Photo - Radwave Technologies Inc.
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Radwave Technologies Inc.

Electromagnetic tracking for minimally invasive procedures

USA, Minnesota
Market: Medicine, Electronics, Robotics
Stage of the project: Prototype or product is ready

Date of last change: 01.11.2020
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Idea

Supplying Key Navigation Components for the $31B Image-Guided & Robotic Surgery Market. Image-guided and robotic surgery requires advanced tracking technology that can locate surgical instruments & tools inside the human body when there’s no clear line of sight. Electromagnetic tracking (EMT) is favored because of its accuracy, low cost and reliability. But current EMT solutions are insufficient and expensive. By supplying device manufacturers with a customizable EMT platform, Radwave Technologies improves the accuracy and lowers the development cost of image-guided & robotic surgeries.

Current Status

Pre sales started in July 2020 and accepted 50% down
First delivery of tracking platform will occur in October 2020
Website will launch in October 2020
Two support letters with intention to integrate from top tier medical device companies
Pre-market release underway in fall of 2020
Full launch in 2021

Market

B2B - Minimally invasive and robotic medical device manufacturers is the beachhead. World wide deployment. We sell to R&D leads to start then move to their manufacturing divisions.

Other inductures currently using electromagnetic tracking include:

Industrial Automation
Automotive
Consumer electronics
Defense
Aviation
Simulation and Training
AR/VR

Problem or Opportunity

Shift towards minimally invasive and robotic surgeries is accelerating and the current electromagnetic tracking technology is old and outdated. This established market is ready for disruption with a novel tracking platform that address the key issues that exist today: 1) Accurate tracking when there is interference in the procedure volume. 2) Larger tracking volume that reduces the need for harmful radiation, contrast.

This technology will be launch in the medical device space with an addressable market of $700M. In year 2 other segments like industrial automation and AR/VR will come next.

Solution (product or service)

Radwave Technologies provides the hardware, electronics, and algorithms necessary to track surgical instruments within the body when there is no line of site. The capital equipment is sold to new or existing medical technology companies in B2B format. They validate, submit to the appropriate regulatory agency, and commercialize.

1) When our customer place their system in a hospital Radwave sells hardware.
2) When our customer's physician performs a procedure Radwave sells consumables for each procedure.
3) When our customer integrates Radwave into their system Radwave sells service and support.

Competitors

There are two primary competitors:

1) Northern Digital Inc. (NDI) offering two major product lines: Aurora and 3D Guidance. NDI was purchased by Roper NYSE: ROP in 2011. They have over 45,000 systems installed according to their website. The technology is outdated and an alternative is sought after by their customers.

2) Custom in house research and development. This is expense $30M+, time consuming 3+ years, and takes rare specialized talent. We know because the Radwave founders have done this for multiple medical device companies.

Advantages or differentiators

The Radwave system is based on a patent pending invention that addresses the key issues with current technologies. The foundation of the technology and the expertise to recreate it would take many years. Highly skilled groups have tried over the last decade from top tier medical technology companies and have failed.

In addition the founders have deep knowledge in a series of medical device domains including cardiology and robotic surgeries. This will accelerate adoption across medical device technologies.

Finance

Hardware unit (stand-alone or integrated with the device) $15,000 - $50,000 / unit

Various magnetic sensors (stand-alone/integrated with the surgical tool) $15 - 450 / procedure

Additional service fees (design & customization, integration, maintenance, field support, etc.) $200,000 / contract

Business model

We supply our navigation hardware & sensors directly to device manufacturers

Money will be spent on

Scale up manufacturing 40%
Product development 25%
Sales & Marketing 20%
Other (Staff, Operations, etc.) 15%

Offer for investor

15%

Team or Management

Risks

DEVELOPMENT RISK: Design defect / issues create additional
cost or delay in commercialization.
MITIGATION: Hire great talent, use state-of-the-art methods, and include a buffer in our timeline for iterations.

REGULATORY DELAY: Our HW & Sensor Revenue is dictated by
customer's approval & launch timeline
MITIGATION: Ensure customer mix with shorter regulatory path, collect design / customization revenue as a buffer.

COVID-19/MANUFACTURING: Global supply chain delays or disruptions
MITIGATION: Manufacture capital equipment in U.S.A and redundant supply chain for the high-volume consumable.

Incubation/Acceleration programs accomplishment

University Enterprise Labs (life science incubator)
MN Cup 2020 Life Science Finalist (Mentors, and Material development)
Advisors

Won the competition and other awards

Accepted into UEL Life Science Business Incubator
Won Launch MN Innovation Grant
Selected a Finalist for the MN Cup 2020

Invention/Patent

Antenna pod matrix
World wide application PCT/US2019/052240

Other provisional patents have been filed.

Photos

Photo 1 - Electromagnetic tracking for minimally invasive procedures

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