Docbot | Andrew Ritter, CEO

(Transcription)

Andrew Ritter  0:03  

Good afternoon. My name is Andrew Ritter and I'm the CEO of Docbot. The future of gastroenterology is built on our artificial intelligence. I'm really looking forward to sharing with you today about our technology. Our platform product is called Ultra Vision AI. It's a real time Computer Aided visual detection platform developed for the entire gastrointestinal track. There's three revenue channels that could drive a billion dollar opportunity. Our company was initially spun out of UC Irvine, in their health group there with Dr. Bill Carnes. It's where a lot of our data were 50,000 procedural data, and a set was created, created from we launched out of Y Combinator. And we've leading investors supporting the company including Khosla ventures, collaborative, fun, and bold capital. Let's talk about the market opportunity first. And gi over 440 billion in the GI sector spent. That's a huge number right. And what's crazy about the GI category is that it's so antiquated. GI disease has been detected diagnose treated primarily by physicians naked eye by their subjective opinion. And never before in science or in technology has something like aI come around, that's failed to visually detect things that can create more objective outcomes. Now let's talk about GI disease a little bit more specifically GI disease can lead to serious health risks. Can you believe 25% of cancer deaths worldwide are gi related. That's more than lung cancer breast cancer, GI disease is actually a major issue around the world. And GI disease is one of those categories that can be prevented with better detection and diagnosis. Yet there's a lack of screening and access. When you look at colonoscopy, for instance, for colon cancer, preventing colon cancer, one in three patients over the age of 50. Don't go for screening for colonoscopy. Yet colonoscopy. Yeah, colon cancer is the second highest cancer death. In the US. Think about it. The second highest cause of cancer is colonoscopy is colon cancer. Yet, if you get a colonoscopy, you have less risk of getting colon cancer. And some of this is also built on just a lack of outcomes. 30% of precancerous lesions are missed by physicians, again, using their naked eye and subjective data. The solution to that is our mission to provide an integrated complete AI platform to address the clinical and operational needs to the practice of Gi. And we're going to do this with a platform that focuses on a couple of key focal points. First, I want you to think about us as anywhere the camera can go and the GI track ultra, ultra vision AI can provide value. That's true detection and characterization of lesions and objects in the GI tract, documenting it. And then the data that's being captured has a whole host of additional value, but focus on empowering decision making. So first, we'll talk about detection. We enhance the entire GI tract through our AI machine learning and deep learning algorithms. And so everything from Barrett's dysplasia, looking at the esophagus, all the way down to the lower GI looking at pops during colonoscopy. Our AI vision detection platform can help detect these characteristics and help detect polyps and help detect areas of dysplasia that should be biopsied during a procedure. And when we first talk about how this will be deployed, next, actually, in ultravision, ai can be deployed actually multiple channels. The first one is gi practices, it's aiding the physician, real time athlete gi practice, to detect, characterize and document their findings. Number two can be used for capsules. So capsules you may know are our pills, a swallow that have cameras and the cameras look at your GI tract and can later be reviewed by physicians for eight to 10 hours of video film and physicians quite frankly don't like watching it. And it's hard to really detect everything on the on the camera. Well AI can make a huge difference in cutting down that that time. And so servicing capsule with AI has a huge potential to create increase access and quality. And finally, the data that's captured and the use of our technology in GI practices aswell. As the capsule can lead to identification of patients for clinical studies and support pharmaceutical companies in the development of drugs. The first focal point will be the endoscopy, this the GI practices and empowering gi endoscopists with all division AI. And we do that simply by putting our hardware inside the GI practice, we don't change the workflow of the practice, we don't change the scope, we don't change the screen, all we do is we plug our box in, and we assist the physician in identifying characteristics and lesions within the GI tract. And so we overlay our software onto the screen. And thinking about spellcheck for colonoscopies, we put a box around certain images like for colonoscopy is identifying pops for colon cancer, we put a box on it at the physician in identifying areas that they should inspect. And the physician then makes the decision whether they want to accept it or not. Are our business model think about Intel, the chip that powers computers, right? We want to be the Intel chip for gi practices. We want to power gastroenterology with our AI technology. And we're going to do that, as I've started to show really through two means one is to gi practices and aiding the physician in real time at the facility, but also through capsule and being able to service and be a provider of capsule readings across the board. Both channels create a funnel of data that we capture. And that data is what becomes really valuable. Procedural data that we capture can be used to identify patients for clinical studies can support outcomes for pharmaceutical companies when it comes to their drugs can we use for predictive analytics, there's a whole host of added value that the data creates for us. Howard going to execute this well, we have a short term, as well as long term business strategy and how we're going to do this. It starts with the GI practice, it's our beachhead. And we can start that with offering our auto documentation program, a product that we know physicians really would like because it reduces the burden on their staff and does not need FDA clearance. We that are going to plan to move into our colonoscopy program, which is polyp detection and characterization. polyp detection will be our first product that we expect to get FDA cleared, it's a 510 K submission, and we believe we can get FDA clearance within the next 12 to 18 months. And that will then lead into our Barrett's program. From there capsule will be another area that we can tackle in parallel at some level in focusing on servicing capsule, and ultimately the FDA clearance for our AI technology to read capsule. And both programs lead to farm supporting pharma companies across the board. And when you look at these additive channels, it leads to the data that becomes valuable. And we foresee in the future that we can have the opportunity to be able to use the data for a whole host of added value added components such as decision support, predictive analytics, precision medicine, being able to better identify which patients should get what struck off of what is changing within the GI tract when it comes to inflammation as an example. It's a billion dollar opportunity across the board. When you look at each of these areas combined, you have gi practices about 130 million. And then pharma companies and pharma routes about a half a billion dollars, and another capsule service providing another half a billion dollars in potential revenue. So overall, we're looking at over a billion dollar opportunity with multiple channels to be able to drive value to not only gi practices, but also provide access to patients and support pharma companies in their drug development. Key milestones, we can first start with audit documentation. As I mentioned, our plan is to get audit documentation into the market by the end of the year. Our polyp detection will be the first FDA cleared program to get FDA to get clearance through an FDA 510 K submission, which we hope to do within the next 18 months. We're investing a lot of capital in this, like most and so we are seeking 15 million in capital to support the funding of these activities. insiders are looking to participate at a significant rate. We're looking for participants that want to participate strategics as well as investors. We have a very strong team to support the development of the program of leading healthcare innovative technology executives, and we're well equipped with the engineering team and the resources to be able to develop these products and ultimately commercialize them. So in summary, the practice of gastroenterology is ripe for disruption disruption, it's tight, AI has great potential to make a huge impact in this area. Alta vision AI, a complete platform will empower physicians, provide operational efficiencies and expand access to patients. And there's multiple synergies in how we can generate revenue in multiple channels driving over a billion dollar opportunity so thank you very much for your time I'll be right if there's any question.