The first solution to implement precision physiological monitoring into a compact earpiece, providing real-time data and powerful cloud-based analytics that simplify and automate the monitoring of athletes, military personnel and industrial workforces. Achievements to date include: raising £1.4m including £200k revenue, £500k grants and £675k investment; growing a team of 5 internal staff (& many sub-contractors); pre-production development of the earpiece along with validation from L’boro Uni; signing up customers for field trials including professional sports teams, the UK MOD and defence companies; and developing interest from multi-national energy companies, healthcare corporates, and insurance companies in respect to health and safety monitoring.
Bodytrak® offers the measurement of all vital physiological parameters (including core body temperature (CBT) and heart rate) and activity in a single device which is non-invasive and provides continuous real-time data to a cloud-based analytics platform, and onto either the user or a supervisor/coach, or both. The platform can be used both by single users as well as teams/groups of individuals e.g. employees or soldiers. Through clever engineering we are also able to provide two-way communications, hearing aid functionality, hearing defence and music, all of which are key to successful implementation of the technology into target market environments and also to adoption.
Our patented technology Bodytrak® is solving problems for a host of applications including: sport, where there is an abundance of imprecise devices and a lack of data analytics; industrial health & safety, where there is an ever increasing need and expectation to protect the welfare of remote workers whilst reducing insurance premiums/risk; defence & first response, where there is a duty of care to protect those operating in harsh environments in critical roles; and healthcare, where there is a lack of integration of platforms. The problems faced by these sectors can be solved using the same scalable solution: Bodytrak®.
Inova will establish a service based model including the earpiece product, application and web platform incorporating dashboard and data analytics, and this will be provided through an annual subscription/service model based on the number of users (e.g. Catapult Sports’ model). The go to market strategy will first involve direct B2B sales from H2 2016 to existing customers in elite/professional sport to gain endorsements from key opinion leaders and establish Bodytrak® as a credible brand (e.g. F1, pro cycling, rugby), followed by licensing and distribution from H1 2017 to scale the business and reach international markets.
Inova’s management anticipate a trade sale in 3-5 years to, for example, consumer focused sports/wellness/data analytics brands looking to extend the enterprise-based model, or large medical/PPE (personal protective equipment) manufacturers. Exit examples in associated markets, including Catapult Sports, Toumaz and Bodymedia, suggest a possible x10 ROI is achievable.