© 2020 Qardiax
Investor's
Playbook
Playbook
Real mission statement:
To prevent cardiac events anytime, anywhere and improve the quality of life.
To prevent cardiac events anytime, anywhere and improve the quality of life.
Everyone deserves to be healthy. High Blood Pressure is a burden. We believe that technology is a way to relieve this burden. This is done by providing a way for everyone to control their blood pressure and to assist them in improving it.
THE IDEA
Part 1
Heart disease is the largest cause of death in the world. According to the CDC, more than a billion people have hypertension worldwide. At Qardiax, it is our firm belief that everyone deserves a chance to be healthy. Our mission statement is to prevent cardiac events anytime, anywhere and to improve the quality of life. Medicine has developed revolutionary ways to treat people with these conditions. But these treatments are not enough. Some people have great difficulty in the recovery process and others never recover at all.
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The best solution has always been prevention. In the past, this was not feasible for everyone; it requires time, resources, education, lifestyle alterations and expertise to effectively prevent heart disease. It's a full-time job. In the United States and abroad, when so many people are working long hours to put food on the table, they do not have the time to give themselves the care they require.
Prevention relies on empowering the patient. If this disease is going to be stopped, there needs to be a way to do this. Technology has finally given us this ability but the healthcare industry is one of the slowest to utilize technological innovation. It's time. It's time we make it possible for the overworked to take care of themselves. It's time to use technology as a platform to educate and enhance the quality of health. Those who are involved in the health-tech field have a responsibility to do this. Each death from heart disease is unnecessary. Let's make heart attack and stroke things of the past. The technology is here. Help us build it.
Qardiax is a continuous, cuffless non-invasive blood pressure device able to monitor and record data in real-time. Other devices require the user to remain inactive when taking a measurement making continuous monitoring impossible. Our device can account for the movement and activity of the user, allowing us to get a realistic measurement of dynamic blood pressure.
Our technology uses ECG (electrocardiogram) and PPG (photoplethysmography) to measure PWTT (pulse wave transit time). This is a fancy way to say that we measure how long it takes a heartbeat to travel to a secondary spot on the body (in this case, the wrist) and use this data to calculate blood pressure and other vital signs.
But Qardiax is more than a monitor. Cardiovascular health is strongly influenced by the lifestyle of the user. Things like irregular sleep patterns, poor diet, inactivity and caffeine intake all affect the way the heart works. If these habits are not addressed, they can cause permanent damage to the cardiovascular system. To achieve better health, Qardiax uses an AI powered assistant to implement healthy lifestyle changes. Innovation is geared toward making products faster and easier for customers to use. Voice-enabled experiences are the natural next step because talking is the easiest, fastest way to interact with the product. By using AI to detect trends in the user's lifestyle, solutions can be suggested that will enhance the routine leading to better outcomes with minimal effort.
Prevention relies on empowering the patient. If this disease is going to be stopped, there needs to be a way to do this. Technology has finally given us this ability but the healthcare industry is one of the slowest to utilize technological innovation. It's time. It's time we make it possible for the overworked to take care of themselves. It's time to use technology as a platform to educate and enhance the quality of health. Those who are involved in the health-tech field have a responsibility to do this. Each death from heart disease is unnecessary. Let's make heart attack and stroke things of the past. The technology is here. Help us build it.
Qardiax is a continuous, cuffless non-invasive blood pressure device able to monitor and record data in real-time. Other devices require the user to remain inactive when taking a measurement making continuous monitoring impossible. Our device can account for the movement and activity of the user, allowing us to get a realistic measurement of dynamic blood pressure.
Our technology uses ECG (electrocardiogram) and PPG (photoplethysmography) to measure PWTT (pulse wave transit time). This is a fancy way to say that we measure how long it takes a heartbeat to travel to a secondary spot on the body (in this case, the wrist) and use this data to calculate blood pressure and other vital signs.
But Qardiax is more than a monitor. Cardiovascular health is strongly influenced by the lifestyle of the user. Things like irregular sleep patterns, poor diet, inactivity and caffeine intake all affect the way the heart works. If these habits are not addressed, they can cause permanent damage to the cardiovascular system. To achieve better health, Qardiax uses an AI powered assistant to implement healthy lifestyle changes. Innovation is geared toward making products faster and easier for customers to use. Voice-enabled experiences are the natural next step because talking is the easiest, fastest way to interact with the product. By using AI to detect trends in the user's lifestyle, solutions can be suggested that will enhance the routine leading to better outcomes with minimal effort.
A PROBLEM
Part 2
Trucking Industry's Needs
Focusing on truck drivers is the most strategic place to start. This is the group that suffers most severely from CVD. Truck drivers have notoriously poor cardiovascular health due to their lifestyle. Factors such as poor diet, limited exercise, and irregular sleep patterns are all CVD risk factors which are inescapable in the life of a truck driver. This is a group who has been underserved in terms of proper healthcare. There is a strong economic incentive for owners of these trucking companies to utilize this technology. According to a recent study, 9% of truck accidents are cardiovascular related. Damages for truck crashes in the U.S. cost the industry $135B in 2017 (FMCSA 2019 Pocket Guide Large Truck and Bus Statistics, page 46). Additionally, drivers with CVD risk factors are up to 2X more likely to have been in a crash.
The workforce in the United States is getting older*. This is especially true in the trucking industry where 22% are over the age of 60, with the average age being 52 years old. This age group is at an increased risk for developing CVD.
Truck drivers** work long hours on the road and, because they are away from home, they are unable to regularly see a doctor. This creates an opportunity for Qardiax to provide convenient care to reduce the risk of cardiac crises on the road. The routine shifts will give them a consistent and reliable window to use our product.
