Investing in HealthTech: Aifloo’s winning combination of hardware and software
Today’s healthcare industry is under huge pressure from all sides. One of the most significant forces contributing to this squeeze is the growing ageing population. Thanks to medical advances, the number of people aged 60 or above is expected to more than double by 2050 to 2.1 billion. In Europe alone, a quarter of the population already falls into this age group. This has many implications for healthcare organizations, medical professionals, hospitals, and caregivers, as well as families and friends. To ensure that people stay happy, healthy and independent in their older age, healthtech now has to step up and play a vital role in propelling the healthcare industry into the future.
There has already been a meteoric rise in healthtech offerings, from fitness trackers and medical alert services to virtual consultation and telemedicine platforms. The figures speak for themselves. The medical alert market alone is expected to hit $18.5 billion by 2020 and this year the mobile health market should reach $23 billion. However, a huge opportunity for healthtech lies in combining both hardware and software.
Step into the spotlight Aifloo, an e-health system based on medical artificial intelligence, and the latest addition to the EQT Ventures portfolio.
Aifloo’s founding team of passionate European entrepreneurs set out to improve the lives of the elderly, their family and relatives by bringing together multiple technologies. Pooling their extensive background in IoT, healthtech, Artificial Intelligence (AI) and customer-centric design, Felix, Michael and Anders are solving a problem that all of us can relate to by approaching it with a 360 degree view.
Refusing to restrict their opportunities by developing only hardware or just software, the team aimed bigger. Much bigger. Aifloo’s end-to-end set-up enables medical-grade classification, short iteration times and great flexibility. And each element of Aifloo’s healthtech offering is world-class. Firstly, you have the super slick Aifloo Band. This is a smart, motion-sensitive wristband which has been ergonomically designed and built for 24 hour wear, with a battery life of a year.
Secondly, you have the software capabilities. The Aifloo team’s end-to-end access enables real-time AI analysis — the algorithms are run and the logic can be pushed straight down to the hardware. With access to a continuous stream of data from the wristband, Aifloo’s AI analyzes and learns a person’s behaviour. The technology continually optimizes to the individual’s personal needs and conditions, and an alert is raised as soon as there’s a deviation in usual behaviour. With the ability to collect and analyze such large amounts of data, the future lies in not just alerting caregivers to issues (such as falls) as they happen, but in predicting and preventing emergencies. The possibilities here are endless!
Finally, Aifloo’s team is laser-focused on customer experience. Some of the world’s best designers have been brought on board to ensure the consumer is at the heart of everything they do and this prioritisation of customer experience is key. It’s inspiring to see what teams that master both hardware and software can do to create amazing customer experiences. They have far fewer limitations when it comes to what they can offer and can thus innovate much faster. And this is the first time we’ve seen someone doing this right for the senior population.
At EQT Ventures, we want to back Europe’s most ambitious entrepreneurs — the teams that aim for global success. In Felix, Michael and Anders, and the team they’ve surrounded themselves with, we found a team aiming for exactly that. They’re determined to shape the future of healthcare by bringing together software and hardware in innovative new ways and we’re looking forward to supporting them on their journey!