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Raccoon.Recovery

Goal-oriented physical rehab tool based on video gaming

Ukraine, Kyiv city
Market: Internet and IT, Medicine, Gadgets , Artificial Intelligence
Stage of the project: Operating business

Date of last change: 07.04.2020
Min investment
$  220.000
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$ 80.000
$ 1.100.000
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Idea

Raccoon.Recovery aims to become a world pioneer and leader in full-body rehabilitation and get 13% of market share. The company mission is to make efficient, engaging, timely physical rehabilitation accessible to anyone in need by introducing an innovative approach and breaking down the outdated system.

Raccoon.Recovery helps people after injuries and neurological diseases to reach 3x better outcomes from physical therapy and supports rehabilitation centres to increase revenue up to +150%. Raccoon.Recovery solution is based on video gaming, Big Data and AI.

Current Status

Raccoon.Recovery initial product (for hand & arm rehabilitation without AI) is already on the market. We have already started to sell the initial product on German and Polish markets as medical devices (CE mark Class 1) and expand further to other countries where the huge lack of physiotherapists is also notable. We have launched a pilot with Max Planck Institute for Human Cognitive and Brain Sciences in Germany, Polish insurance company PZU Group and confirmed clinical trials for AI.

Market

Raccoon.Recovery targets a rapidly growing market:

• Patients: 15M people annually need physical rehabilitation after injuries and neurological diseases; rising prevalence of cardiovascular, musculoskeletal, and neurological diseases, coupled with the increasing elderly population.
• Physiotherapists: Physiotherapists are among TOP 3 lacking professionals on the market due to long costly education and low salaries;
• Market revenue: Rehabilitation equipment market is expected to generate revenue of around USD 16.44 billion by 2024 with CAGR 10% during the last 2 years.

Problem or Opportunity

Every year more than 275M people need long term physical therapy, according to the WHO. The world faces a global problem: a huge lack of physiotherapists. According to the World Confederation of Physical Therapy, there are 700 patients per 1 physiotherapist each year, while the maximum serviceable quantity is 300. That means, at least 150M people each year do not get proper physical therapy. The rate is becoming worse:
• The number of patients increases year by year due to population ageing, more musculoskeletal and neurological diseases.
• The number of physiotherapists decreases due to long costly education and low salaries.

Now, the global problem is that the patients do not have access to rehabilitation facilities because of the home-isolation and closed rehab centres. As a result, patients do not recover properly and rehab centres lose profit. However, delayed rehabilitation requires more time, effort and money. Thus, telerehabilitation becomes even more demanded during the coronavirus outbreak.

Solution (product or service)

Raccoon.Recovery is a goal-oriented physical rehab tool based on video gaming, Big Data and AI to treat patients after injuries and neurological diseases. It is created based on customer needs and succeeded to form a unique value proposition for end-users (patients and therapists) and customers (rehab centres and insurance companies):

• For patients. Raccoon.Recovery motivates patients to go through the full course of physical rehabilitation: it allows to set a SMART meaningful goal for rehabilitation (e.g. “eat on my own in 3 weeks”) and makes physical rehab engaging through gamification (Raccoon.Recovery controller and sensors connect to video game as a game manipulator and allows playing games for rehabilitation instead of doing boring exercises).
• For therapists. Raccoon.Recovery provides automated rapid examination of patient condition, AI-based error-free treatment course creation and longevity forecasting and remote monitoring of the patient condition. As a result, a physiotherapist can serve more patients at a time.
• For rehab centres. Therapists can treat more patients at a time, bringing up to +150% revenue to rehab centres.
• For insurance companies. Thanks to partial or full usage of telerehabilitation, the number of visits reduces by decreasing net cost for each patient. Clients’ retention increases thanks to reimbursement of innovative effective technologies.

In the current situation of coronavirus, we decided to launch a simplified only software-based version of our product to cover the existing demand. The simplified version of Raccoon.Recovery doesn’t include hardware. So, Raccoon.Recovery Light helps patients do not drop their rehabilitation course during the coronavirus outbreak, making physical recovery fun for them as well as to supports therapists not to lose their clients and earn money providing online consultation. Even if the quarantine situation is resolved in the near future, there will be a huge influx of people to the rehab centres and they will not withstand such a load.

Thus, Raccoon.Recovery aims to disrupt the rehabilitation market by providing the world’s first truly remote, efficient and motivating physical rehab solution for everyone in need.

Competitors

Current solutions in the rehabilitation market cannot fully address all pain-points of people who need physical rehab and physical rehabilitation centres. The main competitors of Raccoon.Recovery are:
Rapael https://www.neofect.com/en/product/rapael/
FitMi https://www.flintrehab.com/product/fitmi/
Eodyne https://www.eodyne.com/neurorehabilitation-after-brain-damage/
Bimeo Pro http://www.kinestica.com/bimeo-pro.html
Tyromotion https://tyromotion.com/en/products/pablo

Although being relatively cheap mechanical devices are usually big and designed to perform just one exercise. Those exercises become repetitive and eventually boring for a patient. Obviously, they cannot collect and process data about the patient’s exercise. Raccoon.Recovery proposes a new generation of physical rehab device for engaging rehab process and automation.

Compared with Raccoon.Recovery, expensive electronic and bulky computerized devices imply neither monitoring of correctness of doing exercises nor remote treatment and allow conducting only 1-2 tests. These devices may have a small variety of simple specially developed games, which becomes boring for patients, and motivation issue persists.

In addition, to protect itself from competition Raccoon.World will provide API to partners and competitors to create and forecast rehabilitation courses and an API for embedding controllers in rehabilitation systems. Thus, it will be more profitable, faster and cheaper for competitors and corporates to collaborate with Raccoon.World than to develop such a solution by themselves. Moreover, providing API to third parties, Raccoon.World replenish their own Big Data and improve ML and AI algorithms.

