Photo - Beynex
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Beynex

AI driven cognitive health solution

Turkey
Market: Other, Artificial Intelligence, Mobile applications
Stage of the project: Operating business

Date of last change: 15.02.2023
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Idea

AI driven cognitive health solution for optimizing brain healthspan & preventing dementia by offering actionable guidance on modifiable risk factors

Current Status

1. Product Market Fit
a. N-Day Retention(60 Days Average - +800 Users):
i.D1: %56.39
ii.D3: %53.19
iii.D7: %50.61
iv.D14: %46.88
v.D30: %46.45
b.Conversion Rate Progress(Download to Paying)
i.Increased from %3.8 to %5.34
c. Churn Rate of Progress
i.Decreased from %10.5 to %5.22
d.Daily Avg. Time Spent per Active User
i.Increased from 13m32s to 17m42s
2. +48000 Registered User - +1100 Active Paying Users from 60+ countries achieved by only WOM & B2B2C
3. 2000+ Monthly Active Users
4. 1000+ Weekly Active Users

Market

The global health and wellness market was valued $4.4 Trillion in 2020.

Based on our user profiles and the criteria of "Age demographics, High Income Ratio, Digital Adoption Rates and English-Speaking Rates" we determined 12 countries to focus our initial marketing operations.

Countries: United States, United Kingdom, Australia, Netherlands, Sweden, Denmark, Canada, Finland, Austria, Belgium, Germany, Switzerland.

Considering our customer profiles in these countries, the size is 70 Million potential Beynex users. Our initial target with this round is 0.1% of this market which results in 70.000 Paid Beynex Users.

We have two core customer types. 1st) Elders: anxious about declining cognitive abilities. 2) White collars: determined to improve overall cognitive health.

1) On the contrary to popular belief, elders actually spent 3+ hours on their mobile phones which is just 10mins lower than U.S. average. This consumer persona experiences the preliminary effects of the cognitive decline and in need of a "companion" to help maintain brain performance. They are more prone to complete recurring daily tasks if they are assured of the benefit and thus relatively easier for them to become loyal users.

2) This consumer persona, is competitive and highly aware of the importance of brain health. According to the survey with 70000 global participants conducted by Alzheimer's Disease International, 78% of the participants have concerns about developing dementia at a point in their life and also 54% believes lifestyle is a major factor. For this consumer persona, initially we will be targeting their wellness needs in addition to our track&train mechanism. Currently we are working on ML to analyze our data, in the near future we will be able to predict the personal cognitive risk factors of our users with more accuracy and provide comprehensive personal guidance to reduce individual risk factors in lifestyle decisions such as " physical activity, sleep, and nutrition ".

Problem or Opportunity

Dementia, a disease that doubled it’s death toll between 2000 and 2019, is the 2nd leading cause of death by disease in high income countries. Total global cost of dementia was US$1.3 trillion in 2019 and is expected to surpass US$ 2.8 trillion by 2030. According to the survey (70000 participants) in Alzheimers International 2019 report, 78% of the participants declare high fear of developing dementia at a point in their life. Fortunately, this public health crisis can be handled by modifying risk factors which could prevent or delay up to 40% of worldwide dementia cases

Solution (product or service)

For continuous cognitive tracking: evidence based gamified assessment tests. For brain stimulation: personalized exercise games. For wellbeing: community & wellness content. We are also building a ML system: To evaluate the individual impacts of dementia risk factors of our users; such as physical activity, sleep, nutrition, etc. and provide personal guidance to reduce their effect (i.e. decrease the chance of developing Dementia). This combination results in a closed feedback loop where the impacts of our suggestions will be continuously evaluated and optimized with the tracking system.

Competitors

Currently our main competitors are cognitive health solutions such as Cognifit or Cogstate. The only way to sense cognitive decline at an early stage, where reduction in risk factors can delay the effects of cognitive diseases, is through continuous cognitive tracking of individuals. We offer a continuous tracking program while they offer discrete singular assessment tests.

The differentiation level we are working on is: with the power of ML, with that we will be able to predict the individual impact of dementia risk factors of our users such as lifestyle decisions and provide comprehensive personal guidance to reduce their effect.

Advantages or differentiators

When we implement lifestyle reccommendations, our main distinction from other well-being companies will be simple yet powerful; while the others provide guidance through the inputs of biased self-evaluation of users, we will provide guidance through the inputs of tech enabled unbiased evaluation.

Finance

We have early traction (45.000+) with no marketing budget so we are spreading by word of mouth and B2B2C partnerships.

We have B2C subscription business model with 2 packages Monthly ($6) and Annual ($36).

The main indicator is of course; Customer Acquisition Cost vs. Life Time Value. Since we do not have marketing expense, there is no valid CAC. Our LTV is currently around $45.

By preventing the emergence of 1-2 million new dementia cases per year we will make money while saving the world. The sky is the limit for how much we can make but my estimation is 120M $ ARR in 5 years.

Business model

Our B2C business model is a subscription model with a pricings of 5.99 USD per month or 35.99 USD annually. In addition to our B2C model we are establishing partnerships with different business models such as bundle sales or selling subscription codes for promotional activities.

Money will be spent on

400.000 - Marketing
150.000 - New Employment
50.000 - General & Administrative

Offer for investor

In the process of negotiations

Team or Management

Incubation/Acceleration programs accomplishment

We are currently participating in Startup Wise Guys Milan 2023 Program.

Won the competition and other awards

Unicorn Pitches Turkey: 3rd Place

Product Video

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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
Product Video
Presentation