The workforce in the United States is getting older*. This is especially true in the trucking industry where 22% are over the age of 60, with the average age being 52 years old. This age group is at an increased risk for developing CVD.
Truck drivers** work long hours on the road and, because they are away from home, they are unable to regularly see a doctor. This creates an opportunity for Qardiax to provide convenient care to reduce the risk of cardiac crises on the road. The routine shifts will give them a consistent and reliable window to use our product.
Consumer Needs
The CDC says that more than 45% of adults in the United States have hypertension. That's 108 million people. Less than 25% of this population have their condition under control. High Blood Pressure is an enormous expense, costing the US economy more than $130 billion each year (from 2003-2014). But even worse, this is an unnecessary loss of life. Hypertension increases the risk of stroke and heart disease which are the leading causes of death in the United States.
One of the reasons so many people suffer from hypertension is that they don't know they have it. Usually, high blood pressure is not accompanied by any symptoms which is why it's known as the "silent killer." The only way to diagnose hypertension and to be able to treat it effectively is to monitor blood pressure regularly. However, for many people, it is not possible to get accurate blood pressure measurements often enough. Due to busy lifestyles, rising costs of healthcare, and a lack of education about wellness, too many people don't know about their hypertension until it's too late.
One of the reasons so many people suffer from hypertension is that they don't know they have it. Usually, high blood pressure is not accompanied by any symptoms which is why it's known as the "silent killer." The only way to diagnose hypertension and to be able to treat it effectively is to monitor blood pressure regularly. However, for many people, it is not possible to get accurate blood pressure measurements often enough. Due to busy lifestyles, rising costs of healthcare, and a lack of education about wellness, too many people don't know about their hypertension until it's too late.
Medical / Scientific Field
There is an industry-wide lack of data about the way that blood pressure functions. As of now, when a patient takes a blood pressure measurement it is a snapshot of resting BP. The patient is told to sit still, not move, not talk and not drink any caffeine for 30 minutes prior to the measurement. This is not a realistic representation of the way BP behaves during a normal day. During the day, people are busy, they go to work, they meet with friends, they drink coffee, they walk the dog, etc. Blood pressure is dynamic and it changes based on these circumstances. However, traditional BP devices fail to take this into account. They provide a static and unchanging measurement for BP. By monitoring BP continuously and dynamically, we open the door to an entirely new data set. Not only is this important in the scientific and medical community, but it is important data for the wearable device market and the tech industry in general. This is the next step in the progress of IoT.
WHY NOW?
Part 3
The right time + the right product = product-market fit.
The first Health and Wellness initiative, called Gettin'-in-Gear: Wellness, Health and Fitness for Commercial Drivers, was developed in 2000. Since then, there have been numerous attempts to address the poor heart health of commercial drivers. Everything from utilizing health coaches over the telephone to mandating physical examinations has been tested. The reason so many of these programs fail is a lack of consistency. There was no convenient way for the driver to record and improve his health.
For the first time, things are different. The emergence of wearable devices marks the perfect opportunity to solve the wellness crisis in this industry. As of now, there are no competitors in this field, but that will change quickly. The time to act is now in order to take advantage of the open market.
For the first time, things are different. The emergence of wearable devices marks the perfect opportunity to solve the wellness crisis in this industry. As of now, there are no competitors in this field, but that will change quickly. The time to act is now in order to take advantage of the open market.
The Trucking Industry's Needs
Through our research of scientific white papers****(see full list at bottom of page) relating to cardiovascular disease and the most endangered demographics, we discovered that CDL drivers have alarmingly high rates of CVD with some of the worst factors being high blood pressure and obesity. CVD risk factors not only endanger the health of the driver but according to studies it has negative effects on concentration and cognition. Providing a way to prevent crashes can save the industry billions and also help to reduce both vehicle and health insurance costs.
The demand for transportation is increasing every year. As populations and economic activity grow consumer demand for food, clothing, and manufactured goods keep rising. This increase in demand is making productivity even more valuable. With the development of autonomous driving technology, CDL drivers are competing against technology for productivity. "In the next 5-10 years, when the new era of autonomous vehicles comes fully to the market, we will witness how truck drivers are massively losing their jobs due to that...Truck drivers will be working harder to keep up with robots. For sure, it will lead to more car crashes and fatalities because the workforce will not have other options." (Andrew Yang, Joe Rogan Podcast)
This will cause more accidents and regulatory requirements will get stricter and may even become mandated. Being a leader in this industry during the time will allow us to conquer the market.
Acting now to protect drivers, will result not only in savings from preventing crashes, but it can also help to save the lives of many of our drivers.
The demand for transportation is increasing every year. As populations and economic activity grow consumer demand for food, clothing, and manufactured goods keep rising. This increase in demand is making productivity even more valuable. With the development of autonomous driving technology, CDL drivers are competing against technology for productivity. "In the next 5-10 years, when the new era of autonomous vehicles comes fully to the market, we will witness how truck drivers are massively losing their jobs due to that...Truck drivers will be working harder to keep up with robots. For sure, it will lead to more car crashes and fatalities because the workforce will not have other options." (Andrew Yang, Joe Rogan Podcast)
This will cause more accidents and regulatory requirements will get stricter and may even become mandated. Being a leader in this industry during the time will allow us to conquer the market.
Acting now to protect drivers, will result not only in savings from preventing crashes, but it can also help to save the lives of many of our drivers.
