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Legal Entity Type: LLC
Company Type: Medical Device
Company Stage: Development
No. of Employees: 4
Desired Financial Amount: We are seeking $1.5 Million for 10% equity
Background
Company Background
Savidj was formed in September of 2021 by co-founders, Dr. Wesley Krueger and Johnny West with the intent to create revoluntary changes early in neurologic healthcare, using artificial intelligence with eye and head tracking measures in various head-worn platform systems. The technology originated from the ideas of Dr. Wesley W.O. Krueger, who practiced Neurotologic/Skull Base Surgery for 34 years. Over the past 10 years, he has developed portable eye display systems for detecting and improving neurologic impairments, such as traumatic brain injury and dementia, and has more than 25 U.S. issued patents, with other patents pending.
Management
Dr. Wesley W.O. Krueger is the Co-Founder and CEO of Savidj, LLC. He practiced Neurotologic/Skull Base Surgery for 34 years and is one of only 336 surgeons in the United States who has achieved this specific Double Board Certification. Prior to founding Savidj, he had his own clinical practice, formed a non-profit foundation in Texas, and was an Associate Professor of Otolaryngology at the University of Texas Medical School in San Antonio. Eye and head tracking is his wheelhouse, as he provided these services for his patients over the past 34 years in clinical practice.
Johnny West, co-founder of Savidj, studied Entrepreneurship and Innovation at University of the Incarnate Word and Texas Christian University. He is experienced in operation strategy, personnel, and business development. He has served as VP of Boomslang Resources which he helped to establish, with customer discovery and business operation tasks. He also was director of operations of Consolidated Services Group in Denver and has helped startups gain significant growth with business development.
Gerrit Wheeler holds a Master of Information Systems Management Degree from Carnegie Mellon University and B.S. in Mathematics from the University of Texas. He’s experienced in managing analytics and software products. He previously built analytics solutions for healthcare technology companies including the Johns Hopkins Hospital System and other tele-health startups.
Neil Pasricha holds a Bachelor’s of Science degree in Compute Science from Pennsylvania State University. He has been a research assistant at Stanford School of Medicine and at the National Institute of Standards and Technology (NIST). He is an experienced Software Engineer and prior Founder/CTO of Bubble Media Inc.
Board of directors
Dr. Wesley W.O. Krueger
Johnny West
Gerrit Wheeler
Neil Pasricha
(Expertise as above)
Product / Service
disease area / application
Medical Application
product / Service
Every football player has an avg of 378 head impacts during a season and recurrent concussions are much more serious, especially if they are timely related to each other. The more concussions an individual has the greater the risk of developing permanent functional and anatomic changes of the brain such as dementia. There are 3.8 million sport-related concussions occur annually. It is also estimated that half of the concussions are never even reported and younger players in contact sports have a higher risk for brain injury. Currently there is no readily available, accurate or inexpensive method to detect concussions immediately in order to prevent recurrent concussions or detect other neurologic disorders early to prevent symptoms and disability. What is unique about concussions and all of these neurologic disorders is the fact that they all have abnormal eye movements.
Savidj offers a solution using artificial intellignece with proprietary software in multiple platforms such as Faceguards, Virtual reality and Augmented reality devices to: detect concussions in real-time and on-the-field, in order to prevent recurrent concussions, as well aas to detect biomarkers for other neurologic disorders at the earliest onset. The technology has the ability to detect, quantify, monitor, rehabilitate, and determine accurately when an athlete, soldier, or other personell can safely return to play or duty activity.
technology / ip
Our IP (e.g. 10 related issued US patents) is more robust and primary differentiators include the following features:
We are the only one using multiple platforms, enabling us to have different and multiple markets
We are the only one providing on-the-field and real time measures
Our price point is less compared to the competition
Savidj offers numerous benefits and ncentives for our Customers:
o Low cost and non-invasive technology
o Prevents secondary TBI and the resulting sequalae
o Does not require a baseline test
o Available CPT codes enable the provider to bill insurance, including Medicaid and Medicare, for the technology service, providing an additional income source to providers
o It can provide invaluable insights into the user’s own real-time neurological health, providing insights that have never been attainable until now.
o High-level athletes and performers can enhance their level of performance ability.
o Long-term, trackable rehabilitation and improvement via our electrical prescription (Elect-Rx) methods that are a non-pharmacological alternative to what is available.
o Provides immediate visual rehabilitation in the field.
o Accurate, in-real-time, and in-the-field
o Access everything easily on our app and see results without the need for a professional.
o Numerous platforms are available, to provide availability to all individuals and addresses disparity differences.
o Provides better quality of life, early detection of neurologic disorders and impairments
distribution channels
Our business model is a multi-sided platform model with a multi-brand business model. For the sports we offer a sales or licensing model, for the medical market we offer a sales model and for DoD market, we offer a sales or licensing model. For all model types we also offer a software as a service (SaaS) subscription model with tiered pricing model for additional services to the revenue stream. The licensing model is based on our intellectual property with our proprietary software, which will be used in AR and VR devices, such as the Microsoft Hololens 2 device and the Pico Neo3 device. The multi-brand business model is based on marketing more than two products, the AR, VR and later the face guard and visor devices, which all have similarities yet complement each other and come under a single organization with having different brand names. It is done to create economies of scale, develop diversity and growth, and to build an empire. We intend to first focus on the sports market, and particularly the youth sports. It is a different market than our competitors. it is the largest football group with easiest penetration because the parents are the drivers.
market size
Since our market includes sports, the department of defense and the medical environments, the market for our product is extremely large. We however will focus first on sports and specifically contact sports. We will begin initially in the football market, and soon include other contact sports including hockey, lacrosse, soccer, cricket, rodeo, rugby, boxing, martial arts, winter sports, cycling, gymnastics, and equine participants. Those contact sports which use a helmet can benefit with the face guard device and those contact sports, such a soccer, will benefit with the VR device.
