Photo - AssayMe
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AssayMe

AssayMe is a personal Wellness&Health Assistant

USA, New York
Market: Medicine
Stage of the project: Prototype or product is ready

Date of last change: 06.07.2020
Min investment
$  100.000
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Total required
$ 100.000
Rating
equalizer из 1000
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Idea

Our solution is to combine our proprietary urine test strip and new technology in our app for monitoring wellness and health. We offer users a convenient, accurate, cost-effective way to get an interpretation of 14 important health parameters in just two minutes, take a survey to collect a medical history taking, and, if necessary, consult a doctor.

Current Status

MVP, +300 first active users

Market

Mobile Health's global market is about $ 130 billion.
Presently, we focus on the B-t-C segment.
We focus on large markets with unmet needs: diabetes, women's health, keto diets. 1. Diabetes type 1 patients. 2. People with undiagnosed (asymptotic) diabetes. 3. Women's health: pre-eclampsia - 6% of all pregnancies affected 4. UTIs - 50% of women affected at least once in a lifetime. 5. Consumers who already actively use self-administered urine tests.
Diabetes type 1 patients: 1.2 million in the US ($14 billion healthcare cost) 2. People with undiagnosed (asymptotic) diabetes - 10 million in the US 3. Women's health: pre-eclampsia - 6% of all pregnancies affected ($6 billion annual healthcare cost); UTIs - 50% of women affected at least once in a lifetime (1 million hospitalizations per year), $8 billion healthcare cost)

Problem or Opportunity

Many patients with chronic health conditions require timely urine tests that may help prevent serious disease complications, eliminate frequent doctor visits, and reduce related high healthcare costs. Existing self-administered urine tests (as evidenced by user feedback) are characterized by inconvenience, complexity in the meaningful interpretation of results, and lack of tracking dynamics.

Solution (product or service)

Our solution is to combine our proprietary urine test strip and new technology in our app for monitoring wellness and health. We offer an interpretation of 14 important health parameters in just two minutes, take a survey to collect a medical history, and consult a doctor. The urine test strip has 14 indicators: glucose, ketones, pH, blood, and other. By the color change we are talking about infections, kidney and liver disease, complications of diabetes, so - we say about metabolic disorders.

Competitors

Competitors:
Healthy.io - strengths: established market player, FDA cleared product weaknesses: expensive, lack of comprehensive analysis of different test parameters
Scanwell - strengths: FDA cleared (UTIs only) weaknesses: expensive, limited scope, lack of comprehensive analysis of different test parameters
Blo.om
Vivoo

Advantages or differentiators

We have four important benefits for our users:
First of all - The interpretation of several indicators, which makes this method better.
Secondly - the 30 test strips in the set allow daily monitoring of the user's health.
Third - using AI algorithms and doctors' experience based on diagnostic algorithms, we have the opportunity to combine the data of our analysis and history for better diagnosis.
And finally - Using the collecting date, we connect the user with the doctor using TeleHealth protocols for quality and affordable medical care.

Finance


A recurring revenue model: free App comes with a monthly supply of our proprietary test strips for $8.99. After FDA Approve, we will be ready for the third step - finding a strategic partner for the provider Telehealth.

Business model

We target consumers who already actively use self-administered urine tests. We use internet marketing resources: Reddit, WebMD, HealthLine, social media, posting unique articles, etc. We plan to work with relevant experts: physicians, nutritionists, counselors, and other Influencers to promote our product. Today, we advertise on FB and Google. Customers are either directed to our website or directly to Google Play.

Money will be spent on

Development Budget – next 6 months
Website. $12,000
Design $15,000
Android App $9,500
iOS App $15,500
Server, IT equipment $14,000
Branded Strips Inventory $16,000
Sales and Marketing $10,000
General and Administrative $8,000
TOTAL $100,000

Offer for investor

Pre-money valuation AssayMe - $1,000,000
Attracting $100,000 in exchange for 10% equity
Creation of the Board of Directors and entry into its structure of an investor representative.

Team or Management

Risks

FDA approving

Incubation/Acceleration programs accomplishment

Sector X(Kyiv-NYC), Xleratehealth(Louisville, KY)

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
Photos
Product Video