Consumer Needs
The United States has experienced impressive advances in cardiovascular health over the past 100 years, but as a nation, we are losing momentum. The National Hypertension Control Roundtable (NHCR) was formed in February of 2020 with more than 50 founding members. This is a group of American professionals from all different backgrounds who have made a firm commitment to reducing hypertension. The formation of this group shows how desperately the U.S. is searching for a solution. The time to get into the market is now.
Similarly, COVID-19 has shown us the importance of maintaining proper heart health. Patients with cardiovascular concerns have a much higher risk of suffering severe complications from COVID-19. These complications include arrhythmia, atrial fibrillation, and heart failure. Due to the high risk of complications relating to COVID, many of these patients could not keep up with their routine appointments, placing them at greater risk of heart attack and stroke. This has resulted in a spike of telemedical visits. As the population gets used to this form of practicing medicine, this is a trend that is estimated to continue. Remote wearable devices are a necessity for this market and their use will trend upward together.
The market for blood pressure monitoring devices and accessories is getting promoted because of a rising patient-pool that are becoming tremendously aware of the variety of monitoring devices and equipment available for blood pressure-related health conditions. An increase in the purchasing power of the people will flourish new product launches and variations that are more feasible to a greater area of the global population. The blood pressure monitoring market is dominated by the North American region and Deloitte's projections estimate that it will remain like this in the coming years. The industry understands how important it is to improve driver wellness.
Similarly, COVID-19 has shown us the importance of maintaining proper heart health. Patients with cardiovascular concerns have a much higher risk of suffering severe complications from COVID-19. These complications include arrhythmia, atrial fibrillation, and heart failure. Due to the high risk of complications relating to COVID, many of these patients could not keep up with their routine appointments, placing them at greater risk of heart attack and stroke. This has resulted in a spike of telemedical visits. As the population gets used to this form of practicing medicine, this is a trend that is estimated to continue. Remote wearable devices are a necessity for this market and their use will trend upward together.
The market for blood pressure monitoring devices and accessories is getting promoted because of a rising patient-pool that are becoming tremendously aware of the variety of monitoring devices and equipment available for blood pressure-related health conditions. An increase in the purchasing power of the people will flourish new product launches and variations that are more feasible to a greater area of the global population. The blood pressure monitoring market is dominated by the North American region and Deloitte's projections estimate that it will remain like this in the coming years. The industry understands how important it is to improve driver wellness.
A GREAT TEAM &
PREVIOUS BACKGROUND
PREVIOUS BACKGROUND
Part 4
We believe our people are our biggest asset. Our mix of the brightest, most inquiring minds, technical experts, and strategic thinkers allows us to form collaborative relationships with our clients. At this moment Qardiax team consist of three co-founders:
CEO
CPO Alexander Ponomarenko - CPO/CFO of Koodu, head of product, customer development, UX/UI. Alex is known as a health-tech visionary and IoMT lover.
CTO Vasyl Danylenko - System Architect, Senior Software Developer, Information Security. Proficient in C++, C, STL, Boost, OOP, Wt, Qt, Web Toolkit, ARM, ARM Cortex-M, STM, Nordic, .NET, JavaScript, Swift, Python, Django, jQuery, MSSQL, MySQL, Oracle. Previous experience as CEO/CTO for Koodu.
We have assembled a team of part-time contributors such as Kate Sidalo, former CS Team Lead in Ring Ukraine for customer service; Konstantin Apikhtin, MD, Ph.D., he is an HRV data expert in Age Free for data collection; Boris Ocheretko, Ph.D. in Physics Education and Sports, data collection; Dima Kyrylovets, content media director; Volodymyr and Karina Shyika, web designers.
CEO
CPO Alexander Ponomarenko - CPO/CFO of Koodu, head of product, customer development, UX/UI. Alex is known as a health-tech visionary and IoMT lover.
CTO Vasyl Danylenko - System Architect, Senior Software Developer, Information Security. Proficient in C++, C, STL, Boost, OOP, Wt, Qt, Web Toolkit, ARM, ARM Cortex-M, STM, Nordic, .NET, JavaScript, Swift, Python, Django, jQuery, MSSQL, MySQL, Oracle. Previous experience as CEO/CTO for Koodu.
We have assembled a team of part-time contributors such as Kate Sidalo, former CS Team Lead in Ring Ukraine for customer service; Konstantin Apikhtin, MD, Ph.D., he is an HRV data expert in Age Free for data collection; Boris Ocheretko, Ph.D. in Physics Education and Sports, data collection; Dima Kyrylovets, content media director; Volodymyr and Karina Shyika, web designers.
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For two and a half years, Alex and Vasyl worked with Age Free, a fitness-tech based service that uses data collection to maximize athletes' performance. Alex and Vasyl collected vitals like heart rate variability, electrocardiogram and blood pressure as well as performing lab tests and other functional diagnostics. This experience gives relevant experience for our mission at Qardiax.
Here are some of our pals from Age Free's medical research team who are always willing to lend a helping hand:
- Supervisor Prof. Gennady Apanasenko (professor of medical rehabilitation, physiotherapy, and sports medicine).
- Medical advisor Prof. Larisa Natrus (MD, Ph.D.)
- Medical curator Dr. Marina Pavlovskaya (MD, Ph.D.)
- Cardiologist Dr. Sikorska Tetiana (MD, Ph.D.)
- Functional training expert Boris Ocheretko (Ph.D. in physics education and sports)
- HRV data expert Dr. Konstantin Apikhtin (MD, Ph.D.)
- Orthopedic trauma Dr. Dmytro Yarovyi (MD, Ph.D.)
- Nutritionist Dr. Vera Palamar (MD, Ph.D.