The Total Addressable Market using the face guard product is $358M for only 1% market penetration for all contact sports. The Service Obtainable Market is $10M for only 1% of the youth football market using face guard product.
The Total Addressable Market using the virtual reality device is $61M for only 1% market penetration for all contact sports using VR device. The Service Obtainable Market is $3.9M for only 1% of the youth football market only using VR device.
The wearable sensor market can be variable depending on the source, but is expected to have a CAGR of 18.7% from 2023 to 2028.
competition
There are numerous competitors in the field, however there are fundamental differences:
1. NeuroSync, a California company, uses a Virtual Reality Display and has IP for limited eye measurements. They use a video camera with a slow frame rate, which cannot measure the rapid eye movements needed. The minimal cost of this product is near $33,000. They have an established FDA predicate. They have limited platform use to virtual reality. They have had recent gains with a new product, PRO-SYNC, which provides various training environments, in Virtual Reality, to improve and optimize key cognitive domains of brain performance.
2. Oculogica, a New York company, uses a head frame in an office/hospital setting and has IP for only one eye measurement. They have an FDA predicate for eye measurement for concussion/TBI detection without a baseline test. They have no IP related to measures of head motion and the cost of their product is near $50,000.
3. Neurolign, a Canadian Company that acquired Neuro Kinetics, has a number of related patents for assessment of inner ear function for different applications used in clinic and hospital settings. None of the products for eye measurements are completely portable but are attached to computers with an umbilical. The recent device is designed to improve mental sharpness, focus and reaction time which costs near $290. Neurolign DX 100 is clinic-based VR testing with an umbilical and is not completely portable. Neurolign DX Falcon is designed for positional testing. Neurolign VOG is a rotary chair system. They have no health claims and none of their technology utilizes head tracking.
4. AdHawk, a Canadian company, has developed glasses for eye tracking without a video camera. They do not measure head tracking, have no measures using head movement and their IP has no health claims.
Savidj has more broad and robust IP for a completely portable device with applications using numerous platforms including eyeglasses, goggles, face guards, face shields, augmented reality, virtual reality, as well as mixed reality systems. Our technology has more eye movement measures and is specifically designed to detect abnormalities of all eye movements (e.g., vestibular ocular reflex, vestibular ocular reflex cancellation, smooth pursuit, saccades, pupillometry, eyeblinks, nystagmus, vergence) because each of the different neurologic disorders, biochemical and physiologic impairments can have a unique and different effect on each of the eye movements.
Savidj technology is also more portable for more applications than our competitors. Our technology utilizes machine learning and offers a unique ability to detect neurologic disorders earlier over time. It can also provide immediate and specific visual rehabilitation if an abnormality is detected. Because of the multiple platforms used, it can determine the healthcare status of individuals and meet disparity populations in many different environments.
Financials
Desired financial amount
We are seeking $1.5 Million for 10% equity
previous funding
We are in the process of seeking grants (NIH and DoD). We have funded the company with $75K from our own personal resources and an additional $25K from family members.
We are also actively seeking seed investment.
current financials
Savidj is debt free currently.
financial use
The intended use is primarily for research and further acceleration development of the products (VR and face guard products). This will include some testing to validate the efficacy and accuracy and 510K clearance by the FDA. It will also be used for the initial manufacturing, marketing and sales.
revenue
Our revenue model is aa combined sales and licensing model, depending on the product. The face guard will be sold to be placed on user’s helmets. The VR product will be licensed.
The expected revenue stream is as follows:
Licensing of proprietary software to Manufacturers- upfront payment
Direct sales and selling through intermediaries
Cross-sells (Licensing and selling different products to same customers)
SaaS subscriptions
-Set up fees
– API fee – enabling SaaS to work with other applications
-Reporting fees
-Upsell by adding more storage/speed/data
We expect investors will begin to see cashflow by the end of last yearly quarter after the funding event. We also anticipate needing another round of funding by the 2nd quarter of year 2, due to growth and inventory required.
We currently have no sales and are in the product development phase.
exit strategy
We intent to build the company and likely will license the technology in the future. There could be an opportunity for an acquisition 3-5 years after funding and comparing the industry competitors, growth prospects with multiple products in multiple verticals, and the narrative of our company, it is possible to be transformed into an initial public offering (IPO). There is a strong demand for our technology in the industry.
We are decreasing the risks by the robust and broad intellectual property, and by the continued effort to acquire more IP. Additionally, we intend to obtain federal grants (e.g., NIH or DoD) to provide validation and additional income source. Our multi-brand business model based on marketing more than two products, is done to create economies of scale, develop diversity and growth opportunities in different verticals to mitigate the risks.