Periodic Reporting for period 1 - VoiceMed-WomenTechEU (MONITOR RESPIRATORY HEALTH USING VOICE)
Periodo di rendicontazione: 2023-07-01 al 2024-06-30
VoiceMed is a pioneering startup dedicated to revolutionizing cardiorespiratory health monitoring through the use of vocal biomarkers. Leveraging smartphone technology, VoiceMed aims to provide accessible, accurate, and non-invasive health assessments that can be easily integrated into existing healthcare frameworks. The primary motivation behind the project is to address the significant challenge of early detection and proactive management of cardiorespiratory health issues, which cost the EU over €422 billion annually.
The main objectives of the project funded by the WomanTech EU grant were to adapt VoiceMed's business plan and commercialization strategy for the European market, analyze intellectual property (IP) strategy and freedom to operate, and engage in investment-related activities to raise additional funds. Additionally, the project aimed to position VoiceMed as a leading deep-tech, women-led startup, participating actively in WomenTechEU activities.
The expected impact of the project includes improving early detection of cardiorespiratory issues, enhancing patient outcomes, reducing healthcare costs, and establishing VoiceMed as a key player in the health tech industry. By integrating social sciences and humanities, the project also aims to address the socio-economic barriers to healthcare access, ensuring that the technology benefits a broad spectrum of the population.
The main objectives of the project funded by the WomanTech EU grant were to adapt VoiceMed's business plan and commercialization strategy for the European market, analyze intellectual property (IP) strategy and freedom to operate, and engage in investment-related activities to raise additional funds. Additionally, the project aimed to position VoiceMed as a leading deep-tech, women-led startup, participating actively in WomenTechEU activities.
The expected impact of the project includes improving early detection of cardiorespiratory issues, enhancing patient outcomes, reducing healthcare costs, and establishing VoiceMed as a key player in the health tech industry. By integrating social sciences and humanities, the project also aims to address the socio-economic barriers to healthcare access, ensuring that the technology benefits a broad spectrum of the population.
During the 12-month grant period, VoiceMed executed several key tasks:
Task 1: Business and Commercialization Plan Upgrade
Sub-task 1.1 – Business Plan Upgrade (M1-M6): Conducted in-depth market research, updated the business plan, established an EU pricing and revenue model, and developed financial projections.
Sub-task 1.2 – Commercialization Strategy (M6-M12): Developed a detailed go-to-market strategy with clear KPIs and objectives, and identified opportunities for international partnerships.
Sub-task 1.3 – Risks and Barriers Analysis (M9-M12): Identified potential risks and developed mitigation measures.
Task 2: Fundraising Strategy Definition and Implementation (M6-M12)
Analyzed public and private funding opportunities, developed a fundraising strategy, and successfully raised €225k from Padda Health and EIT Digital.
Task 3: Regulation, IPR & Freedom to Operate Context (M6-M12)
Conducted regulatory standards analysis, studied IP thoroughly, and researched freedom to operate from both IP and competitors' perspectives.
Task 4: Project Management, Communication, and Sustainability (M1-M12)
Managed project activities, communicated results, participated in events, and engaged in training, coaching, mentoring, and networking activities provided by WomenTechEU.
Main Achievements:
Developed and launched a software development kit (SDK) for third-party integration, leading to the first paying B2B client with €50k revenue.
Conducted a paying pilot with 28 participants, achieving high user satisfaction (92%).
Improved algorithm performance with key KPIs: Sound Event Detector (91%), Sound Quality Evaluator (100%), Respiratory Biomarker (85%), and CardioRespiratory Biomarkers (80%).
Raised €225k from two investors, bolstering financial stability and growth potential.
Conducted a comprehensive analysis of available patents and IPR landscape.
Task 1: Business and Commercialization Plan Upgrade
Sub-task 1.1 – Business Plan Upgrade (M1-M6): Conducted in-depth market research, updated the business plan, established an EU pricing and revenue model, and developed financial projections.
Sub-task 1.2 – Commercialization Strategy (M6-M12): Developed a detailed go-to-market strategy with clear KPIs and objectives, and identified opportunities for international partnerships.
Sub-task 1.3 – Risks and Barriers Analysis (M9-M12): Identified potential risks and developed mitigation measures.
Task 2: Fundraising Strategy Definition and Implementation (M6-M12)
Analyzed public and private funding opportunities, developed a fundraising strategy, and successfully raised €225k from Padda Health and EIT Digital.
Task 3: Regulation, IPR & Freedom to Operate Context (M6-M12)
Conducted regulatory standards analysis, studied IP thoroughly, and researched freedom to operate from both IP and competitors' perspectives.
Task 4: Project Management, Communication, and Sustainability (M1-M12)
Managed project activities, communicated results, participated in events, and engaged in training, coaching, mentoring, and networking activities provided by WomenTechEU.
Main Achievements:
Developed and launched a software development kit (SDK) for third-party integration, leading to the first paying B2B client with €50k revenue.
Conducted a paying pilot with 28 participants, achieving high user satisfaction (92%).
Improved algorithm performance with key KPIs: Sound Event Detector (91%), Sound Quality Evaluator (100%), Respiratory Biomarker (85%), and CardioRespiratory Biomarkers (80%).
Raised €225k from two investors, bolstering financial stability and growth potential.
Conducted a comprehensive analysis of available patents and IPR landscape.
VoiceMed's innovative approach to cardiorespiratory health monitoring via vocal biomarkers offers several advancements over existing technologies:
Precision and Accessibility: Unlike general health tracking devices, VoiceMed's solution provides specific insights into lung health, making it a valuable tool for early detection and proactive management of respiratory conditions.
Integration and Usability: The SDK allows seamless integration with health insurance apps and digital health platforms, enhancing user engagement and accessibility.
Scalability and Flexibility: The modular approach facilitates compliance with regulatory changes and supports a scalable business model.
Potential impacts and future needs:
Further research: continuous improvement of vocal biomarkers and algorithm accuracy, especially in clinical studies taking voice data benchmark with golden standard tests.
Market demonstration: additional pilot programs to validate product-market fit.
Access to markets and finance: Expansion into new markets and securing further investments.
Commercialization: establishing strategic partnerships and optimizing the go-to-market strategy.
IPR Support: ongoing analysis and protection of intellectual property.
Regulatory framework: navigating and complying with evolving regulations for medical devices.
Precision and Accessibility: Unlike general health tracking devices, VoiceMed's solution provides specific insights into lung health, making it a valuable tool for early detection and proactive management of respiratory conditions.
Integration and Usability: The SDK allows seamless integration with health insurance apps and digital health platforms, enhancing user engagement and accessibility.
Scalability and Flexibility: The modular approach facilitates compliance with regulatory changes and supports a scalable business model.
Potential impacts and future needs:
Further research: continuous improvement of vocal biomarkers and algorithm accuracy, especially in clinical studies taking voice data benchmark with golden standard tests.
Market demonstration: additional pilot programs to validate product-market fit.
Access to markets and finance: Expansion into new markets and securing further investments.
Commercialization: establishing strategic partnerships and optimizing the go-to-market strategy.
IPR Support: ongoing analysis and protection of intellectual property.
Regulatory framework: navigating and complying with evolving regulations for medical devices.