Daniel Adler Presents BioT Medical at LSI USA '23

Transcription

Daniel Adler  0:04  

Hi, everyone. How do I go back? Nevermind. So, hi, everyone. I'm Daniel Adler, the CEO and co founder of BioT Medical and Israeli startup in the digital health space, where we provide a platform for building and developing cloud native medical devices. So a few words about our company and where we stand right now. We started in 2018. And did our first round of fundraising in 2020. Seed round. Since that time, we have managed to build two platforms, to generation of platforms for cloud medical devices, raising, bringing up to 30 more than 30 customers to the market over our platform, ranging from tier ones to startups in a variety of domains, and intended uses. And basically, we have more than 100,000 patients and devices that are working on top of our platform in the last couple of years. In the last 12 months, we actually increased dramatically, our customer base from 10 to 30. So we are facing tremendous growth in our success, and in our go to market. So far, we raised $10.7 million, and we are now in a round of $5 million. With the lead investor already pulling putting in $3 million from states, we are still seeking for $2 million or more to complete the round. So I'm the we're talking about a very big market of about 50,000 medical device companies worldwide, that can actually benefit from the cloud opportunity and change the way they are operating, making money and generating insights to their end users. It's not only around things of remote patient monitoring and care and removing the barriers of where you get treated. But it's also around changing the business models, being for the first time, connected directly to the consumer, being able to collect massive amounts of data and drive insights from it. So eventually, you can improve the patient outcome. And while still reducing dramatically costs and generating new revenue news, and we'll talk about how we do it later on. So before we drill into the market itself, and the challenges, just to explain what cloud native means. It's basically much beyond connecting devices to the cloud, when you're talking about cloud native, it's basically running the device also on the cloud. So part of the device is the cloud itself. And it's the ability to run algorithms on the cloud and offload data and processing power from the edge devices to the cloud, making them more efficient and more. Or in smaller, it's the ability to support different workflows like patient engagement and patient monitoring workflows. It's the ability to manage devices, and many other elements that are relevant for medical devices. While at the same time, looking on new business model like pay per use, and improving, as I mentioned earlier patient outcome and the ability to share data between different stakeholders. However, it's not that simple to build properly, a medical device that utilizes the cloud. And there are several reasons for it. The first one is that even for the basic features and functions of managing a device or managing the telemetry coming from a patient, you will need to build a very extensive solution on the cloud that has a lot of layers and a lot of features and functions around cybersecurity and privacy and device management, which are very heavy to build. The second thing is once you get to that point, and it costs you an arm and a leg, it also requires constant maintenance in different domains. Basically, it's on the product development that always is an ongoing mission. It's around cybersecurity that is always adding new threats. On a daily basis. It's privacy regulations that are changing and also safety ones. And eventually it's also the cloud infrastructure that is changing. On a day to day basis, new services are coming up and others are being removed. And it's very difficult to maintain it for a medical device company, which it's not its core competency. And but the last challenge is the biggest one. Once you move to the cloud, you're actually depending heavily on backend engineers to help you develop your product, run algorithms on the cloud, corporate regulation and clinical trials and so on and so forth, and the back end becomes a choking point and a big problem if you're not building it correctly. So it's quite clear that medical device companies needs to team up with technological partners to help them bridge those gap and go to market. And basically, that's where biotique steps in, we have developed the first and only no code self service, platform validated platform to the metric space, what we are doing, we're doing all the heavy lifting, which is beneath the surface, you know, the interfaces to the Cloud Platform itself is the device management capabilities, user management, privacy aspects, which relates to anonymization of data, and Datafication, consent, and so on, and so forth. There are tons of different features that are relevant, that are not in the core domain of medical device companies, leaving the medical device companies focused on medical algorithms, and their unique dashboards. We are doing it through a platform that supports no code with dashboards and consoles that enable you to easily build everything in less than a day. And all you have to do after that is just to interface to your device. And you are up and running. We are doing it through set of open API's that basically remove any dependency from us or from any third party and enable you to do all the job if you want to on your own. And, of course, we are managing everything 24/7, including updates and upgrades, which relates to the cloud infrastructure, all under the regulations that are required to be supported, both in Europe and in the US. And of course, globally. We have many different use cases, we are covering almost all the verticals in all the intended uses and all the settings. So hospitals, home clinics, and our customers are using our platform for many different use cases as device management, patient monitoring, running algorithms, and so on and so forth. The reason they are using us is mainly because of the Self Service capability. It's the ability to use our API's and again not to be dependent on us in order to build their solution. And to do it in a very quick and easy manner. It's their ability also to use our unique features, which are around plug in mechanisms and a algorithm operating system where each medical device company that is using our platform can easily add their own algorithms on top of the platform and support their unique workflows and basically extended to their own needs. Our business model is SAS, we are getting paid on a monthly basis on utilization of the platform. And it also expands depending on the number of devices are collected, the number of deployments and the type of features that are being chosen. Most of our customers build medical devices for many years. So it's a strong partnership for many years to go together. And basically, we grow as our customer grow and succeed. We are talking about a huge market with both true bottom up and top down analysis of at least $7 billion at at least a 23% growth rate year after year. So that's only in the medical device space. And there are also other verticals which are not covered here like pharma, and healthcare that also use medical devices and platforms like that. So just to summarize about our highlights, we are talking about a market with great stickiness and unusual retention. We are first moving the market with our concept of self service and no code. We are also building ourselves through partners. So we are working with significant partners like AWS, like NTT DATA, and others that are helping us to reach in introducing us new customers and new opportunities. It's a land and expand model. As I mentioned, last year, we grew in '23 into three times in the customer base and seven times in our arr. And this year, we expect to triple der again and double the revenues. Just to summarize, we are seeking for $5 million, as I mentioned three already secured through a lead investor. So two are still open. And I'll be happy to share with you more details after the session and if it's relevant. Thank you very much