- Fitness expert Lyubov Erakova (Ph.D. in physics education and sports)
The technical team comes from Koodu, it consists of 9 skilled individuals (full-time/part-time)
- Eugene Khikhlovsky (System Architect, Senior Software Developer asm64, asm32, Java, J2SE 1.6, JavaFX, AWT, Swing, C++, STL, WinAPI, Boost, OOP, MTE_API, QT, .Net).
- Yegor Shcherbakov (Artificial Intelligence Engineer, Machine Learning, R, Visual Basic, Git, Visual Studio, Python, Docker, GIS data analysis, SQL queries and stored procedures, neural networks, Reproducible statistical research, Natural language processing, Fuzzy Logic. Ph.D. in Economics).
- Sergii Zaplatnikov (Business developer officer).
- Oleh Viontsek (Program engineer, SEO, SMM, PHP, JavaScript, Shopify, HTML, CSS, Windows, Linux Server).
- Irina Belyaeva (Business analyst, Specialist in data processing and information visualization. Amazon QuickSight, Qlik, Microsoft Power BI. Business process developer, systems administrator).
- Serhii Bulba (Project manager, Microsoft Dynamics, Scrum master).
- Alex Shagovyi (Full-stack backend developer, Python, JavaScript, HTML, Linux).
- Alex Salata (Python developer).
- Dmitryi Chartorinskyi (Python developer).
MINIMUM VIABLE
PRODUCT
PRODUCT
Part 5
Our technology is based on reflective photoplethysmography (PPG) and electrocardiogram (ECG) measurements. Together it can continuously monitor vitals like continuous blood pressure, heart rate, HRV, stroke volume, and cardiac index. Wavelengths and our specialized algorithms allow a full monitor of the blood pressure and the heart rate anytime, anywhere [see how it works].
The core of Qardiax's technology lies within our proprietary PWTT (pulse wave transit time) measurement. PWTT is the time it takes the ΔT pulse wave to travel from the aorta to a peripheral artery. The ECG patch detects the pulse leaving the aorta and the PPG sensor measures how long it takes the wave to reach the wrist. Using this measurement, we can determine real-time, continuous blood pressure readings for systolic and diastolic estimates.
Since our device analyzes high-resolution ECG, in addition to Blood Pressure, we can determine the trace of ECG. This allows us to measure such a wide range of essential cardiac parameters, including Atrial Fibrillation.
The entire development process was documented carefully and can be found in the Additional Resources***.
Scientific whitepapers from our research are available in Additional Resources****.
The core of Qardiax's technology lies within our proprietary PWTT (pulse wave transit time) measurement. PWTT is the time it takes the ΔT pulse wave to travel from the aorta to a peripheral artery. The ECG patch detects the pulse leaving the aorta and the PPG sensor measures how long it takes the wave to reach the wrist. Using this measurement, we can determine real-time, continuous blood pressure readings for systolic and diastolic estimates.
Since our device analyzes high-resolution ECG, in addition to Blood Pressure, we can determine the trace of ECG. This allows us to measure such a wide range of essential cardiac parameters, including Atrial Fibrillation.
The entire development process was documented carefully and can be found in the Additional Resources***.
Scientific whitepapers from our research are available in Additional Resources****.
BUSINESS MODEL
Part 6
Our business model is Hardware-as-a-Service (HaaS), we start with the B2B segment by targeting the U.S. trucking industry.
- Price for our Hardware is $699 which includes PPG Watch and ECG Patch.
- Subscription for data storage and use of ANN to analyze trends is $39 per month per user. This includes access to the voice assistant and academy.
MARKET SIZE
Part 7
TAM = Target customer x Pricing
B2B Market
Target customer:
Pricing:
TAM for the product + TAM for subscription:
Goal:
Additional Information:
- 22% of US truck drivers are older than 60 y.o. with the average age being between 49-52, based on the US Bureau of Labor Statistics. Populations in the group have the highest likelihood of suffering from CVD risk factors and could benefit the most from monitoring devices.
- ATA estimates that freight industry revenues will increase 53.8% to $1.601 trillion over the next decade. The growth in the industry will require more drivers which will increase our market size.
- In addition to CDL drivers in the U.S., Qardiax will be able to easily expand to the NAFTA market which includes truckers in Canada and Mexico. Success in the U.S. will place us in an ideal position to capitalize on this potential and untapped market. See the North American Transborder Freight Numbers.
- Our target market is U.S. commercial vehicle drivers. This consists of 3.5 million drivers.
Pricing:
- There is a one-time fee of $699 for the devices and a $39 monthly fee for access to the ANN and data storage.
TAM for the product + TAM for subscription:
- TAM for the device comes to $2,446,500,000 (one time) + $1,638,000,000 (annually) for the subscription.
Goal:
- Our goal is to capture 5% of the trucking industry in the next 3 years. ($122,325,000 in device sales and $81,900,000 in annual subscriptions)
- See the following link about the largest trucking and logistic companies: Prospects
Additional Information:
- 22% of US truck drivers are older than 60 y.o. with the average age being between 49-52, based on the US Bureau of Labor Statistics. Populations in the group have the highest likelihood of suffering from CVD risk factors and could benefit the most from monitoring devices.
- ATA estimates that freight industry revenues will increase 53.8% to $1.601 trillion over the next decade. The growth in the industry will require more drivers which will increase our market size.
- In addition to CDL drivers in the U.S., Qardiax will be able to easily expand to the NAFTA market which includes truckers in Canada and Mexico. Success in the U.S. will place us in an ideal position to capitalize on this potential and untapped market. See the North American Transborder Freight Numbers.
B2C Market
As we succeed in our B2B model, we can expand into B2C.
