This investment carries considerable risks and may lead to a loss of the entire assets invested. Projected returns cannot be guaranteed and may be lower than expected.
Medipee is a startup in the field of medical technology that is revolutionizing preventive health care and bringing it directly into people’s own homes. The analysis of urine provides a lot of important medical information concerning, for example, its sugar content, whether there is blood in the urine, or nitrite content (a result of bacterial breakdown processes). The device developed by Medipee provides this information in an automatic, hygienic, and easy manner.
Funding from Horizon 2020 and Medipee in the final stretch
Last call - on the home stretch Medipee secures EUR 50,000 from the EU funding programme Horizon 2020.
Medipee is developing a system for an automated urine analysis. Urine analysis is an essential building block for health care and contains a lot of medical information.
Analysis of blood, ketone, glucose, pH, cancer, pregnancy and drugs are made possible through urine analyses. People with specific illnesses such as patients with kidney problems or diabetes (type 2) have to carry out tests regularly.
Although most people would like to know if they are “healthy,” very few do regular analyses because these are often unpleasant and time intensive. Medipee offers a simple and automated method to analyze urine, as though occurring on second thought.
The user attaches Medipee's device on the outside of the toilet. Only a small part of the device is in the toilet bowl itself.
The device connects to one’s smartphone via Bluetooth and is ready to go. Within seconds of the device detecting the flow of urine, the automated measurement occurs.
The device automatically measures the urine values, transmits those values to the smartphone, and disposes of the test strip;t the user does not have to worry about anything. After 30 test procedures, the cartridge can be changed without coming into contact with urine.
Also in the planning is a B2B (business-to-business) variant that can be implemented in doctors’ offices, nursing homes, and hospitals. Business angel Frank Willems, who was involved in the exit of Adhesys Medical among others, supports Medipee in its operative business.
The Companists’ investment will be used to finance the device and app development of the B2C (business-to-consumer) variant and to expedite its market launch in early 2019.
Medipee offers a method to automate urine analysis. The system consists of a measuring device and includes the cartridges and services. It allows users to conveniently examine their own urine values. Unhygienic manual steps become obsolete and obstacles are thus removed.
The essential customer benefits are:
- Hygienic, automated, and user-friendly
- Integrated into normal routine
- Multi-parameter measurement – various tests can be conducted
- Real-time analysis – urine components change the longer urine stands still
- Digital data collection – higher accuracy, no reading errors, data backup
The data is sent directly to the smartphone or tablet, where the user can read the values. There are opportunities to expand the app and provide additional services later on. Examples of this include telemedical services and connections to other medical platforms.
The first version of the device requires separate cartridges for different tests.
In later versions, both the number of cartridge slots and the number of test parameters per cartridge will be increased.
The cartridge system makes exchanging tests simple. The measuring device can be universally and easily mounted on any toilet. The various steps of manual urine analysis, such as sampling, measurement, evaluation, and storage, are carried out automatically by the device and the app.
This enables a hygienic, accurate, and discreet urine examination directly in the home toilet.
Medipee generates profits through the sale of the analysis devices, cartridges, and the provision of services.
Medipee's business model is based on the so-called tied products business model (also known as the Razor and Blade model):
An attractive first product motivates customers to make a purchase. Later income will be generated by the purchase of replacement products such as cartridges and services (e. g. Gillette razor blades for the razor, Nespresso capsules for the coffee machine).
Medipee is the first product of its kind on the market, which is why the initial price is set at around 250 euro within the range of high-quality fitness trackers. This price should symbolize a certain status and also offers financial leeway for retail sales or discount campaigns (e.g. Black Friday, health events).
The first version of the cartridges contains 30 tests, whose costs vary depending on the test. A cartridge for simple tests, such as the pH test, will cost around 10 euro. Cartridges for more complex tests, such as ovulation, will cost around 20 euro.
In comparison to conventional urine test strips from the drug store or urine analysis in the lab, Medipee’s measuring device offers the possibility of a quick, hygienic, digitalized, and automated urine analysis without manual steps.
The unpleasant sampling process, in particular, is a big obstacle for many people that prevents them from a regular urine analysis.
Toto and Duravit are among the manufacturers who are already selling toilets that are intelligent to a certain extent, and which carry out urine analyses similar to those by Medipee. However, installing these usually means extensive reconstruction and relatively high acquisition costs (5,000-7,000 euro). Moreover, they are unsuitable for rental apartments.
With Medipee's system, both the measurement and the evaluation take place in the measuring device and app. In addition, attaching the Medipee measuring device to the toilet is easy and uncomplicated, turning a normal toilet into an "intelligent toilet" without any major investment or new installation.
Patents for the device and the process have already been applied for at the German Patent and Trademark Office. Additional patent applications will follow as part of the development process.
Medipee represents a paradigm shift in urine analysis. Up to now, urine has always been "brought" to the test strip; Medipee brings the test strip to the urine automatically for the first time.