Advantages or differentiators

1. Goal-oriented rehabilitation
Innovative smart meaningful goals in physical rehab concept motivate patient to go through the full physical rehab process. Raccoon.Recovery focuses on personal smart goals in rehabilitation, e.g. “eat by myself in 3 weeks” or “play the piano by a half year”. Based on this goal and the current patient's physical and medical condition, our solution will build a rehabilitation course as well as adjust it depending on progress or regression.

2. Integration with real games
Possibility to use existing scenario-based video games for physical rehabilitation is a significant advantage over other solutions with basic in-house developed physical rehabilitation games and gamified exercises, which are not engaging and do not give the opportunity to switch games when physical rehabilitation becomes tedious procedure. Thus, patients are more likely to go through the full course of physical rehabilitation with Raccoon.Recovery solution than with any other solution available on the market. Our team saves time on game development and tests existing video games with therapists, make a clinical report together with them and add games to the list. Now 17 games are already approved (compare to 5-10 games competitors have).

3. Advanced patient examination
Raccoon.Recovery provides the full range of examination possibilities to therapists, including 50 classic survey tests to choose from and automated goniometry test. Competitor solutions only provide 1 or 2 examination tests, often created by the developer and not applicable to the standard rehabilitation process. With Raccoon.Recovery examination is done on average 8 times faster, according to testing with INNOVO clinic. Additionally, a variety of tests guarantee easy implementation in any rehab process because therapists can continue using their favourite tests.

4. AI-based suggestions to save time
Thanks to AI algorithms, Raccoon.Recovery creates error-free treatment courses and provides recommendations on treatment correction to help patients and physiotherapists in achieving a more efficient and faster recovery. Only Raccoon.Recovery tracks if the exercises are done correctly and is able to generate sophisticated understandable flow charts on more than 10 different indicators, which also simplify the reporting process for the physiotherapists.

Finance

Until April 2020 we have raised totally $526K from Business Angels and $67K as grants, including a grant from Horizon 2020.

Our financial perspectives are quite promising. According to our plan that is verified by the European Commission, we are going to generate $160M revenue till the end of 2023. To do this according to our plan, we are looking for $1,1M (including $80K that is already raised). By the end of 2025, our revenue is expected to reach $540M that corresponds to 3% of the global rehab equipment market.

Invested in previous rounds, $

Business model

The main revenue stream is monthly subscriptions for both clinics and patients. In 2019 Raccoon.Recovery started with direct sales and worked with clinics. In 2020 we also work with government agencies (e. g. DVG in Germany) and insurance companies (e. g. PZU in Poland) to scale faster.

We have already entered the Polish and German markets with the initial product (for hand & arm rehabilitation without AI)as medical devices (CE mark Class 1). On the next stages, Raccoon.Recovery will be re-certified to CE Class 2a. After updating product for full-body by the end of 2020 it will be immediately launched on the market. In 2021 it is planned to enter Great Britain and Austrian markets, as well as to start selling Raccoon.Recovery solution for the full-body rehabilitation without AI to the Indian market. In future team plans to enter the following markets: Italy, Spain, France, Belgium; African market (starting from Egypt and Nigeria) and the USA (after obtaining FDA certification).

Money will be spent on

We aim to scale as soon as possible. We need investment for rapid growth and successful competition. We also will expand our customer network and strive to ensure that our solution will be reimbursed by insurance companies.

To scale further it is necessary to increase the team in order to support users and enter new markets. Therefore, we plan to hire Regional Managers, Support Managers, Marketing Managers, Sales Managers, Developers, Engineers and so on.

Offer for investor

Share as per current company valuation. Or convertible debt.

Mentors & Advisors

Incubation/Acceleration programs accomplishment

• MIT Enterprise Forum CEE 2019
• Startupbootcamp Digital Health Berlin 2018
• 10-week program from Y Combinator school
• 2-day program in Riga Bootcamp of Buildit Accelerator
• Acceleration online program Crowd.Inc 2018
• US Government IT Support Program SABIT IT 2018
• Startup kitchen
• You do not succeed

Won the competition and other awards

• TOP 40 European Startups in European health investment forum in Helsinki 2019
• Finalist of Grand Pitching show on Wolves Summit Poland 2019
• Winner of Startup World Cup Ukraine 2019
• TOP 12 SME - Empowering Women Innovators by The European Innovation Council 2019
• Horizon2020 2018 - a grant from the European Union in the amount of 50 thousand euros
• Top 12 Most Promising Tele-Rehab Projects Based on a Fortune 100 Analysis
• CRDF Global - business grant 5000 dollars
• Vernadsky challenge 2017 - we won the audience award with a prize fund of 200 000 UAH
• Startup Battle Intercontinental - 1st place
• Startup Battle Ukraine - Poland - 1st place
• Wegame 2.0 - participated in the festival

Invention/Patent

Raccoon.Recovery has identified several objects of IP. Applications for registration of intellectual property are submitted through the Ukrainian Intellectual Property Institute according to international conventions. Based on them, applications for registration of IP in the countries will be submitted.

1. Patent for invention. Raccoon.Recovery patentability primarily lies in the novelty and inventive character of the rehabilitation method thanks to an integrated approach to collecting and analyzing 7 data groups, on the basis of which a goal-oriented personalized course of physical rehabilitation for each patient is estimated and then adjusted in the real time due to the progress or regress of each patient.

2. Industrial design. The team worked for a long time on the ergonomics of their devices by testing different shapes, fixtures, texture and weight to make it as easy to use as possible. Therefore, Raccoon.Recovery wants to protect the appearance of the hardware.

3. Trademark. The company cares about branding and plans to provide API under company own brand.

Photos

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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
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