Target customer:
Pricing:
TAM for the product + TAM for subscription:
Goal:
Additional Information:
- Deloitte estimates the IoMT market to be worth $158.1 billion in 2022
- Key drivers impacting financial sustainability in health care:
Target customer:
- The consumer market is much larger: according to the CDC, more than 108 million adults in the US have hypertension. 24% actively take measures to control their condition. Focusing only on those who try to improve their health this makes a market size of 25,920,000 people.
Pricing:
- At this preliminary stage, we will calculate using the same pricing of $699 for device and $39 monthly for subscription.
TAM for the product + TAM for subscription:
- $18,118,080,000 (one time) for the device and $12,130,560,000 (annually) for subscription.
Goal:
- To capture 3% of this market in the first 3 years after introducing our B2C model. ($543,302,400 in device sales, $363,916,800 in annual subscriptions).
Additional Information:
- Deloitte estimates the IoMT market to be worth $158.1 billion in 2022
- Key drivers impacting financial sustainability in health care:
- Expanding and aging populations
- Increasing numbers of people with chronic, long-term conditions
- Costly infrastructure and increased investment in MedTech
- Rising labor costs and staff shortages
- Growing demand for broader ecosystem service. [Deloitte Global Healthcare Sector Outlook 2020].
COMPETITORS
Part 8
"The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time."
-Henry Ford
-Henry Ford
There are other BP monitors on the market***** but none of them provide a continuous, real-time reading that can be used practically. Traditional Holter monitors provide ECG, but the user needs to strap a bulky monitor to the chest and many wires and straps around the body. It is expensive and only rented to the user for periods of a few days.
When it comes to wearables of this nature, the market is divided into two parts: fitness trackers and ambulatory monitors. Fitness trackers like Fitbit and Garmin target athletic performance. Ambulatory monitors, like the ones Masimo produces, are intended for use for patients in the hospital, or under the supervision of a clinician. Lately, more companies like Withings are offering a blend of the two. They are providing data on vitals that were traditionally monitored in a clinical setting (such as ECG) to the general consumer who is not necessarily under the supervision of a doctor.
When it comes to wearables of this nature, the market is divided into two parts: fitness trackers and ambulatory monitors. Fitness trackers like Fitbit and Garmin target athletic performance. Ambulatory monitors, like the ones Masimo produces, are intended for use for patients in the hospital, or under the supervision of a clinician. Lately, more companies like Withings are offering a blend of the two. They are providing data on vitals that were traditionally monitored in a clinical setting (such as ECG) to the general consumer who is not necessarily under the supervision of a doctor.
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Companies like Qardio, Withings, Samsung, Omron, AliveCor's Kardia, Zephyr by MedTronic, VitalConnect, Masimo and others are our closest competition.
Below we provide a closer comparative analysis of several companies:
Target audience:
Consumer wearable device. Marketing says "empowers individuals, families, doctors, and patients to manage and improve heart health."
Technology:
Cuff based, Bluetooth connected BP monitor. Non-rechargeable (AA batteries). QardioARM provides a more convenient way to provide BP measurements. Instead of going to the doctor, the user takes a measurement at home and sends the data to the doctor. The app records a history of all settings measured so the user can keep track of past measurements. However, besides this, there is nothing especially novel that is being offered. It is a standard cuff based device that measures resting BP. It is targeting a market that is already saturated with options in BP devices.
Usability:
They use an app for the consumer which connects to QardioMD, and an app for the healthcare provider to accommodate remote BP monitoring.
Price:
$99 for QardioArm, $499 for QardioCore
Below we provide a closer comparative analysis of several companies:
- Qardio has multiple products like QardioARM (NIBP device) and QardioCORE (ECG patch, currently unavailable in U.S. market)
Target audience:
Consumer wearable device. Marketing says "empowers individuals, families, doctors, and patients to manage and improve heart health."
Technology:
Cuff based, Bluetooth connected BP monitor. Non-rechargeable (AA batteries). QardioARM provides a more convenient way to provide BP measurements. Instead of going to the doctor, the user takes a measurement at home and sends the data to the doctor. The app records a history of all settings measured so the user can keep track of past measurements. However, besides this, there is nothing especially novel that is being offered. It is a standard cuff based device that measures resting BP. It is targeting a market that is already saturated with options in BP devices.
Usability:
They use an app for the consumer which connects to QardioMD, and an app for the healthcare provider to accommodate remote BP monitoring.
Price:
$99 for QardioArm, $499 for QardioCore
- BioBeat is a non-invasive, cuff-less (no more need for an inflating cuff) continuous and wireless monitoring device based on photoplethysmography technology.
Target Audience:
Currently, Bio-Beat operates with a B2B model. It is available to healthcare practitioners and distributors. Bio-Beat's watch is intended for chronically ill patients that need long term monitoring in their home or a residential care facility. The patch is to be used in the hospital to patients that require constant monitoring of vitals.
Technology:
Bio-Beat has two products. The first is a patch which measures ECG and BP with a disposable patch for ambulatory use in a hospital setting for a single patient - it has 7 days of battery life. The second is a long term monitor on the wrist which can independently measure blood pressure. Bio-Beat recommends users must remain still and silent to get an accurate result.
Usability:
App for the watch which patient can use - app for the healthcare professional which monitors ECG patch when in hospital.
Price:
$1500 USD for the watch, $100 USD for the disposable patch.
- Samsung is one of the leading tech giants who has multiple devices in this category. Products such as Samsung Active Watch and stand-alone ECG S-patch cardio. (S-patch is not yet available).
Target Audience:
Samsung is targeting the following audience with devices like the S-patch: Ambulatory ECG, Elderly Care, First Responders.