So far, Medipee has worked with experienced partners from the fields of electrical engineering, industrial design, and construction on its product development. Medipee will conclude a cooperation agreement with an established company for the production of test strips.
Partnerships with medical institutions and companies from the fitness, wellness, and sanitary sector are planned for the market launch.
Medipee's device is not limited to specific users. Generally, potential customers include people who are health conscious and fitness oriented, but also people with (chronic) illnesses. Accordingly, from toddlers to senior citizens, anyone can have their urine examined for potential disease markers since the measuring device intends to improve and facilitate personal preventive health care measures.
The first model is designed for the world's most widely used toilet, the classic flush toilet (or "Western Style Toilet"). Most houses, medical and public facilities, companies etc. have this kind of toilet. We estimate that there are 2.5 billion of these toilets that could use our device worldwide.
At first, the measuring device will be sold to private users. Members of the first target group are health conscious people and athletes, who primarily want to measure ketone values as a parameter. Medipee thus taps into the prevailing fitness trend, where customers are willing to invest more in their health and prevention.
Medipee also has the capacity to carry out various drug tests for this target group. However, this offer will be made at a later date (after the relevant control statutes have been clarified). Subsequently, test parameters for other target groups (see illustration) will be launched quickly.
By receiving the approval as a Class I medical device, we aim to be included in prescription drug catalogs. That way, costs for the purchase of the device and cartridges could be partially or completely covered by health insurance companies. We thus utilize the medical potential, examples of which include monitoring glucose, ketones or proteins in diabetics (TYPE 2), or the control of bacteria in frequent urinary tract infections.
The classic urine analysis market is already a global growth market that grows about 6.2% annually. The market size is estimated to reach around $1.88 billion in the year 2021. The greatest share of this market is disposables at 70%, including test strips.
However, the success of Medipee is based on the massive trend towards digitized medicine, which is called "health self-monitoring." Wearables (portable smart devices) and telemedicine will be the fastest growing digital healthcare markets in the near future.
The health self-monitoring market reached nearly $16.7 billion in sales in 2016 and is expected to grow at an annual growth rate (CAGR) of 28.3% to over $70 billion in 2022.
Since deciding to collaborate with Companisto in June 2017, the milestones agreed upon have been reached according to schedule. Examples are the completion of the functional prototype, patent transfers, branding and many more.
The first functional prototype has been developed and produced. Tests for technical optimization and improvement are currently being carried out with this version. These will be followed by a small series production which will be tested internally with 2-3 partners. Essentially, we are testing for functionality and reliability.
Field tests will start with pilot production in mid-2018 and are scheduled to be finalized in the third quarter of 2018 at the latest. During these tests, however, we will already prepare for serial production. The finalization of the design signals the start of serial production.
The first devices are to be launched at the beginning of the second quarter of 2019. The cartridge will also be developed further, parallel to the optimization of the device. The focus here will be the automated filling of the cartridges. The functionality of the app will also increase with each step in the development of the measuring device, and further services are to be successively integrated.
Necessary infrastructure will be built gradually and parallel to technical developments. Partnership with service and logistics service providers for the shipment of the equipment is intended to ensure an optimal market launch.
The Companists’ crowd investment will be used specifically to speed up technical development in order to launch the device according to schedule. The development of the measuring device, the cartridges, and the entire software require large investments respectively.
Investment Level I: 100,000 EUR
Upon reaching this stage, Medipee will manufacture and test the first series.
Investment Level II: 350,000 EUR
Level I as well as following measures:
Upon reaching this stage, Medipee will be able to produce the pilot series. With it, the initial field tests can be run.
Investment Level III: 500,000 EUR
Level I and II as well as following measures:
Upon reaching this investment threshold, Medipee expects to finalize the design, which is the final step necessary to make the production tools and hand them over to final manufacturing.
Dipl. Ing. Frank Willems supports the founding team as a business angel and focuses on fundraising, quality management and licensing.
Frank Willems is the Managing Director of M&P Unternehmensberatung, a business angel, and a coach.
As the founder and former managing director of NonWoTecc Medical GmbH, he understands medical technology startups very well. He currently holds 6 active shareholdings and recently accompanied the sale of Adhesys Medical (an early-stage investment) to the Grünenthal Group.
Frank Willems has experience with the approval of medical devices according to RL 93/42EG and DIN ISO EN 13485. He also has experience fundraising more than 20 million euro in financing capital and acquiring subsidies of more than 6 million euro.
As a startup, we are always happy to receive support. If you want to help us you can do the following:
Team from left to right:
Frank Willems (Business Angel), Maike Markiewicz (Marketing), Thomas Prokopp (Managing Director), Jan Haan (Technology & Development), Paul Bandi (Managing Director)
Medipee GmbH
Eurotec-Ring 45
47445 Moers
Email: info@medipee.com
Homepage: www.medipee.com
Facebook: https://facebook.com/Medipee
Twitter: https://twitter.com/Medipee_com
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