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Provene

CoronaTrac

USA, Texas
Market: Information and media, Medicine, Telecommunications, Services, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 21.04.2020
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Idea

Dedicated Covid-19 Tracking App
* Web, Apple and Android ready
* Can be branded to your organization
* Track Symptoms
* Offer resources
* Show areas on map
* Gather data from populations

Quarantine Enforcement Mobile App
* Full-time GPS monitoring
* Zone Enforcement
* Web, Apple and Android ready
* Can be branded to your organization
* Developed for Law Enforcement


Current Status

The product is already done and ready to be used

Market

Law enforcement, criminal justice, healthcare, treatment centers, etc.

Problem or Opportunity

As the COVID-19 pandemic developed, we at Provene realized we had the perfect solution for a lot of the problems that are being created with stay at home orders. We have an app called CleanTrac that we developed in 2015 that monitors patient's important activities, connects them to resources, tracks their GPS, tracks symptoms, etc. We were able to use this technology to come up with CoronaTrac.

Solution (product or service)

CoronaTrac is a mobile app that tracks participants GPS location to make sure the participant is adhering to quarantine orders and if they do not comply, their location tracking is able to be viewed. CoronaTrac allows participants to complete questionnaires, report their symptoms, view virus maps, view testing locations and find other useful COVID-19 related resources.

Competitors

- COVIDSymptoms which is a symptom tracker

Advantages or differentiators

The advantages of using Provene's technology is:
- The flexibility to use your own branding within the app.
- The flexibility to monitor almost anything that the phone captures.
- There are plenty of apps out there that do one of many of the things that we do, but we have not seen anyone who is doing everything in one app the way that we are.

Finance

Our expectation is that it will take 3-5 years to create significant shareholder value. We would expect that at that point, we would consider 3 options.

The first option is to continue to exist as an independent entity that provides strong operating margins and cash flow for re-investment or dividends.

The second option would be to sell the entity to a strategic partner that needs our product for their solution and wants to be in this particular business. Entities that could make sense include the Payers (Medicaid and otherwise), HBFF, healthcare tech firms or possibly a behavioral health management firm.

The third option could be the public markets, although that’s probably at least 5 years from now and would require significant growth. The attributes of the public market are there with fast growing revenue, a very large and growing market and a Software as a Solution business with high gross margins. Other alternatives could include white labeling the technology with many entities that are in the health space.

Money will be spent on

Developing artificial intelligence such as prediction of at-risk participants using patterns over time that could potentially save lives

Team or Management

Incubation/Acceleration programs accomplishment

- Participation in UT Texas Venture Labs
- Participation in Austin's Capital Factory

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