Technology:
Remote ECG patch applied by the patient. Remotely sends data to the doctor or healthcare provider
Usability:
Mobile app for the patient and provider app for the doctor. The patch is advertised as easy to apply for the user.
Price: N/A
Samsung has been approved by South Korea's Ministry of Food and Drug Safety for use of a blood pressure application using the Samsung Active Watch. It has not been approved in Europe or North America.
Completing competitive analysis is most effective in the early stage of the project when we are lean and easily pivoted. However, we occupy an underserved position in the market: none of our competitors are targeting the industrial market/trucking industry. As we perfect our product, we will be able to expand our target market to the general population and compete directly with other companies for their market share.
Our Edge:
Qardiax is providing several advantages over the competitors:
Qardiax fits uniquely into the market. We offer the features of the ambulatory devices - such as the ability to have a telemedical appointment with the doctor- as well as the benefits of a fitness tracker. However, unlike the competition we are targeting an industrial market that has a unique and urgent need for our product: remaining safe while on the job. Unlike the more casual user of the fitness tracker and the somewhat limited and short term use of the ambulatory patient, Qardiax's proposition of job safety can change the industry permanently.
Every time a CDL driver gets into a truck, there is a need that must be met: keeping the driver safe. There are dozens of sensors to monitor the wellbeing of the truck. The industry relies on this to prevent breakdowns and protect their investment. It is unthinkable that, at this time, there are no sensors to monitor the safety of the driver who is infinitely more valuable than the truck. Qardiax holds this unique position to serve a non-existent market need and to expand to all corners of industry.
"99% of the time, you should ignore competitors. Especially ignore them when they raise a lot of money or make a lot of noise in the press. Do not worry about a competitor until they are beating you with a real, shipped product. Press releases are easier to write than code, which is easier still than making a great product."
- Sam Altman
Qardiax is providing several advantages over the competitors:
- Our devices use PWTT which allows us to record a continuous measurement instead of simply a resting BP measurement. We also understand how to collect and structure data by applying the necessary filters and how to perform calibrations.
- We offer a unique selling proposition by offering a digital assistant and our academy that helps the users to improve heart health, building LTV for our brand.
- We target a market that has not yet been represented and that has a great need for our product. Our target market needs us in two ways - 1) the truck drivers who have notoriously poor heart health and 2) the logistic companies who bear a financial burden for accidents related to cardiovascular issues.
Qardiax fits uniquely into the market. We offer the features of the ambulatory devices - such as the ability to have a telemedical appointment with the doctor- as well as the benefits of a fitness tracker. However, unlike the competition we are targeting an industrial market that has a unique and urgent need for our product: remaining safe while on the job. Unlike the more casual user of the fitness tracker and the somewhat limited and short term use of the ambulatory patient, Qardiax's proposition of job safety can change the industry permanently.
Every time a CDL driver gets into a truck, there is a need that must be met: keeping the driver safe. There are dozens of sensors to monitor the wellbeing of the truck. The industry relies on this to prevent breakdowns and protect their investment. It is unthinkable that, at this time, there are no sensors to monitor the safety of the driver who is infinitely more valuable than the truck. Qardiax holds this unique position to serve a non-existent market need and to expand to all corners of industry.
"99% of the time, you should ignore competitors. Especially ignore them when they raise a lot of money or make a lot of noise in the press. Do not worry about a competitor until they are beating you with a real, shipped product. Press releases are easier to write than code, which is easier still than making a great product."
- Sam Altman
PRODUCT-
MARKET FIT
MARKET FIT
Part 9
There are four ways we can infiltrate the market:
1
Target the owners of trucking companies:
Ultimately, the owner wants to minimize expenses. One of the problems with the trucking industry is the poor health of the drivers which contributes to monetary losses through crashes, lost productivity from sick days, and a shorter lifespan for workers which translates to lost lifetime productivity in the industry. The loss of life is also a burden on the economy in general, requiring care for the family who has lost a provider. In addition, the industry is experiencing a serious shortage of drivers. It is in everyone's interest to keep drivers healthy and well enough to continue working. Qardiax provides an opportunity for these companies to protect their revenue by preventing expenses associated with crashes, lawsuits and lost productivity. For these reasons, there is a great economic incentive for owners to buy our technology in bulk and implement it into the market.
Ultimately, the owner wants to minimize expenses. One of the problems with the trucking industry is the poor health of the drivers which contributes to monetary losses through crashes, lost productivity from sick days, and a shorter lifespan for workers which translates to lost lifetime productivity in the industry. The loss of life is also a burden on the economy in general, requiring care for the family who has lost a provider. In addition, the industry is experiencing a serious shortage of drivers. It is in everyone's interest to keep drivers healthy and well enough to continue working. Qardiax provides an opportunity for these companies to protect their revenue by preventing expenses associated with crashes, lawsuits and lost productivity. For these reasons, there is a great economic incentive for owners to buy our technology in bulk and implement it into the market.
2
Female Truck Drivers:
Focusing on female truck drivers can be a great strategy for opening up the market. Women tend to value their health more than men. Qardiax provides women with a way to empower themselves by keeping an eye on their vitals and learning about their health. They may be more open to trying out a product than their male counterparts. Once the product shows good results, it will be accepted by the rest of the industry much more easily.
Focusing on female truck drivers can be a great strategy for opening up the market. Women tend to value their health more than men. Qardiax provides women with a way to empower themselves by keeping an eye on their vitals and learning about their health. They may be more open to trying out a product than their male counterparts. Once the product shows good results, it will be accepted by the rest of the industry much more easily.
