OmnySense
The complete Health Tracking Solution
OmnySense has developed a system which empowers broad populations of healthcare consumers – especially the elderly – to track their health at home and receive remote care in a simple and personalized manner.
315% of funding target
Highlights
Highlights
A Solution based on the Most Common Medical Device in the World
Penetrating the market is the major challenge of any new technology. OmnySense believes that the key to achieving this is the simplicity and familiarity of use. The greatest successes in adoption of novel home-products during recent decades have involved the evolution of previously existing product types to their “smart” version. Examples include telephone to smartphone, TV to smart-TV, watch to smartwatch and even doorbell to smart-doorbell (Ring). Inspired by these successes, OmnySense is the first company to build its solution on the basis of the thermometer – the only medical device found in all homes.
Leadership Team with Broad Experience in Entrepreneurship, Medical Technology and IP
OmnySense is managed by a seasoned team of entrepreneurs with extensive experience in medical startups and in submitting and defending intellectual property (IP) in their previous ventures. The team includes: Yossi Aldar, CEO, serial entrepreneur and inventor and co-founder of Flight Medical and SteadyMed; Ian Solomon, CTO, serial entrepreneur in the medtech field; and Amir Elhasid, VP Business Development, who was previously Global Director of Marketing, Teva Respiratory, and has over 30 years of experience in the pharma field.
Investment in the Company after Product Development and a Seed Round
Further to a substantial round A raising of seed investment, the company developed its device, app and much of its cloud-based health-tracking system. The company will conduct trials soon, which will allow receiving early feedback from the market and optimization of the system, prior to the receipt of regulatory approvals. This is an opportunity to join the company's success, right after the completion of development, following numerous investors from Israel, England, the US and China who have already invested in it. These investors include the chief scientist of one of the most prominent technology companies in Israel, lawyers from top Israeli firms, experienced private investors (angels), the owners of a chain of 50 pharmacies based in England and others.
Unique Patents and Attractive IP, Preparation for FDA and CE Submissions
So far, the company has filed an international patent application (PCT) for two patents (the first of which has already been approved), which protect the two unique functions at the core of the device, in addition to a series of 11 design patents, which serve as an additional layer of protection against potential competition. The company has a clear IP strategy and plans to further develop its IP, which is a major and attractive asset - for end-users, partners, investors and potential buyers alike. Additional patents will be filed later on, to cover additional aspects of the system. The regulatory submission for FDA and CE approvals is scheduled for early 2022.
A Planned Series of Medical Trials in Israel
Several trials/studies will be conducted, including one in a large Israeli hospital and one tracking a group of chronic patients at home in collaboration with an Israeli HMO. These trials will allow early feedback from the market and optimization of the system prior to receiving regulatory approvals.
Pitch
Pitch
The Idea
Significant Demand for Market Expansion
The Telehealth market today is based on telephone and video calls between healthcare consumers and physicians. In order to have such calls replace a large proportion of in-person meetings with a physician, medical parameters need to be provided. Thus the growth of this market is dependent on the development of self-testing tools for use by the consumer in the home. These tools need to collect comprehensive medical information which is equivalent to the data from a standard check-up as would be performed by a physician in the clinic. This level of data enables the medical status of the patient at home to be assessed, and enables optimal medical treatment to be provided remotely. The required tools need to be intuitive and simple-to-use, and be suitable for a wide range of healthcare consumers. The most significant sector of this market (60%) is the remote patient monitoring (RPM) field, in which OmnySense operates.
A report published in May 2021 by the international consulting firm McKinsey, describes the major opportunity that exists for companies that develop tools which are suitable for the “Patient Pathway”. The table below, from this McKinsey report, lists 10 opportunities for new technologies to participate in this pathway:
The Solution and the Technology
The OmnySense system is based on a device which is shaped and used like a digital thermometer, a dedicated app, and a cloud system which stores and analyzes the data and provides a portal for access by healthcare personnel.
The consumer holds the device like a thermometer, with its metallic tip for temperature measurement under the tongue and the mouth closed. During the 30 seconds of the reading, the device records vital signs (temperature, respiratory rate, blood oxygenation and pulse rate), while at the same time recording the respiratory sounds (like a stethoscope) and taking an ECG measurement. This information is automatically and seamlessly relayed to the cloud for storage and analysis, and is accessible by the health system as required.
In a future version of the device, the company intends to add a blood pressure calculation, such that all five vital signs will be measured during the reading. Additionally, the location of the device - between the mouth and the hands - is a rich physiological environment which is suitable for the measurement of additional medical parameters in future versions of the product. Depending on market feedback, some of these additional capabilities will be added to the basic product, while others will be provided in dedicated versions of the device.
Fast-Expanding Market
The Telehealth market - the use of technology to provide healthcare remotely - is a major focus of investment and has tremendous growth potential. In recent decades this market started to develop as the preferred way for healthcare providers to track chronic patients at home, in the face of an aging population and a shortage of healthcare personnel. This market grew dramatically during the Corona pandemic, and it is expected to continue this rapid expansion during the coming years. The huge potential of this field makes it one of the most attractive fields for investment, due to both its immense scope and its rapid expansion. Accordingly, companies which introduce significant innovations in this field are a promising target for acquisition and collaboration.
Team
Team
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Biography
Mechanical and biomedical engineer, a former officer in the IDF Medical Corps. Serial entrepreneur and inventor. He held senior management positions and was CEO of a number of well-known and active companies. Among other things, he was the founding entrepreneur and first CEO of Flight Medical (TASE: FLGM), which developed home respirators. The founding CEO of SteadyMed Therapeutics (NASDAQ; STDY)) which developed a tiny subcutaneous pump to supply meds to patients. The company went through IPO in New York and was acquired by a US pharmaceutical company. |
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Biography
A physicist, inventor and serial entrepreneur who founded several existing and active companies in the fields of smart packaging and medical devices. Among other things, he founded TimeStrip, which developed technology for monitoring time on packages, and went to IPO in the London Stock Exchange. He was part, alongside Yossi Aldar, of the team of entrepreneurs who founded SteadyMed Therapeutics, and has co-founded TimeStamp with Amir Al-Hasid, a digital healthcare company for monitoring the use of inhalers. |
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Biography
BA in psychology, and an MA in cultural studies. He has held senior management positions in leading pharmaceutical companies for over three decades. He was, among other things, a Global Marketing Director and Global Brand Lead (QVAR) at Teva, responsible for sales of ~0.5 billion dollars. Founded TimeStamp with Ian Solomon. |
