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Bicovery

AI powered help to people with Bipolar Disorder

Ukraine, Kyiv city
Market: Medicine, Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 06.03.2020
Min investment
$  50.000
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Total required
$ 320.000
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Idea

Bicovery collects via multiple channels and analyzes in real-time the data about physical activity, social behavior and cognitive state of people suffering from Bipolar Disorder (BD-I) to alert upcoming crisis episodes to caregivers and doctors, improve patient life quality, validate treatment and prescribed drugs, optimize treatment costs.

Current Status

Proof of concept and medical model built and tested with medical advisers.

MVP ready, in alpha test. Beta test with 50-200 bipolar users is planned to start in 2 months

Market

Our initial target market will be the DACH region recognizing 1M of Bipolar people with further expansion to Israel (7% of the population recognized as BD) and USA markets (2.6% of population).
Planned penetration of 10% worldwide within 7-10 yrs will bring up to $12.8B GAR.

We also plan the distribution in Ukraine and Eastern Europe markets.

Problem or Opportunity

Bipolar Disorder is a severe and widespread healthcare problem that touch more than 160M people worldwide. It is hard to monitor and treat as most of the actual treatment and technology approaches are base on questionnaires collected with the limited frequency. While the patient suffers from cognitive disruptions that are spread over a long period and may be very hard to identify in a moment of time.

Market Volume and Opportunity

2.6% of US population diagnosed with Bipolar Disorder

Adult American spends $12-19K annually for the treatment that may take from at least 10 years to a lifetime. 

BD is #6 reason worldwide for losing labor capability.

Only within the US, it is recognized $31B of direct expenses spent annually for BD treatment and $120B of annual economic burden due to BD citizens’ loss of labor capability.

Continuous real-time monitoring and intelligent anomalies recognition techniques may optimize patient expenses for 10-30% and decrease the risk of losing working capability also improving the quality of life and collecting the data for deeper disorder analysis by healthcare community.

Solution (product or service)

We aim solving the two serious problems that relate to the current methods of treatment of the mental disorders and Bipolar Disorder in particular - disrupted treatment and subjectivism.

Bicovery bases 90% of analysis on behavioral data collected in real-time from multiple data sources and use both Machine Learning powered and algorithmical analytical models.

Data is collected via any popular wearable like a fitness tracker or smartwatch and patient’s smartphone with a custom keyboard app installed. 

Competitors

eMood
UP!
BipolarTest
MindG
ECG mood
WhatsMyM3

Advantages or differentiators

- focus on specific bipolar disorder behaviouristic symptoms
- unique algorithmical model designed with psychiatry practitioners
- machine learning behaviour analysis layer
- focus on behavioural data, not questionnaires
- wearable device type and vendor agnostic

Finance

Subscription model of $30/month for Easter Europe markets and $50-100/month for EU, Israel and USA.

With the direct market penetration model described below (model A) we expect
- $10K MRR in 14 months after Sales start
- break even in 18 months
- ROI in 28 months
- $500K+ in 40 months with 60% EBITDA

Business model

Subscription / Package based model
- B2C Bipolar-I and Caregiver can subscribe for 80-100USD/mon
subscription. A lifetime of at least 10 mon up to 2-10 yrs
- B2B2C Physiotherapists leading small groups of 10-15 Bipolar-I can
purchase a package or per-patient subscription
- B2B Corporate Health, Gov clients can purchase the massive
program packages
- B2G Research Institutes can purchase anonymized datasets

Further expansion is possible cooperating with Pharma, Insurance,
Wearables Vendors, Research programs and expanding to support
other mental disorders with close or similar monitoring problems like
Schizophrenia, Borderline disorder and others

We plan the 3 market penetration models to be developed in parallel
A - direct market penetration via marketing and outbound sales. See details here: https://docs.google.com/spreadsheets/d/1vHqJL6JBDqZNdRNhSYN7-wfOKFXGtPjffpnQPM6OqIg/edit?usp=drivesdk

B - via partnerships with healthcare providers and research institutes

C - via Pharma and research organizations powered startup acceleration programs like Bauer accelerator

Money will be spent on

- medical trials according FDA and EU commission protocols

- adjusting and updating mobile and web applications according to users feedback after beta test and further on after start of the sales

- testing and adjusting multiple customer acquisition channels and strategies
-

Offer for investor

Up to 10% equity in convertible notes with $3.2M capitalization based on projected 40 months sales performance.

Team or Management

Risks

- pricing model to be validated for each market
- complexity of building effective and appealing UX for people with congnitive disorders
- strong legal and PR damage control strategies to be implemented for potential users suicide or episodes that may not in any case be caused but may happen while being system user

Won the competition and other awards

- Live Startup Kiev idea stage winner (26 startup competitors)

- 2nd place @ Startup network Kiev battle (12 competitors)

- selected of 50+ startups and featured by UVCA and CRDF global to be one of 6 teams to represent Ukraine at ukrainian pavilion @ CES 2020 in Vegas. Attended and demoed startup there in Jan 2020 with very positive feedback.

- covered by ~10 ukrainian media including Voice of America @ CES; TV, radio and social media in Ukraine.


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Idea
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
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Offer for investor
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Won the competition and other awards
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