Profile number 107229
The hearing & vision diagnostic systems of the future
29/11/2023 Date added
Located in
Midden-Nederland
Also interesting for this region (s)
- Noord-Nederland
- Oost-Nederland
- West-Nederland
- Zuid-Nederland
General information
Sector
Healthcare
Type of company
Other
Legal entity
Private limited company
Type of transaction
To be determined
Life phase enterprise
Starting
Employees in FTE
5 - 10
Type of buyer
Investor
Financial information
Turnover last financial year
€ 250.000 - € 500.000
Asking price
€ 500.000 - € 1.000.000
Earnings before taxes
€ 0 - € 100.000
Company history/background
- The company is a software healthtech venture spun out of the Donders Institute at Radboud University in NL. Using our patented world-class Brain Computer Interface (“BCI”) and Artificial Intelligence (“AI”) technology, we are developing fast, accurate and easy-to-use hearing and vision diagnostic testing which rely solely on patient brain-response not manual response. In 2021, we received a E600k R&D pilot contract with GNResound, 3rd largest hearing aid company globally. We been awarded 2x MIT Partnership Grants, 2x Marie Curie Horizon Grants (UMC Groningen & Radboud), as well as the Eurostar grant for the product- our hearing diagnostic prototype. The product, has successfully undergone 2 early validation tests at Horzentrum Oldenburg – the leading European hearing research facility.
- Our core activities include: research and development, software development, product design, management and marketing.
- We have 10 FTEs: CEO, R&D engineers, data scientists, neuroscientists, software development, lab manager plus leading audiologists as paid advisors. We have strong partnerships with UMC Utrecht, UMC Radboud, U of Magdeburg and Horzentrum Oldenburg
Company activities
- Using our patented world-class Brain Computer Interface (“BCI”) and AI technology, we are developing the next generation of hearing and vision diagnostic testing which relies solely on brain-response. We are able to interpret a patient’s brain response to visual or auditory stimuli at 20x greater speed and higher level of accuracy than the competition. This enables us to create a completely objective diagnostic test that is fast and easy-to-use.
- Working together with EEG leading hardware partners, we are finalizing our validated working prototype.The prototype will provide fast accurate hearing diagnostic testing for patients over the ages of 2 years to 100++ which unlike conventional systems, does not require a patient response. The prototype will be certified as a class 2a medical device in the US and Europe by Q4 2025 and launched into the market quickly thereafter. The prototype has undergone external early validation testing at Horzentrum Oldenburg and our first useability pilot at Koraal – a long term care facility. We have been working with the leading audiology specialists to design the final minimum viable product in order to ensure a successful product/market fit.
Unique selling points
- The product is unique in that it combines the advantages of the range of currently available hearing test systems without the disadvantages. It has the speed and objectivity of conventional hearing screening (pass/fail) tests, the comprehensiveness of standard hearing diagnostic test plus the objectivity of the current brain response based hearing diagnostic test. However, it does not have the disadvantages: Current screening test are inaccurate and incomplete. Conventional hearing diagnostic tests are inaccurate and time consuming for the hard-to-test population. Current brain response tests are extremely costly, timing consuming and require anaesthesia to render the patient immobile during the test. The productalso contains additional benefits versus conventional testing in that it is an automated system that will not require a highly trained testing administrator. It is lightweight making it easily transportable to long term care homes for disabled or elderly patients and finally it is relaxing for the patient with a large video selection.
- Focus on: Final product development, certification, insurance reimbursability and market launch
Other
- Hearing and vision are critical for educational development, social connection and mental health. The WHO estimates that over 1.5b people suffer from hearing impairment with only 23% being treated. Unaddressed hearing impairment cost our society more than $1trillion in excess health care and long-term care costs as well as reduced productivity. As our population ages, these issues will continue to grow. Treatment rates of 23% imply that the hearing aid industry ($10b market) and the hearing diagnostics market ($2.2B) are only serving a fraction of their targeted patient population.
- One of the key reasons for low treatment levels is that conventional diagnostic testing systems for hearing and vision are based upon technology over 60 years old which relies on patients responding accurately (>100 button presses!). While these tests are irritating and tiresome for typical patients, they are inadequate to address the needs of the global 1.6b patients in the “hard-to-test” population (children, the disabled and the elderly) who struggle to perform the required responses.
- With this system, all segments of population can efficiently diagnosed for treatment
The hearing & vision diagnostic systems of the future
Region
Midden-Nederland
Sector
Healthcare
Type
For sale
Turnover
250.000 - 500.000
Overname
500.000 - 1.000.000