3
Targeting the family to build stronger communities:
Another way to raise awareness is by using social media to target the families of truck drivers. Truck drivers provide for their families but the cost is days and weeks on the road and a sacrifice of their health. Spouses and children at home worry about this. While the drivers generally have less of a presence on social media, targeting their families will make Qardiax's mission known. Our mantra is to improve cardiac health together. This means making a strong community that values wellness. Oftentimes, this starts at home. By getting the families on board with our mission, we can help to make a difference in drivers' health and keep the roads safer for everyone.
Another way to raise awareness is by using social media to target the families of truck drivers. Truck drivers provide for their families but the cost is days and weeks on the road and a sacrifice of their health. Spouses and children at home worry about this. While the drivers generally have less of a presence on social media, targeting their families will make Qardiax's mission known. Our mantra is to improve cardiac health together. This means making a strong community that values wellness. Oftentimes, this starts at home. By getting the families on board with our mission, we can help to make a difference in drivers' health and keep the roads safer for everyone.
4
Collaborating with administrative bodies and non-profit organizations:
There are many agencies whose mission is to keep truckers safe and protect the roads. These organizations are always looking for new technologies to do this more efficiently.
-The Dept of Transportation is currently headed by Elaine Chao. Her top priorities include safety and preparing for the future by engaging with emerging technologies. Her goals are exactly aligned with Qardiax. By making strategic partnerships with these administrations, we can accelerate our emergence in and capture of the market.
-A strategic partnership with the CDC will make the implementation of our devices more widespread and quickly accepted. Our values for a workplace health initiative closely coincide with the interests of the CDC, making a partnership mutually beneficial.
-There are numerous non-profit organizations with a focus on keeping the roadways safe from reckless driving practices in the industry. By providing a way to reduce trucking accidents, we are allies in this cause. Collaboration with these groups will be an avenue for low-cost advertising.
See our Marketing Strategy****** in Additional Resources.
There are many agencies whose mission is to keep truckers safe and protect the roads. These organizations are always looking for new technologies to do this more efficiently.
-The Dept of Transportation is currently headed by Elaine Chao. Her top priorities include safety and preparing for the future by engaging with emerging technologies. Her goals are exactly aligned with Qardiax. By making strategic partnerships with these administrations, we can accelerate our emergence in and capture of the market.
-A strategic partnership with the CDC will make the implementation of our devices more widespread and quickly accepted. Our values for a workplace health initiative closely coincide with the interests of the CDC, making a partnership mutually beneficial.
-There are numerous non-profit organizations with a focus on keeping the roadways safe from reckless driving practices in the industry. By providing a way to reduce trucking accidents, we are allies in this cause. Collaboration with these groups will be an avenue for low-cost advertising.
See our Marketing Strategy****** in Additional Resources.
ECOSYSTEM
Part 10
Building Value
Our mantra says:
Improving Cardiac Health Together.
Our team, customers, and followers are our community. In times of so much fear, we stand for an eternal principle — people first. We've talked with logistics companies and they are excited about Qardiax. It will save them massive expenses and has the power to alter the industry. For us, technology is not about the devices or the products we build. These aren't the end-goals. Technology is a democratizing force, empowering people through information. A people-centric approach is what we will always stand for. Customer support and education are central to our values. We believe in improving everyday life with a comprehensive, two-part solution: our academy and our digital assistant.
Improving Cardiac Health Together.
Our team, customers, and followers are our community. In times of so much fear, we stand for an eternal principle — people first. We've talked with logistics companies and they are excited about Qardiax. It will save them massive expenses and has the power to alter the industry. For us, technology is not about the devices or the products we build. These aren't the end-goals. Technology is a democratizing force, empowering people through information. A people-centric approach is what we will always stand for. Customer support and education are central to our values. We believe in improving everyday life with a comprehensive, two-part solution: our academy and our digital assistant.
- Academy
- Assistant
Building a Community
Collaboration with existing institutions is an essential part of our ecosystem. Qardiax has access to the talent pool at the following universities:
- Igor Sikorsky Kyiv Polytechnic Institute Department of Biomedical Engineering.
- Ukrainian Catholic University Faculty of Applied Sciences
FINANCIALS
Part 11
In recent years, well-managed healthcare tech companies have performed with some exits at 23 to 25 times EBITDA based on the Mckinsey report.
We are looking to raise money to enable us to achieve our goals for the next 15 months. We are lean. We don't need excess, we just need enough. We are an American company but our value proposition lies in the fact that part of our team is in Ukraine. By utilizing some of the best talents in Ukraine, we can cost-effectively accomplish our goals without compromising on quality.
We want an investor who will help us transform the future of healthcare. This will be someone from the industry who has relevant experience and is a leader in new thinking. We want someone who has the same belief that we do in value-based healthcare and is passionate about helping people.
We are looking to raise money to enable us to achieve our goals for the next 15 months. We are lean. We don't need excess, we just need enough. We are an American company but our value proposition lies in the fact that part of our team is in Ukraine. By utilizing some of the best talents in Ukraine, we can cost-effectively accomplish our goals without compromising on quality.
We want an investor who will help us transform the future of healthcare. This will be someone from the industry who has relevant experience and is a leader in new thinking. We want someone who has the same belief that we do in value-based healthcare and is passionate about helping people.
OUR ROADMAP
Part 12
Our roadmap is based on our previous hardware experience. Here is our mantra of manufacturing:
- Choose a reliable manufacturer (we have few, just in case)
- Be detailed and don't rush. Startups often hurry to get to the production of the device. When they do this, they produce the injection form very quickly. After this, if there is any product iteration, this process must be repeated. This wastes solid cash and even worse — wastes time.
- Use good components. Make sure you have a working device that can be mass-produced before spending time and money on advertising.
