a 'safe zone', they will soon be able to set familiar voice reminders (e.g., for medications), track dementia health-tab data, see personalised suggestions on care and health status, also get 24/7 caregiver support for any questions they might have (showering / food choices / celebrations / progressing symptoms / etc). Aichom app will also allow Apple Watch pairing with Android smartphones, and vice versa.

Competitors

- Hardware producing competitor: Navigil
- Location tracking apps: Life360, BoundaryCare
- Other apps targeting dementia: timeless, AngelSense, Medisafe, Elevate, MindME

Advantages or differentiators

Aichom:
- comprehensive app for people with dementia;
- tracking based on geofencing zones
- Health tab adapted for elderly people
- Medication reminders for users with dementia
- 24/7 caregiver support
- Familiar voice notifications
- Caregiver’s peace of mind
- Conclusions & predictions based on patient’s behavior and analysis of smartwatch sensors' data (AI)
- Aichom app allows Apple Watch pairing with Android smartphones and vice versa

Finance

App subscription: base ($9.99), premium ($14.99), also offer Aichom smartwatch bands suitable for elderly/fragile skin ($49.99).

NET income projected for 2024 is 3 033 888 USD

We have our budget plan ready for moth by month growth in the 2021 and 2020, then projections for 2023 and 2024.

Business model

Business development projections:
- 2020 Q1-Q3: app for Apple Watch is developed
- 2020 Q4: app is launched on App Store
- 2021 Q1-Q2: first sales of Aichom (monthly subscription), developing Aichom wrist band
- 2021 Q3-Q4: Premium app plan is launched, Aichom wrist band is launched
- 2022 Q1-Q2: Aichom for top Android smartwatches is developed and launched

Money will be spent on

30% - product
40% - Marketing
30% - business development

Offer for investor

Discussing individually, based on investor's interest in joining the board, experience in the field.

Team or Management

Risks

Risks:
- lack of connection at the place where smartwatch is used with Aichom app
- not having a great UI/UX
- not finding a way to collect feedback and react upon it on time

Incubation/Acceleration programs accomplishment

- Aichom placed among the top 10 startups from Europe in the Silicon Valley virtual accelerator 'Pioneer', 2020 Dec;
- Received evaluation of Aichom as 0.9-1M Eur by one European accelerator, early 2020.

Won the competition and other awards

At the moment, Aichom is being considered for an EU grant award.

Photos

Photo 1 - Smartwatch solutions for people with dementia & families
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video