- Put together an accurate BOM. If one of the components goes out of production, the entire design of the device may have to be remade. This can be very expensive as you must redesign with another component and halt the production of the device until a new design is made.
- Know your burn rate (don't forget about the shipping cost and delays).
Show more
Our goal is to test technology with medical-grade data, to apply filters, and to perfect our calibrations/ANN. The next stages of our company for the next 15 months:
1. New Hires:
2. Product:
1. New Hires:
- Partnering with healthcare professionals (MDs, cardiologists in New York and Kyiv).
- Multiple partnerships with top technological universities in Ukraine, and organizing hackathons
- AI Engineers (medical researchers, biomedical engineers)
- 2 full stack devs for backend, API, mobile app and chatbot assistant
- Front-end developer
- 2 experienced designers (UI/UX, industrial design, product design, packaging, web, mobile, SMM)
- Hiring sales and support team
- Multiple part-time consultants
2. Product:
- Production of 300 pre-products for large scale testing
- R&D testing of the hardware (ECG & PPG devices)
- Post-test improvements on the backend, server, cloud
- Development of an intuitive chatbot (later VUI) to act as a digital health assistant in conjunction with our app/dashboard.
- Collecting feedback, structuring data, debugging, testing and implementing new features
- Injection moldings for watch and patch produced in China™, patents and copyrights
- CE Mark certification + clinical trials in Ukraine
- Working on FDA* application
- Go-to-market strategy, SMM
- US pre-marketing campaign (accomplishing pre-orders with B2B logistics companies)
- Shipping.
VISION
Part 13
The Qardiax team believes in having a companion rather than just another hardware device. The next logical thing would be improving engagement through the voice assistant (VUI): Voice-enabled assistance to improve lifestyle is a big step forward in the entire IoMT industry. We are building a voice-assistant similar to Alexa in addition to an intuitive NLP chatbot. Essentially, we focus on problem-solving by encouraging lifestyle improvements. In most cases, CVD and hypertension are caused by a lifestyle, so the solution must be more than simply monitoring the health; it must be to enhance the lifestyle. By using AI to detect trends in their BP, we can suggest solutions (being more active, better sleep, limiting caffeine, improving diet) that will improve the health of the user. We focus not only on identifying the problem but also on providing a practical solution to it.
Show more
Qardiax's mission on Earth is to prevent cardiac events anytime, anywhere, and to improve the quality of life. But it doesn't end here. Qardiax's Mission Beyond is to assist humanity prepare for the journey to Mars...and beyond!
Space Tourism******* is an enormous emerging industry. As humanity prepares to explore the last frontier, we must prepare the body to make the journey. It is an incredible strain on the body to be sent into space. Astronauts go through vigorous training to make sure their bodies are in peak physical condition. For the space tourist who does not have access to NASA's training program, there must be an application to ensure physical fitness to make the journey. Qardiax is the perfect solution. It is a way to monitor the cardiovascular system to make sure the user is in good enough health to make the trip. As this industry emerges, safety regulations will be made to protect the consumer. It is the perfect time to position Qardiax to fulfill these needs.
There is an application of Qardiax with astronauts as well.
Space is a microgravity environment, which means some mechanical forces on the body that we are used to on Earth are absent or reduced in space. This causes our body systems to work differently. For example, Earth's gravity causes blood to pool in our lower limbs. The heart works hard to pump the blood up to the brain. In space, blood pools in the upper body (chest and head) and the heart does not pump as strongly. When astronauts come back, it can be challenging for the cardiovascular system to return to normal. After 6 months in space, astronauts' arteries stiffen and thicken by 17%-30%. This can be compared to 10 to 20 years of normal aging on Earth. Constant monitoring of vitals using unwieldy Holter monitors is required to prevent permanent damage to their cardiovascular systems. Qardiax provides a comfortable and easy way to protect astronauts in space for extended periods.
Qardiax is the key to safe travel, on Earth and beyond!
Space Tourism******* is an enormous emerging industry. As humanity prepares to explore the last frontier, we must prepare the body to make the journey. It is an incredible strain on the body to be sent into space. Astronauts go through vigorous training to make sure their bodies are in peak physical condition. For the space tourist who does not have access to NASA's training program, there must be an application to ensure physical fitness to make the journey. Qardiax is the perfect solution. It is a way to monitor the cardiovascular system to make sure the user is in good enough health to make the trip. As this industry emerges, safety regulations will be made to protect the consumer. It is the perfect time to position Qardiax to fulfill these needs.
There is an application of Qardiax with astronauts as well.
Space is a microgravity environment, which means some mechanical forces on the body that we are used to on Earth are absent or reduced in space. This causes our body systems to work differently. For example, Earth's gravity causes blood to pool in our lower limbs. The heart works hard to pump the blood up to the brain. In space, blood pools in the upper body (chest and head) and the heart does not pump as strongly. When astronauts come back, it can be challenging for the cardiovascular system to return to normal. After 6 months in space, astronauts' arteries stiffen and thicken by 17%-30%. This can be compared to 10 to 20 years of normal aging on Earth. Constant monitoring of vitals using unwieldy Holter monitors is required to prevent permanent damage to their cardiovascular systems. Qardiax provides a comfortable and easy way to protect astronauts in space for extended periods.
Qardiax is the key to safe travel, on Earth and beyond!
Help us Build the Future.
Thanks for reading!
The Qardiax Team
Additional Resources:
*Articles About Aging Drivers
**Articles About Truck Drivers
****Scientific Whitepapers
****MVP
*****List of Wearable Competitors
******Qardiax Marketing Strategy
*******Qardiax Space Mission Presentation
